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Prices of resale HDB flats grow by 13.3 percent last year
January 3rd, 2011 | Author: Contributions
<=== http://www.temasekreview.net/2011/01/03/prices-of-resale-hdb-flats-grow-by-13-3-percent-last-year/
The prices of HDB resale flats grow by a
shocking 13.3 percent last year compared
to 8.1 percent in 2009 in spite of more
new flats being built by HDB to cater for
the housing shortage.
Together with the 13.8 percent increase in
2008, prices have increased by 35.2
percent in the last three years alone.
The sky-rocketing prices are due largely
to the failure of HDB to build adequate
number of new flats to meet increased
housing needs fueled by the relentless
influx of foreigners.
Only some 11,000 new flats were built
between the years 2006 and 2008 when
there were on average, 100,000 new
citizens and PRs yearly, not to mention
the increasing number of foreigners.
While the median Cash-over-valuation
(COVs) have dipped slightly in the last
quarter, prices continue to grow by 2.4 percent.
Though Housing Minister Mah Bow Tan
has introduced a series of ‘cooling measures’
in August last year to stabilize the property
market, prices are unlikely to fall in the
near future as the BTO flats require
three to four years to build.
HDB will be releasing more new flats
in 2011 in various estates to meet the
housing needs of first-time home
buyers who were criticized for being
‘fussy’ and having ‘unrealistic expectatins’
by Mr Mah last year.
January 3rd, 2011 | Author: Contributions
<=== http://www.temasekreview.net/2011/01/03/prices-of-resale-hdb-flats-grow-by-13-3-percent-last-year/
The prices of HDB resale flats grow by a
shocking 13.3 percent last year compared
to 8.1 percent in 2009 in spite of more
new flats being built by HDB to cater for
the housing shortage.
Together with the 13.8 percent increase in
2008, prices have increased by 35.2
percent in the last three years alone.
The sky-rocketing prices are due largely
to the failure of HDB to build adequate
number of new flats to meet increased
housing needs fueled by the relentless
influx of foreigners.
Only some 11,000 new flats were built
between the years 2006 and 2008 when
there were on average, 100,000 new
citizens and PRs yearly, not to mention
the increasing number of foreigners.
While the median Cash-over-valuation
(COVs) have dipped slightly in the last
quarter, prices continue to grow by 2.4 percent.
Though Housing Minister Mah Bow Tan
has introduced a series of ‘cooling measures’
in August last year to stabilize the property
market, prices are unlikely to fall in the
near future as the BTO flats require
three to four years to build.
HDB will be releasing more new flats
in 2011 in various estates to meet the
housing needs of first-time home
buyers who were criticized for being
‘fussy’ and having ‘unrealistic expectatins’
by Mr Mah last year.
