Tag Archives: Minister for National Development

Property owners, managing agents must rely on contract

Posted on 15 May 2012 | Comments Off on Property owners, managing agents must rely on contract

The working relationship between property owners and their managing agents is ultimately based on a contract, Minister for National Development Khaw Boon Wan said in a written response to a parliamentary question from Aljunied GRC MP Sylvia Lim on Monday.

Ms Lim had asked how the government safeguards the interests of consumers of property managing agent services.

Mr Khaw said most consumers of residential property managing agent services live in HDB estates.

In such instances, the town councils ensure agents do their job properly and safeguard the residents’ interests.

For those in strata housing, property owners have a choice in hiring their own maintenance teams, or engaging the services of a third-party managing agent based on their expected service level and budget.

Mr Khaw said the industry is well developed with more than 100 companies offering such services, giving property owners an adequate pool to choose from.

Ms Lim had also asked why the Singapore Standard on the performance of managing agents for strata residential properties was withdrawn.

But Mr Khaw said the Singapore Standard was developed to help raise the professionalism of managing agents for strata residential properties.

He said the emphasis was on the contractual obligation between a strata residential property management corporation and the managing agent, not on the managing agent’s work performance.

In April 2011, the Association of Property and Facility Managers (APFM) and the Singapore Institute of Surveyors and Valuers (SISV) jointly worked out a similar agreement for the appointment of managing agents.

The standard was withdrawn with the consensus of the industry.

Source: CNA – 15 May 2012

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Posted in CEA, Landlord

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Property market may see major changes

Posted on 24 May 2011 | Comments Off on Property market may see major changes

The property market may see some radical changes in the coming months, according to analysts.

They say the newly sworn-in Cabinet is expected to carry out extensive review of current housing policies.

This may include a review of the government land sales programme and moderating home prices.

However, some analysts say the population must continue to grow, otherwise the housing market will risk an oversupply situation in the next three years.

The new Minister for National Development Khaw Boon Wan has pledged to make the HDB flat a popular icon again, and market watchers are waiting for the government’s thorough review of housing policies, which they expect will take place between six and 12 months.

The review to increase the income ceiling for HDB flats, which started in early May, kicked off the process.

Patrick Liew, chief executive officer, HSR Property Group, said: “Increasing the income ceiling is a two-edged sword … because you are transferring some of the demand from the private sector to the public sector, we need to look at the supply side.

“We need to decrease the supply of land for private residential development and maybe increase the development in the public sector.”

But housing supply remains a hot issue among analysts.

According to estimates, there will be 41,400 public and private housing units to be completed by year 2014.

And analysts forecast that only about 33,000 units will be taken up in the next three years, based on an annual take-up rate of 11,000 units.

Analysts say population growth needs to increase by 1.8 per cent annually to maintain a healthy take-up rate.

For now, market watchers are not expecting new immigration policies soon, as they were tightened just over a year ago.

They warn that an oversupply in housing may limit property price growth.

But they are confident that future housing policies will prevent a large price correction as well.

Liang Thow Ming, head of residential services, Credo Real Estate, said: “I don’t think the government is working towards a huge correction. A huge correction is not in anybody’s favour, especially in a situation like Singapore, where the majority of us are house owners.

“A huge correction will impoverish a good part of Singapore and I don’t think the government wants to see that happening.”

Market watchers say they are hoping for more details about foreign workers in Singapore, as they say this will help them monitor the impact on property demand.

Source : CNA – 23 May 2011

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Posted in HDB

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