Homepage
PR Newswire
16-09-2013, 07:54 PM
(This post was last modified: 16-09-2013, 07:59 PM by shoeboxlife.)
Question No: 610
Question By: Ms Tan Su Shan
Ms Tan Su Shan asked the Minister for National Development given the recent measures to cool the property market that were taken before the collapse of emerging markets which has led to investment outflows, whether there is any risk of a policy overshoot in the cooling measures that will lead to a protracted downturn affecting home owners in Singapore.
Answer:
1 The cooling measures aim to ensure that Singapore’s property market grows in a stable and sustainable way. Collectively, they act to dampen speculative buying and encourage home-buyers to exercise prudence before committing to a property purchase.
2 Although housing demand and price growth have eased, market activity remains robust and prices continue to rise, as interest rates remain unrealistically low. The cooling measures therefore are necessary and relevant to avoid a major price correction when economic conditions change.
3 External economic developments impact Singapore’s property market. In particular, normalising interest rates could pose significant financial risks to individual borrowers and prudential risks to the overall economy. That is why the cooling measures were implemented. It is however a dynamic situation, and we will continue to monitor the housing market closely, and review the cooling measures as economic conditions evolve.
Issued by: Ministry of National Development
Date : 16 September 2013
Question No: 622
Question By: Mr Ang Wei Neng
Mr Ang Wei Neng asked the Minister for National Development what is the current number of HDB balance flats that are:
(i) ready for occupation; and
(ii) in various stages of construction, with a breakdown by housing estates.
Answer:
HDB has about 7,400 unsold balance flats, including 1,200 completed units. Of the 6,200 units at various stages of construction, 3,300 units are in mature estates and 2,900 units in non-mature estates. We will put those units that are completed and nearing completion to market soon.
Issued by: Ministry of National Development
Date : 16 September 2013
Question No: 615
Question By: Mr Gerald Giam
Mr Gerald Giam asked the Minister for National Development if he can provide the figures for the median Cash-Over-Valuation for resale HDB flats by town and flat type in each quarter since 2nd Quarter 2007, with a breakdown of buyers by :
(i) Singapore citizen (SC) households (ie households with at least one SC owner); and
(ii) Singapore permanent resident (SPR) households (ie households with SPR but no SC owners).
Answer:
Detailed Cash-Over-Valuation (COV) data, provided there are sufficient transactions during the quarter, with breakdown by town and flat type are published in the HDB InfoWEB and updated quarterly. HDB, however, does not monitor the detailed breakdown as requested by the Member.
2 We do have some breakdown of COV data by buyer group, as tabulated below:
Breakdown of COV data by Buyer Group
Buyer Group
4Q2007
4Q2008
4Q2009
4Q2010
4Q2011
4Q2012
Singles
$20,000
$15,000
$23,000
$22,000
$31,000
$33,000
Permanent Residents
$20,000
$15,000
$24,000
$21,000
$32,000
$33,000
Private Property Owners
$33,000
$17,000
$28,800
$30,000
$45,000
$52,000
First-Timers
$23,000
$12,000
$25,000
$23,000
$33,000
$38,000
Second-Timers
$20,000
$15,000
$23,000
$23,000
$33,900
$32,000
Issued by: Ministry of National Development
Date : 16 September 2013
Question By: Ms Tan Su Shan
Ms Tan Su Shan asked the Minister for National Development given the recent measures to cool the property market that were taken before the collapse of emerging markets which has led to investment outflows, whether there is any risk of a policy overshoot in the cooling measures that will lead to a protracted downturn affecting home owners in Singapore.
Answer:
1 The cooling measures aim to ensure that Singapore’s property market grows in a stable and sustainable way. Collectively, they act to dampen speculative buying and encourage home-buyers to exercise prudence before committing to a property purchase.
2 Although housing demand and price growth have eased, market activity remains robust and prices continue to rise, as interest rates remain unrealistically low. The cooling measures therefore are necessary and relevant to avoid a major price correction when economic conditions change.
3 External economic developments impact Singapore’s property market. In particular, normalising interest rates could pose significant financial risks to individual borrowers and prudential risks to the overall economy. That is why the cooling measures were implemented. It is however a dynamic situation, and we will continue to monitor the housing market closely, and review the cooling measures as economic conditions evolve.
Issued by: Ministry of National Development
Date : 16 September 2013
Question No: 622
Question By: Mr Ang Wei Neng
Mr Ang Wei Neng asked the Minister for National Development what is the current number of HDB balance flats that are:
(i) ready for occupation; and
(ii) in various stages of construction, with a breakdown by housing estates.
Answer:
HDB has about 7,400 unsold balance flats, including 1,200 completed units. Of the 6,200 units at various stages of construction, 3,300 units are in mature estates and 2,900 units in non-mature estates. We will put those units that are completed and nearing completion to market soon.
Issued by: Ministry of National Development
Date : 16 September 2013
Question No: 615
Question By: Mr Gerald Giam
Mr Gerald Giam asked the Minister for National Development if he can provide the figures for the median Cash-Over-Valuation for resale HDB flats by town and flat type in each quarter since 2nd Quarter 2007, with a breakdown of buyers by :
(i) Singapore citizen (SC) households (ie households with at least one SC owner); and
(ii) Singapore permanent resident (SPR) households (ie households with SPR but no SC owners).
Answer:
Detailed Cash-Over-Valuation (COV) data, provided there are sufficient transactions during the quarter, with breakdown by town and flat type are published in the HDB InfoWEB and updated quarterly. HDB, however, does not monitor the detailed breakdown as requested by the Member.
2 We do have some breakdown of COV data by buyer group, as tabulated below:
Breakdown of COV data by Buyer Group
Buyer Group
4Q2007
4Q2008
4Q2009
4Q2010
4Q2011
4Q2012
Singles
$20,000
$15,000
$23,000
$22,000
$31,000
$33,000
Permanent Residents
$20,000
$15,000
$24,000
$21,000
$32,000
$33,000
Private Property Owners
$33,000
$17,000
$28,800
$30,000
$45,000
$52,000
First-Timers
$23,000
$12,000
$25,000
$23,000
$33,000
$38,000
Second-Timers
$20,000
$15,000
$23,000
$23,000
$33,900
$32,000
Issued by: Ministry of National Development
Date : 16 September 2013