Tag Archives: HDB

Unsold HDB flats largely cleared: CEO

Posted on 3 Nov 2009 | Comments Off on Unsold HDB flats largely cleared: CEO

Remainder is reason for Sale of Balance Flats exercise, launched last month

Facing steady demand for public housing, the Housing and Development Board (HDB) has almost cleared its stock of unsold flats. The agency also offered more units in the last financial year, incurring a larger deficit in the process.

Mr Tay: HDB will monitor demand for BTO flats and plans to release more DBSS sites

‘We have largely cleared our unsold stock,’ said HDB chief executive Tay Kim Poh at a briefing on the board’s annual report for FY08/09 ended March. ‘We still have some balance units here and there . . . the number is a very small number.’

Based on past reports, HDB held about 1,500 completed units last year, and some 3,500 units in 2007.

According to Mr Tay, the few unsold flats left was a reason why HDB introduced the Sale of Balance Flats exercise last month. Under the scheme, the agency will offer flats from repurchases, previous build-to-order (BTO) exercises and selective en-bloc redevelopment schemes – once it has accumulated a sufficient number of them.

HDB launched 2,132 flats under this scheme and received 20,691 applications – almost 10 bids for every flat available. Continue reading →

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Drop in HDB home loan arrears

Posted on 3 Nov 2009 | Comments Off on Drop in HDB home loan arrears

Defaults stemmed by slew of measures, says HDB in annual report

DESPITE the recession, the number of HDB home loan arrears fell from 33,670 in September last year to 30,770 during the same month this year.

The drop follows the Housing Board’s introduction of a raft of measures at the outset of the financial crisis to aid owners at risk of defaulting on their home loans.

The measures, announced in February, included a mix of short- and long-term initiatives such as deferring payments, counselling and – as a last resort – compulsory acquisition.

The HDB also introduced the new concept of ‘interim housing’, intended for those who may need to urgently downgrade, but have bought a new flat that has yet to be completed.

Departing from its usual practice, the HDB started extending second concessionary loans to downgraders on a case-by-case basis.

Taken together, the measures led to a decline in the default rate from 7.9 per cent of 426,270 loans in September last year, to 7.5 per cent of 409,470 loans for the same month this year. Continue reading →

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