Sep 9, 2010
Make it easier for genuine upgraders
A SEGMENT of HDB dwellers has been particularly hard-hit by the latest measures to cool the property market - those who are in the midst of selling their HDB flat and buying another.
The new rules stipulate that those with an existing mortgage are not eligible for the usual loan of 80 per cent of the valuation price, but can get only 70 per cent instead. The cash component to be paid upfront has also been raised to 10 per cent, instead of 5 per cent.
This figure has an impact on ordinary, hardworking Singaporeans. An extra 10 per cent can translate to an additional $30,000 to $60,000 from the Central Provident Fund accounts. And an additional 5 per cent cash down payment means an extra $15,000 to $30,000, based on average valuation prices for HDB flats that range from about $300,000 to $600,000.
Many Singaporeans save for years to upgrade to a bigger unit or a choice location. Many prefer to buy first before selling their flats, for logistical reasons. Earlier, they would have got a bridging loan from a financial institution. But with the new rules, they will no longer be able to do so as they have an existing housing loan.
To sell their apartment first, and move into a rented flat before buying the next flat is a daunting thought for many.
The current HDB rules state very clearly that buyers of HDB flats have to dispose of their current flats within a six-month period. With this rule already in place, I hope that the HDB will tweak the other rules to enable genuine buyers to upgrade or downgrade their homes without restrictions.
Albert Wong
Thursday, September 9, 2010
ST : SM clarifies on PR renewal
Sep 8, 2010
SM clarifies on PR renewal
By Rachel Chang & Rachel Lin
SENIOR Minister Goh Chok Tong clarified on Wednesday remarks he made suggesting the Government would not renew permanent resident status for some PRs who decline its offer of citizenship.
The comment, made at a dialogue on Monday, was a 'general observation to illustrate the point that the Government would be managing the inflow of PRs and would encourage some of those who are already here to become Singapore citizens,' said a statement from his press secretary Ho Tong Yen.
Mr Goh's remarks at the Marine Parade dialogue, made in response to a resident who suggested offering citizenship to foreigners on employment pass to 'bind them to us', ignited a firestorm that has raged over the last few days.
He had said on Monday: 'In the past, we could just give you permanent residence without taking up Singapore citizenship. Moving forward, we are going to approach some of them to take up Singapore citizenship. If they don't, then their PR will be not renewed. That's a better way.'
He added that of the 500,000 PRs in Singapore, 'maybe 50,000 can be selected to become Singapore citizens, the rest can be PRs contributing to the economy.'
The blowback was swift and furious. A comment thread on expatriate website ExpatSingapore was started with the header: 'Singapore to expel 10 per cent of Permanent Residents'.
In his statement on Wednesday, Mr Goh's press secretary said 'the figure of 10 per cent which SM gave was only for illustrative purposes. It is not a target, nor is it the case that all PRs who turned down the offer of Singapore citizenship would not have their PR status renewed.'
Mr Ho added: 'The Government will continue to review and refine its policies to ensure that those who have PR status are an asset to our society, and that those who are given citizenship are, in addition, assessed to be committed in their allegiance to Singapore.'
SM clarifies on PR renewal
By Rachel Chang & Rachel Lin
SENIOR Minister Goh Chok Tong clarified on Wednesday remarks he made suggesting the Government would not renew permanent resident status for some PRs who decline its offer of citizenship.
The comment, made at a dialogue on Monday, was a 'general observation to illustrate the point that the Government would be managing the inflow of PRs and would encourage some of those who are already here to become Singapore citizens,' said a statement from his press secretary Ho Tong Yen.
Mr Goh's remarks at the Marine Parade dialogue, made in response to a resident who suggested offering citizenship to foreigners on employment pass to 'bind them to us', ignited a firestorm that has raged over the last few days.
He had said on Monday: 'In the past, we could just give you permanent residence without taking up Singapore citizenship. Moving forward, we are going to approach some of them to take up Singapore citizenship. If they don't, then their PR will be not renewed. That's a better way.'
He added that of the 500,000 PRs in Singapore, 'maybe 50,000 can be selected to become Singapore citizens, the rest can be PRs contributing to the economy.'
The blowback was swift and furious. A comment thread on expatriate website ExpatSingapore was started with the header: 'Singapore to expel 10 per cent of Permanent Residents'.
In his statement on Wednesday, Mr Goh's press secretary said 'the figure of 10 per cent which SM gave was only for illustrative purposes. It is not a target, nor is it the case that all PRs who turned down the offer of Singapore citizenship would not have their PR status renewed.'
Mr Ho added: 'The Government will continue to review and refine its policies to ensure that those who have PR status are an asset to our society, and that those who are given citizenship are, in addition, assessed to be committed in their allegiance to Singapore.'
ST : 2 HDB sites for sale
Sep 7, 2010
2 HDB sites for sale
By Lee Jia Xin
TWO more residential sites, which can yield 805 flats, will be put up for sale on Wednesday.
They are at Pasir Ris Drive 1/ Elias Road and Sengkang Square/ Compassvale Road, said the Housing Board on Tuesday.
The 15,142 sqm land parcel at Pasir Ris is slated for 320 Executive Condominium flats, while the Sengkang site is for condominium housing.
Separately, the URA will also be releasing two residential sites at Sembawang Greenvale and Stirling Road later in September to give home buyers more housing choices.
In response to the strong demand for private housing and for land to build private residential developments, the Government has placed 18 sites on the Confirmed List and 13 sites on the Reserve List for private residential development for the second half of the year.
Together, the 31 sites from both the Confirmed and Reserve Lists of the Government Land Sales programme can generate 13,905 private residential units, which is the highest potential supply quantum in the history of the GLS Programme.
Most of these sites are located in Outside Central Region (OCR) or in locations in the Rest of Central Region (RCR) where more affordable private housing are expected to be built, and will meet the demand for mass market private housing, said the HDB.
The 15,142 sqm land parcel at Pasir Ris is slated for 320 Executive Condominium flats, while the Sengkang site is for condominium housing. -- ST PHOTO: ALPHONSUS CHERN
2 HDB sites for sale
By Lee Jia Xin
TWO more residential sites, which can yield 805 flats, will be put up for sale on Wednesday.
They are at Pasir Ris Drive 1/ Elias Road and Sengkang Square/ Compassvale Road, said the Housing Board on Tuesday.
The 15,142 sqm land parcel at Pasir Ris is slated for 320 Executive Condominium flats, while the Sengkang site is for condominium housing.
Separately, the URA will also be releasing two residential sites at Sembawang Greenvale and Stirling Road later in September to give home buyers more housing choices.
In response to the strong demand for private housing and for land to build private residential developments, the Government has placed 18 sites on the Confirmed List and 13 sites on the Reserve List for private residential development for the second half of the year.
Together, the 31 sites from both the Confirmed and Reserve Lists of the Government Land Sales programme can generate 13,905 private residential units, which is the highest potential supply quantum in the history of the GLS Programme.
Most of these sites are located in Outside Central Region (OCR) or in locations in the Rest of Central Region (RCR) where more affordable private housing are expected to be built, and will meet the demand for mass market private housing, said the HDB.
The 15,142 sqm land parcel at Pasir Ris is slated for 320 Executive Condominium flats, while the Sengkang site is for condominium housing. -- ST PHOTO: ALPHONSUS CHERN
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