Tag Archives: Singapore Property

Private houses bought by foreigners and companies fall sharply

Posted on 10 Jul 2012 | Comments Off on Private houses bought by foreigners and companies fall sharply

The proportion of private residential properties bought by foreigners and companies has fallen sharply – from about 20 per cent in 2011 to 7 per cent in the first half of this year.

Short-term property speculation has also fallen sharply, as indicated by the relatively low volume of sub-sales.

And private home prices moderated significantly, rising marginally by 0.3 per cent in the first half of 2012 compared to the 6 per cent increase for the whole of 2011.

National Development Minister Khaw Boon Wan said the Additional Buyer’s Stamp Duty (ABSD), together with the earlier rounds of cooling measures and the ramp up in both public and private housing supply, has produced “encouraging results”.

The ABSD was introduced last December to moderate investment demand for private residential property and to promote a more stable and sustainable market.

In particular, a higher ABSD rate for foreign buyers and companies was introduced, in view of the large pool of liquidity and strong buying interest from abroad, and the relatively small size of the Singapore market.

Mr Khaw said these measures have helped the home buyers, including those at the middle and low-end of the market.

For mass market private housing outside the central region, prices have moderated with a slower pace of increase of 0.4 per cent in the second quarter of 2012, compared to the 1.1 per cent increase in the previous quarter.

For the public housing market, the significant ramp up in new flat supply has enabled most first-timers a chance to select a BTO flat if they apply for one.

These are positive signs that the market is moving towards a stable and more sustainable path.

Mr Khaw said the government will continue to monitor the market closely, and remain ready to revise and enhance the policy, if and when the situation demands it.

Mr Khaw was responding in a written answer to a parliamentary question tabled by Nominated MP Tan Su Shan on Monday.

Source : Channel NewsAsia – 10 Jul 2012

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HDB will consider measures preventing formation of foreign worker enclaves

Posted on 10 Jul 2012 | Comments Off on HDB will consider measures preventing formation of foreign worker enclaves

The Housing and Development Board (HDB) will consider appropriate measures to discourage the formation of significant foreign worker enclaves in HDB estates, Minister for National Development Khaw Boon Wan told Parliament on Tuesday.

Mr Khaw said HDB was currently monitoring the situation, and that the board does not have the equivalent of the Ethnic Integration Policy or Singapore Permanent Resident quota policy in the management of the number of foreign workers renting HDB flats or rooms.

He said that was because unlike the sale of HDB flats for longer-term occupation, the renting of a flat or room is a temporary housing arrangement.

Mr Khaw was responding to MP for West Coast GRC, Foo Mee Har, who asked what rules were applied to prevent the formation of foreign worker enclaves and to ensure a balanced mix of locals and foreigners in public housing estates.

Currently, foreign workers renting flats or rooms from HDB lessees form about five per cent of the total population living in public flats.

This includes holders of employment passes, S passes, professional visit passes and some work permit holders. Work permit holders who are non-Malaysian construction workers are not eligible to rent HDB flats or rooms.

However, Mr Khaw said there were subletting rules limiting the number of subtenants allowed for each flat type. Flat owners who sublet their flats or rooms are also required to observe the terms and conditions of subletting.

Source : Channel NewsAsia – 10 Jul 2012

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