- Joined
- Apr 9, 2009
- Messages
- 3,070
- Points
- 0
THE Government yesterday reiterated the position that it is ready to introduce further property-cooling measures to prevent the formation of a property bubble if need be, following last month's curbs.
Speaking in Parliament, National Development Minister Mah Bow Tan noted that market sentiment has remained bullish, with signs of renewed exuberance in the market at the end of last year.
"We will continue to monitor the property market closely and take further steps, if necessary, to promote a stable and sustainable property market."
Data from the Urban Redevelopment Authority of Singapore showed that the Housing Board's Resale Price Index rose by 2.5 per cent in the fourth quarter of last year over the previous quarter, bringing the fullyear increase to 14.1 per cent.
Overall prices of private residential properties increased by 2.7 per cent in Q4 of last year and jumped sharply by 17.6 per cent year-on-year, compared with the 1.8 per cent rise in 2009.
It was revealed yesterday that the majority of the buyers who entered the property market were Singaporeans.
Demand remained strong, despite the Government having increased the supply of land for private residential development.
The Government said it sold land last year that can potentially yield about 13,300 units.
It also launched sites that can yield another 14,300 units under the Government Land Sales Programme for the first half of this year.
As of the fourth quarter of last year, there were about 33,000 unsold units, roughly equivalent to three years' take-up of private residential units, if one goes by the average annual take-up over the past four years.
"Given the current situation of strong economic growth, low interest rates and a lot of liquidity in the market, I think it's not unnatural to expect property prices will remain strong," said Mr Mah.
He explained that the latest cooling measures, which many considered to be harsh, were not intended to crash the market.
Instead, they were aimed at preventing prices from shooting up so fast so as to be unsupportable by market fundamentals.
Mr Mah said that it was specifically targeted at short-term speculators and not genuine buyers.
He added that it was still too early to effectively assess the results of the measures.
SC/SPR Siblings scheme scrapped
THE Housing Board yesterday scrapped a longstanding scheme that allows siblings - citizens or permanent residents - to buy either new or resale HDB flats, with immediate effect.
The SC/SPR Siblings Scheme was introduced in 1990 to cater to unmarried Singaporean or PR siblings who cannot form an eligible family nucleus to buy a flat, as their parents live overseas.
The key condition was that their parents must not own, and cannot subsequently own, another HDB flat. Approval from HDB was also on a case-by-case basis.
Ms Grace Fu, Senior Minister of State for National Development, said yesterday that the scheme was necessary then as the sub-let market for HDB flats and rooms was limited, and there were few viable housing options for these siblings.
But "with the liberalisation of the sub-letting market for HDB flats over the years, unmarried Singaporean or PR siblings whose parents are residing overseas can now rent a room or a small flat on the open market", said Ms Fu.
Speaking in Parliament, National Development Minister Mah Bow Tan noted that market sentiment has remained bullish, with signs of renewed exuberance in the market at the end of last year.
"We will continue to monitor the property market closely and take further steps, if necessary, to promote a stable and sustainable property market."
Data from the Urban Redevelopment Authority of Singapore showed that the Housing Board's Resale Price Index rose by 2.5 per cent in the fourth quarter of last year over the previous quarter, bringing the fullyear increase to 14.1 per cent.
Overall prices of private residential properties increased by 2.7 per cent in Q4 of last year and jumped sharply by 17.6 per cent year-on-year, compared with the 1.8 per cent rise in 2009.
It was revealed yesterday that the majority of the buyers who entered the property market were Singaporeans.
Demand remained strong, despite the Government having increased the supply of land for private residential development.
The Government said it sold land last year that can potentially yield about 13,300 units.
It also launched sites that can yield another 14,300 units under the Government Land Sales Programme for the first half of this year.
As of the fourth quarter of last year, there were about 33,000 unsold units, roughly equivalent to three years' take-up of private residential units, if one goes by the average annual take-up over the past four years.
"Given the current situation of strong economic growth, low interest rates and a lot of liquidity in the market, I think it's not unnatural to expect property prices will remain strong," said Mr Mah.
He explained that the latest cooling measures, which many considered to be harsh, were not intended to crash the market.
Instead, they were aimed at preventing prices from shooting up so fast so as to be unsupportable by market fundamentals.
Mr Mah said that it was specifically targeted at short-term speculators and not genuine buyers.
He added that it was still too early to effectively assess the results of the measures.
SC/SPR Siblings scheme scrapped
THE Housing Board yesterday scrapped a longstanding scheme that allows siblings - citizens or permanent residents - to buy either new or resale HDB flats, with immediate effect.
The SC/SPR Siblings Scheme was introduced in 1990 to cater to unmarried Singaporean or PR siblings who cannot form an eligible family nucleus to buy a flat, as their parents live overseas.
The key condition was that their parents must not own, and cannot subsequently own, another HDB flat. Approval from HDB was also on a case-by-case basis.
Ms Grace Fu, Senior Minister of State for National Development, said yesterday that the scheme was necessary then as the sub-let market for HDB flats and rooms was limited, and there were few viable housing options for these siblings.
But "with the liberalisation of the sub-letting market for HDB flats over the years, unmarried Singaporean or PR siblings whose parents are residing overseas can now rent a room or a small flat on the open market", said Ms Fu.
Aren't they watching the inflation caused by the gov't in the other sectors : public transport, food court prices, utilities, ERP increases, ....?