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Coffeeshop Chit Chat - COV of resale HDB shooting thru the roof</TD><TD id=msgunetc noWrap align=right> </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt_89 <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>8:25 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 7) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>36165.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>COVs shooting through the roof popped up by PRs and new citizens
July 16th, 2010 |
Author: Your Correspondent
http://www.temasekreview.com/2010/07/16/covs-shooting-through-the-roof-popped-up-by-prs-and-new-citizens/
The cash-over-valuation (COV) of resale HDB flats has shot through the roof with some estates like Bishan and Toa Payoh fetching median COVs of above $40,000.
According to a Straits Times report today, the median COV is now way above the record $25,000 in the first quarter with many flat owners asking for COVs of between $30,000 and $40,000.
When interviewed by the Straits Times, PropNex Chief Executive Mohamed Ismail noted that there are few first-time home buyers in the resale market.
“These buyers are queueing for flats directly from HDB, which are more affordable. The resale market is also propped up by PRs who cannot buy new flats, but need a home urgently,” he added.
Though public housing is supposedly reserved for Singaporeans only, PRs are allowed to purchase HDB flats in the open market. As many PRs are already well-established professionals to begin with, they are able to pay higher than market prices for the resale flats thereby jacking up the prices in the process.
A Straits Times article last year reported an Indonesian PR who forked out a shocking $653,000 for a 4-room resale flat in Queenstown though he could well afford a condominium.
Many PRs also see HDB flats as an investment which they can make a quick buck by selling them upon leaving Singapore.
Besides PRs, some new citizens have also benefitted from the PAP’s pro-foreigner housing policies by subletting their flats while staying in private properties.
There was an outcry in cyberspace lately when a new citizen from India and YPAP leader Sinha Shekhar boasted about renting out his resale flat for income on the REACH Facebook:
[Source: REACH Facebook]
In the above exchange, Mr Sinha Shekhar, who works as an occupational therapist at Thye Hua Kwan Hospital, wrote that he paid “really high” for a resale HDB flat and the rent he is collecting is not enough to pay for the bank instalments.
Mr Sinha should stop complaining. There are many Singaporeans, including NSmen who are unable to afford a roof over their heads thanks to the sky-rocketing prices of HDB flats.
Despite widespread disgruntlement on the ground, PAP National Development Minister Mah Bow Tan continues to insist that HDB flats are “affordable” to Singaporeans and chided home buyers for being “fussy” and having “unrealistic expectations.”
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http://www.temasekreview.com/2010/07/16/covs-shooting-through-the-roof-popped-up-by-prs-and-new-citizens/
The cash-over-valuation (COV) of resale HDB flats has shot through the roof with some estates like Bishan and Toa Payoh fetching median COVs of above $40,000.
According to a Straits Times report today, the median COV is now way above the record $25,000 in the first quarter with many flat owners asking for COVs of between $30,000 and $40,000.
When interviewed by the Straits Times, PropNex Chief Executive Mohamed Ismail noted that there are few first-time home buyers in the resale market.
“These buyers are queueing for flats directly from HDB, which are more affordable. The resale market is also propped up by PRs who cannot buy new flats, but need a home urgently,” he added.
Though public housing is supposedly reserved for Singaporeans only, PRs are allowed to purchase HDB flats in the open market. As many PRs are already well-established professionals to begin with, they are able to pay higher than market prices for the resale flats thereby jacking up the prices in the process.
A Straits Times article last year reported an Indonesian PR who forked out a shocking $653,000 for a 4-room resale flat in Queenstown though he could well afford a condominium.
Many PRs also see HDB flats as an investment which they can make a quick buck by selling them upon leaving Singapore.
Besides PRs, some new citizens have also benefitted from the PAP’s pro-foreigner housing policies by subletting their flats while staying in private properties.
There was an outcry in cyberspace lately when a new citizen from India and YPAP leader Sinha Shekhar boasted about renting out his resale flat for income on the REACH Facebook:
[Source: REACH Facebook]
In the above exchange, Mr Sinha Shekhar, who works as an occupational therapist at Thye Hua Kwan Hospital, wrote that he paid “really high” for a resale HDB flat and the rent he is collecting is not enough to pay for the bank instalments.
Mr Sinha should stop complaining. There are many Singaporeans, including NSmen who are unable to afford a roof over their heads thanks to the sky-rocketing prices of HDB flats.
Despite widespread disgruntlement on the ground, PAP National Development Minister Mah Bow Tan continues to insist that HDB flats are “affordable” to Singaporeans and chided home buyers for being “fussy” and having “unrealistic expectations.”
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