Sep 16, 2010
No problem selling flats under EIP
ETHNIC minority owners should not have problem selling their Housing Board flats because most HDB neighbourhoods have not reached the limits under the Ethnic Integration Policy (EIP).
As at September, 86 per cent of 162 HDB neighbourhoods have not hit the EIP limits. Potential flat sellers may face limitations in 14 per cent of neighbourhoods only, said Parliamentary Secretary for National Development Mohamad Maliki Osman in Parliament on Thursday.
When the EIP limit for a particular ethnic group is not reached, there is no restriction on the sale and purchase of an HDB resale flat, he said when replying to a question from Nominated MP Viswa Sadasivan.
Mr Sadasivan wanted to know how many ethnic minority owners had had to sell their flats between market valuation because they faced difficulty in selling due to the EIP restrictions.
He also asked if the Government would consider buying back the flat from the owners at market valuation or offer a cash top up equal to the deficit, to demonstrate that such owners will not be unduly penalised because of the restrictions.
Mr Maliki said the EIP was implemented in 1989 to prevent the formation of racial enclaves and promote racial harmony in HDB housing estates.
He added that resale flat transactions take place on a 'willing buyer - willing seller' basis, and the price depends on different attributes of the flat such as location, age, extent of renovation, and the prevailing market conditions.
He said HDB does not buy back flats from lessees who have completed the minimum occupation period for resale, as they may sell their flat in the open market.
'There is a large number of resale flats transacted in the open market, averaging about 30,000 units annually, in different locations and with a wide range of flat types and prices," he said.
'Sellers who are affected by the EIP limits should have no problem finding buyers from the eligible ethnic groups as long as they are realistic in setting their asking price.
Must get a Minority race to speak on behalf of MND...
Wait till he stay in Bishan. See how fast he can sell his unit. And whether the COV same as his Chinese neighbours who had sold their units too.
No problem selling flats under EIP
ETHNIC minority owners should not have problem selling their Housing Board flats because most HDB neighbourhoods have not reached the limits under the Ethnic Integration Policy (EIP).
As at September, 86 per cent of 162 HDB neighbourhoods have not hit the EIP limits. Potential flat sellers may face limitations in 14 per cent of neighbourhoods only, said Parliamentary Secretary for National Development Mohamad Maliki Osman in Parliament on Thursday.
When the EIP limit for a particular ethnic group is not reached, there is no restriction on the sale and purchase of an HDB resale flat, he said when replying to a question from Nominated MP Viswa Sadasivan.
Mr Sadasivan wanted to know how many ethnic minority owners had had to sell their flats between market valuation because they faced difficulty in selling due to the EIP restrictions.
He also asked if the Government would consider buying back the flat from the owners at market valuation or offer a cash top up equal to the deficit, to demonstrate that such owners will not be unduly penalised because of the restrictions.
Mr Maliki said the EIP was implemented in 1989 to prevent the formation of racial enclaves and promote racial harmony in HDB housing estates.
He added that resale flat transactions take place on a 'willing buyer - willing seller' basis, and the price depends on different attributes of the flat such as location, age, extent of renovation, and the prevailing market conditions.
He said HDB does not buy back flats from lessees who have completed the minimum occupation period for resale, as they may sell their flat in the open market.
'There is a large number of resale flats transacted in the open market, averaging about 30,000 units annually, in different locations and with a wide range of flat types and prices," he said.
'Sellers who are affected by the EIP limits should have no problem finding buyers from the eligible ethnic groups as long as they are realistic in setting their asking price.
Must get a Minority race to speak on behalf of MND...
Wait till he stay in Bishan. See how fast he can sell his unit. And whether the COV same as his Chinese neighbours who had sold their units too.
