Panicky HDB releases more BTO flats to allay widespread fear of shortage in public ho

[Watchman]

Panicky HDB releases more BTO flats to allay widespread fear of shortage in public housing

February 12, 2010 by admin

Caught off guard by the rapid sky-rocketing prices of HDB flats, a panicky HDB launches another two new projects in quick succession to allay widespread fear among Singaporeans of a public housing shortage.

1,534 BTO flats were launched yesterday, including 750 in Punggol and 784 in Woodlands followed by another 1,000 BTO flats in Sengkang and Sembawang next month.

As the flats typically take 3 to 4 years to build, they are unlikely to meet present demand.

Recent BTO launches are all grossly over-subscribed by more than 10 times, an indication of how severe the housing crisis has become, but in a letter published in the Straits Times Forum two days ago, HDB denied that the prices are caused by shortage of flats and blame Singaporeans for not selecting their units when given a chance.

According to figures from the Ministry of Home Affairs, there are nearly 100,000 immigrants including both new citizens and PRs in the year 2008 alone, but only 3,183 new flats were built in 2008:

Not surprisingly, there is a direct correlation between the increase in the number of foreigners in Singapore and the rise in prices of HDB resale flats:


[Source: Kojakbt, 3in1kopitiam moderator]

It doesn’t take a statistician to come to the conclusion that the number of flats built were grossly inadequate to meet the demand of a rapidly increasing population.

The decrease in the number of new flats built by HDB coincides with the sky-rocketing prices of resale flats as Singaporeans needing a roof over their heads are forced to purchase a more expensive flat in the resale market thereby contributing to the overall price inflation:


Though HDB is now “ramping up the supply of new flats”, it is too late to meet present demand and Singaporeans will have to pay a hefty price for its lack of foresight in building more flats earlier to cater to the needs of a growing population.

HDB seems to be fire-fighting all over the place which will not be necessary in the first place if it had the foresight to plan ahead and tailor the supply of flats to the expected demand.

The knee-jerk reaction off HDB will create another problem in the future – the sudden increase in the number of new flats completed in 2013 – 2015 will lead to a depreciation in prices should the demand decrease.

The home buyers who purchase their flats at such ridiculously high prices will be heading for a financial disaster should the prices drop drastically or crash in the future.

A more appropriate response will be to introduce measures to curb the rampant speculation in the market by putting a cap on the COVs, increasing the HDB levy for sale of flats, stipulate a minimum period of residency before PRs are permitted to purchase flats and impose a hefty property tax on PRs who sold their flats after returning home to prevent them from profiteering from the transaction.

 

[Glaringly]

Re: Panicky HDB releases more BTO flats to allay widespread fear of shortage in publi

Or are they pretending to be panicking?

Since these new flat prices will be peg to the current record high resale flat prices!

Golden opportunity for these blood suckers.

 

[cockcansing]

Re: Panicky HDB releases more BTO flats to allay widespread fear of shortage in publi

Since it is over subscribe by over 10 times, why are they launcIng only 1500+ flats and not more?

 

[batman1]

Re: Panicky HDB releases more BTO flats to allay widespread fear of shortage in publi

panicky hdb releases more bto flats to allay widespread fear of shortage in public housing

february 12, 2010 by admin

caught off guard by the rapid sky-rocketing prices of hdb flats, a panicky hdb launches another two new projects in quick succession to allay widespread fear among singaporeans of a public housing shortage.

1,534 bto flats were launched yesterday, including 750 in punggol and 784 in woodlands followed by another 1,000 bto flats in sengkang and sembawang next month.

As the flats typically take 3 to 4 years to build, they are unlikely to meet present demand.

Recent bto launches are all grossly over-subscribed by more than 10 times, an indication of how severe the housing crisis has become, but in a letter published in the straits times forum two days ago, hdb denied that the prices are caused by shortage of flats and blame singaporeans for not selecting their units when given a chance.

According to figures from the ministry of home affairs, there are nearly 100,000 immigrants including both new citizens and prs in the year 2008 alone, but only 3,183 new flats were built in 2008:

not surprisingly, there is a direct correlation between the increase in the number of foreigners in singapore and the rise in prices of hdb resale flats:


[source: Kojakbt, 3in1kopitiam moderator]

it doesn’t take a statistician to come to the conclusion that the number of flats built were grossly inadequate to meet the demand of a rapidly increasing population.

The decrease in the number of new flats built by hdb coincides with the sky-rocketing prices of resale flats as singaporeans needing a roof over their heads are forced to purchase a more expensive flat in the resale market thereby contributing to the overall price inflation:


Though hdb is now “ramping up the supply of new flats”, it is too late to meet present demand and singaporeans will have to pay a hefty price for its lack of foresight in building more flats earlier to cater to the needs of a growing population.

hdb seems to be fire-fighting all over the place which will not be necessary in the first place if it had the foresight to plan ahead and tailor the supply of flats to the expected demand.

the knee-jerk reaction off hdb will create another problem in the future – the sudden increase in the number of new flats completed in 2013 – 2015 will lead to a depreciation in prices should the demand decrease.

The home buyers who purchase their flats at such ridiculously high prices will be heading for a financial disaster should the prices drop drastically or crash in the future.

A more appropriate response will be to introduce measures to curb the rampant speculation in the market by putting a cap on the covs, increasing the hdb levy for sale of flats, stipulate a minimum period of residency before prs are permitted to purchase flats and impose a hefty property tax on prs who sold their flats after returning home to prevent them from profiteering from the transaction.

the role of hdb is to provide affordable housing to the singapore citizens .now the hdb prices are ridiculously high.the minister for national development is sleeping on the job while drawing the highest salary(millions of dollars) in the world !!!
Mah bow tan should be charged/arrested for treason,bad government and mismanagement .