Tag Archives: HDB Resale

HDB resale prices to rise

Posted on 2 Sep 2009 | Comments Off on HDB resale prices to rise

HDB resale prices rose 1.4 per cent in the second quarter to a record high.

HDB resale flat prices – already at record high levels – are likely to continue rising this year, said National Development Minister Mah Bow Tan on Wednesday.

‘The flat prices would probably go up … by 1 per cent, 2 per cent,’ said Mr Mah. ‘It will just keep on going up if the economy recovers as people expect, and if confidence returns but affordability will always be there.’

HDB resale prices rose 1.4 per cent in the second quarter to a record high.

Resale flat prices go up in tandem with a very strong market, Mr Mah told reporters at the launch of the final skybridge at The Pinnacle@Duxton on Wednesday.

‘We subsidised you when you buy and we increased the value of your flat when you live in it and… facilitate you to monetise it when you grow old. This is the best form of investment and welfare for the people,’ said the minister.

Standing at 50 storeys, The Pinnacle@Duxton is Singapore’s tallest public housing development.

It sits on the site of the area’s first two HDB blocks, which were built 50 years ago. It was the first project in which an international architectural competition was called to get the best design ideas.

Source : Straits Times- 2 Sep 2009

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Squeezed even harder

Posted on 1 Sep 2009 | Comments Off on Squeezed even harder

THE HDB resale price index has surged relentlessly since 2007. Since the first quarter of 2007, the index has increased 35.3 per cent and is now at a record high, even though the economy is still recovering from downturn.

This is an anomaly the Government should examine.

The recent Punggol Residences launch by HDB, which drew seven applications for every unit on sale, is another case to show the Government needs to increase supply to prevent housing prices escalating further.

While there is the additional housing grant to help the lower-income group, I urge the Government not to overlook the sandwich class group – those who are not eligible for subsidised public housing, yet cannot afford private housing. The escalation of mass market property prices has made the dream of owning a private property even more distant.

I urge the Government to reconsider the income ceiling of $8,000 as a criterion to be eligible for the Central Provident Fund (CPF) housing grant, which has been in place since 1994. Since 1994, the CPF Ordinary Account contribution rate has decreased from 30 per cent to 23 per cent and the HDB resale housing index has almost doubled from 75.5 to 140.2.

The supply of executive condominiums has also come to a halt. For those who aspire to condo living, Design, Build and Sell Scheme units launched by private developers range in prices from $550,000 to $720,000. Given the income ceiling of $8,000, couples who buy such flats must take huge loans which may not be proportionate to their income. Continue reading →

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