Jan 28, 2010
HDB looks forward on its 50th birthday
By Jessica Cheam
EVEN as Singapore's public housing agency looks back to celebrate its achievements over the past 50 years, it will face increasing challenges that mean evolving to meet changing needs.
The Housing and Development Board (HDB), which marks its 50th birthday on Feb 1, must meet these challenges while maintaining its three-pronged approach of environmental, economic and social sustainability, National Development Minister Mah Bow Tan said yesterday.
He was addressing more than 500 delegates from around the world at the opening ceremony of a three-day international housing conference hosted by the HDB and held at Suntec City.
'In this globalised world, we face many common challenges: climate change, migration, demographic shifts, shrinking resources, among others,' he told the conference. 'These changes impact all cities alike, large or small, developed or developing, sooner or later.'
The conference was a great opportunity for policymakers, architects and urban planners to exchange ideas.
The growing challenges that HDB will face include an ageing population, which may require further innovations in housing policies or building design, he said. Others included integrating the growing number of new Singapore citizens and the effects of rising affluence.
'As the public housing authority, HDB's key task is to find innovative ways to accommodate our people, taking these challenges into account,' he said.
Speakers at the three-day conference, which discussed themes such as environmental sustainability, include housing ministers from Spain, Finland and Australia, and senior government officials from the United States and Hong Kong.
Hong Kong's Secretary for Transport and Housing Eva Cheng said Hong Kong faced similar challenges as Singapore over land size and a growing population, and had ensured public housing for lower-income earners. She will be speaking at the conference today.
Addressing the audience, HDB chief executive Tay Kim Poh also acknowledged yesterday that HDB has 'achieved much that we are proud of', but it is also mindful of the 'challenges to housing that are shaped by the changing needs and expectations of our people'.
Saturday, January 30, 2010
ST : 65% satisfied with property agents: Poll
Jan 28, 2010
65% satisfied with property agents: Poll
By Dickson Li
TWO out of three people are satisfied with the service they get from real estate agents but there is still room for improvement, according to a survey conducted by Ngee Ann Polytechnic.
Of the 1,041 people questioned in the poll - 564 of whom had prior experience of property transactions - 64.6 per cent said they were either satisfied or very satisfied with the service they got from their agents.
Another 27.7 per cent felt neutral about the service provided, while the remainder were either very dissatisfied or dissatisfied.
Even among those who were satisfied, 71.1 per cent reported negative experiences of their property agents.
Chief among their complaints was failing to negotiate a 'good' price for the property. The second most common gripe was being given the 'wrong advice'.
Of the survey's respondents, 63.8 per cent felt that a property agent should have at least two years of relevant work experience before being accredited by a professional body.
The polytechnic's real estate lecturer Nicholas Mak, who is the survey's research coordinator, said: 'Two years is an indicator of the standard a real estate professional accreditation body should require from its members.'
An overwhelming majority - 96.6 per cent - of respondents called on the Government to implement changes to the industry.
The most popular proposed action was for the implementation of a property agent certification scheme. Although such a scheme might involve higher costs, 49.1 per cent of respondents did not mind paying a higher commission if they got experienced property agents.
Dr Tan Tee Khoon, chief executive of the Singapore Accredited Estate Agencies, acknowledged that despite a variety of measures taken towards self-regulation, 'there is still much to be desired of this industry'.
Publication of the Ngee Ann Polytechnic survey, which was conducted in the middle of last year, comes before the expected publication of the Ministry of National Development's proposed regulatory framework for the real estate industry.
65% satisfied with property agents: Poll
By Dickson Li
TWO out of three people are satisfied with the service they get from real estate agents but there is still room for improvement, according to a survey conducted by Ngee Ann Polytechnic.
Of the 1,041 people questioned in the poll - 564 of whom had prior experience of property transactions - 64.6 per cent said they were either satisfied or very satisfied with the service they got from their agents.
Another 27.7 per cent felt neutral about the service provided, while the remainder were either very dissatisfied or dissatisfied.
Even among those who were satisfied, 71.1 per cent reported negative experiences of their property agents.
Chief among their complaints was failing to negotiate a 'good' price for the property. The second most common gripe was being given the 'wrong advice'.
Of the survey's respondents, 63.8 per cent felt that a property agent should have at least two years of relevant work experience before being accredited by a professional body.
The polytechnic's real estate lecturer Nicholas Mak, who is the survey's research coordinator, said: 'Two years is an indicator of the standard a real estate professional accreditation body should require from its members.'
An overwhelming majority - 96.6 per cent - of respondents called on the Government to implement changes to the industry.
The most popular proposed action was for the implementation of a property agent certification scheme. Although such a scheme might involve higher costs, 49.1 per cent of respondents did not mind paying a higher commission if they got experienced property agents.
Dr Tan Tee Khoon, chief executive of the Singapore Accredited Estate Agencies, acknowledged that despite a variety of measures taken towards self-regulation, 'there is still much to be desired of this industry'.
Publication of the Ngee Ann Polytechnic survey, which was conducted in the middle of last year, comes before the expected publication of the Ministry of National Development's proposed regulatory framework for the real estate industry.
ST : En bloc sale panels already have a lifespan
Jan 28, 2010
En bloc sale panels already have a lifespan
I REFER to the letters on Monday by Ms Susan Prior ('Save owners from sword of Damocles') and Mr Augustine Cheah ('Loopholes in law').
Ms Prior suggests that a collective sale committee should have a limited lifespan. This is already provided for in the Land Titles (Strata) Act. The committee will automatically dissolve on expiry of the collective sale agreement. The agreement will expire if the requisite consent level is not attained within 12 months from the date of the first signatory.
The committee can also be dissolved by an ordinary resolution at a general meeting. Further, if no one has signed the agreement, the owners can dissolve the committee at any general meeting.
Mr Cheah claims that there had been no clarification or reply from the Ministry of Law to letters by many, including him, on purported loopholes in collective sale legislation.
Mr Cheah should know that what he says is inaccurate. The ministry has regularly responded to various letters on the matter.
The ministry has also previously responded to a Forum letter from one Mr Augustine Cheah (who is probably the same writer). The ministry's reply to Mr Cheah ('En bloc sales: Rights of all owners adequately protected') was published on Aug 21 last year.
As for Mr Cheah's call to tighten the legislation, the public is assured that the ministry has always actively considered feedback received, consulted industry experts and introduced amendments where appropriate. The ministry will continue to do so.
Chong Wan Yieng (Ms)
Head, Corporate Communications
Ministry of Law
En bloc sale panels already have a lifespan
I REFER to the letters on Monday by Ms Susan Prior ('Save owners from sword of Damocles') and Mr Augustine Cheah ('Loopholes in law').
Ms Prior suggests that a collective sale committee should have a limited lifespan. This is already provided for in the Land Titles (Strata) Act. The committee will automatically dissolve on expiry of the collective sale agreement. The agreement will expire if the requisite consent level is not attained within 12 months from the date of the first signatory.
The committee can also be dissolved by an ordinary resolution at a general meeting. Further, if no one has signed the agreement, the owners can dissolve the committee at any general meeting.
Mr Cheah claims that there had been no clarification or reply from the Ministry of Law to letters by many, including him, on purported loopholes in collective sale legislation.
Mr Cheah should know that what he says is inaccurate. The ministry has regularly responded to various letters on the matter.
The ministry has also previously responded to a Forum letter from one Mr Augustine Cheah (who is probably the same writer). The ministry's reply to Mr Cheah ('En bloc sales: Rights of all owners adequately protected') was published on Aug 21 last year.
As for Mr Cheah's call to tighten the legislation, the public is assured that the ministry has always actively considered feedback received, consulted industry experts and introduced amendments where appropriate. The ministry will continue to do so.
Chong Wan Yieng (Ms)
Head, Corporate Communications
Ministry of Law
ST : 'No' to more rental housing
Jan 28, 2010
'No' to more rental housing
By Rachel Chang
BUILDING more flats for rent could ease the burden on younger Singaporeans starting out in life - just as it could help others invest their resources in developing their businesses.
The idea of increasing the Housing Board's pool of rental flats to help those Singaporeans concerned about affordable housing, was put to Minister Mentor Lee Kuan Yew at a conference yesterday.
But he was quick to disagree, arguing that it was tantamount to putting the HDB in a position of subsidising rents indefinitely. It would also create a 'dependency group' - those constantly dependent on the Government and on subsidies.
The right policy is to, instead, subsidise the price of the flat for the buyer, who then has an asset that will appreciate in value as the economy grows.
'I'll improve the surroundings, I'll improve the lifts, the conditions, I'll give you more space. But it is yours and you look after it. And we do not have rundown public housing like other countries which are rental (units),' he said.
The idea was put forward by Professor Deng Yongheng, director of the National University of Singapore's Institute of Real Estate Studies. He said that having more rental flats would help low-income earners, and also allow others to put their money into meeting 'entrepreneurship and other demands'.
Mr Lee said that for those needing resources for their businesses, there was 'nothing to stop you from taking your house, your flat, you go to the bank and say... I've got so much more to pay, this is my income, I need this capital to start a business'.
The HDB clarified later to the media, however, that an HDB flat cannot be used as collateral for a bank loan.
In his response at the dialogue, Mr Lee also said that young Singaporeans wanting to invest in business and not be burdened with financing a flat, could rent from the private sector:
'If you believe you can be a great entrepreneur, then rent a flat from somebody. All the HDB flats are now rentable.'
Mr Lee also disagreed with another idea, raised by Ambassador-at-large Tommy Koh, that the HDB could build retirement communities like those found in Australia and the United States.
Mr Lee said he had read an article by a US doctor, who had assets but who stopped his practice and went into such a home.
'This retirement home was like a hotel and there were other doctors with whom he could discuss things at an intellectual level... He is in that profession, so he has saved enough to pay for the facilities as if it were a hotel,' Mr Lee said.
'You want American standards of living, be an American doctor. Singapore cannot give you that. We haven't got that kind of economy, nor that kind of land. Not even the developer can afford to go and retire in that kind of situation.'
'No' to more rental housing
By Rachel Chang
BUILDING more flats for rent could ease the burden on younger Singaporeans starting out in life - just as it could help others invest their resources in developing their businesses.
The idea of increasing the Housing Board's pool of rental flats to help those Singaporeans concerned about affordable housing, was put to Minister Mentor Lee Kuan Yew at a conference yesterday.
But he was quick to disagree, arguing that it was tantamount to putting the HDB in a position of subsidising rents indefinitely. It would also create a 'dependency group' - those constantly dependent on the Government and on subsidies.
The right policy is to, instead, subsidise the price of the flat for the buyer, who then has an asset that will appreciate in value as the economy grows.
'I'll improve the surroundings, I'll improve the lifts, the conditions, I'll give you more space. But it is yours and you look after it. And we do not have rundown public housing like other countries which are rental (units),' he said.
The idea was put forward by Professor Deng Yongheng, director of the National University of Singapore's Institute of Real Estate Studies. He said that having more rental flats would help low-income earners, and also allow others to put their money into meeting 'entrepreneurship and other demands'.
Mr Lee said that for those needing resources for their businesses, there was 'nothing to stop you from taking your house, your flat, you go to the bank and say... I've got so much more to pay, this is my income, I need this capital to start a business'.
The HDB clarified later to the media, however, that an HDB flat cannot be used as collateral for a bank loan.
In his response at the dialogue, Mr Lee also said that young Singaporeans wanting to invest in business and not be burdened with financing a flat, could rent from the private sector:
'If you believe you can be a great entrepreneur, then rent a flat from somebody. All the HDB flats are now rentable.'
Mr Lee also disagreed with another idea, raised by Ambassador-at-large Tommy Koh, that the HDB could build retirement communities like those found in Australia and the United States.
Mr Lee said he had read an article by a US doctor, who had assets but who stopped his practice and went into such a home.
'This retirement home was like a hotel and there were other doctors with whom he could discuss things at an intellectual level... He is in that profession, so he has saved enough to pay for the facilities as if it were a hotel,' Mr Lee said.
'You want American standards of living, be an American doctor. Singapore cannot give you that. We haven't got that kind of economy, nor that kind of land. Not even the developer can afford to go and retire in that kind of situation.'
TODAY Online : Housing and Development Board faces 3 key challenges
Housing and Development Board faces 3 key challenges
05:55 AM Jan 28, 2010
by Joanne Chan and S Ramesh joannechan@mediacorp.com.sg
SINGAPORE - Public housing in the 21st century must evolve to meet changing needs, according to National Development Minister Mah Bow Tan.
And the Housing and Development Board (HDB) will face three key challenges: Shifting demographics, ageing estates and a need for sustainable development.
On emerging population trends that will shape future housing policies, he said: "With globalisation and changing demographics, we also see an increasingly affluent population with a growing international outlook and rising expectations. Through immigration, the population is rising and becoming more diverse with different needs."
These changes will require not only greater integration efforts but may prompt other lifestyle changes and, thus, increased expectations of what public housing can provide.
Mr Mah was speaking yesterday at the opening of the International Housing Conference in Singapore.
Singapore's ageing society may require further innovations in housing policies or building design, he also said, highlighting the second challenge: The steadily ageing profile of HDB flats and towns. There will be an urgent need to upgrade, redevelop and rejuvenate older estates to keep them relevant and vibrant.
The third consideration was the need to minimise the impact of growth on the environment and to use resources efficiently. This will contribute to Singapore's overall quest to provide a green and healthy living environment, through careful long-term planning.
Mr Mah said that environmental, economic and social sustainability have been major and constant considerations in the design of HDB towns and flats. "Design guidelines are developed to take into account Singapore's tropical climate. The choice of materials, design and construction methods are also carefully considered, as they have major bearings on buildability, resource consumption and future maintenance requirements," he said.
In the past half century, the HDB has garnered significant international recognition, including the United Nations Public Service Award.
And while new challenges may shape housing policies differently in the future,Mr Mah said the core mission of HDB remained unchanged: Providing Singaporeans with affordable quality homes and building cohesive communities.
He urged the HDB to continue its pursuit of sustainable public housing for the next 50 years and beyond.
05:55 AM Jan 28, 2010
by Joanne Chan and S Ramesh joannechan@mediacorp.com.sg
SINGAPORE - Public housing in the 21st century must evolve to meet changing needs, according to National Development Minister Mah Bow Tan.
And the Housing and Development Board (HDB) will face three key challenges: Shifting demographics, ageing estates and a need for sustainable development.
On emerging population trends that will shape future housing policies, he said: "With globalisation and changing demographics, we also see an increasingly affluent population with a growing international outlook and rising expectations. Through immigration, the population is rising and becoming more diverse with different needs."
These changes will require not only greater integration efforts but may prompt other lifestyle changes and, thus, increased expectations of what public housing can provide.
Mr Mah was speaking yesterday at the opening of the International Housing Conference in Singapore.
Singapore's ageing society may require further innovations in housing policies or building design, he also said, highlighting the second challenge: The steadily ageing profile of HDB flats and towns. There will be an urgent need to upgrade, redevelop and rejuvenate older estates to keep them relevant and vibrant.
The third consideration was the need to minimise the impact of growth on the environment and to use resources efficiently. This will contribute to Singapore's overall quest to provide a green and healthy living environment, through careful long-term planning.
Mr Mah said that environmental, economic and social sustainability have been major and constant considerations in the design of HDB towns and flats. "Design guidelines are developed to take into account Singapore's tropical climate. The choice of materials, design and construction methods are also carefully considered, as they have major bearings on buildability, resource consumption and future maintenance requirements," he said.
In the past half century, the HDB has garnered significant international recognition, including the United Nations Public Service Award.
And while new challenges may shape housing policies differently in the future,Mr Mah said the core mission of HDB remained unchanged: Providing Singaporeans with affordable quality homes and building cohesive communities.
He urged the HDB to continue its pursuit of sustainable public housing for the next 50 years and beyond.
TODAY Online : Call for agent accreditation
Call for agent accreditation
05:55 AM Jan 28, 2010
SINGAPORE - The latest study on the professional standards of property agents have resulted in a strong call for their mandatory certification.
The study by Ngee Ann Polytechnic showed that while most respondents were satisfied with the services rendered by property agents, about a third - or 348 out of 1,041 - said they had experienced bad service.
The two most common complaints were the failure to negotiate a good price for their property, as well as wrong advice given by agents.
More than seven in ten said accreditation is necessary.
Most felt there should be a minimum requirement of two years of relevant working experience before agents are accredited by an independent professional organisation.
Currently, with accreditation being on a voluntary basis, the majority of the agents are not certified. In fact, out of the 33,000 or so agents here, only a quarter or about 8,000 are accredited.
Mr Nicholas Mak, a lecturer in real estate at Ngee Ann Polytechnic said professionalising the industry is more important at the time of a property boom because it is during such times that fair weather agents enter the industry.
"They just come in when the market is good, get a few deals earn several thousand dollars in commission and then after that disappear when the market is not doing so well," said Mr Mak. "In the meantime they are not properly trained, they may not follow certain codes of conduct and it may actually result in certain malpractices which in a way, it's just a small minority of these black sheep which gives the industry a bad name."
The Singapore Accredited Estate Agencies Limited said the good news is that 12,000 people have registered or are set to take the Common Exam for Sales Person. This, it said, will go some way in standardising the "level of competency" among housing agents here. Imelda Saad
05:55 AM Jan 28, 2010
SINGAPORE - The latest study on the professional standards of property agents have resulted in a strong call for their mandatory certification.
The study by Ngee Ann Polytechnic showed that while most respondents were satisfied with the services rendered by property agents, about a third - or 348 out of 1,041 - said they had experienced bad service.
The two most common complaints were the failure to negotiate a good price for their property, as well as wrong advice given by agents.
More than seven in ten said accreditation is necessary.
Most felt there should be a minimum requirement of two years of relevant working experience before agents are accredited by an independent professional organisation.
Currently, with accreditation being on a voluntary basis, the majority of the agents are not certified. In fact, out of the 33,000 or so agents here, only a quarter or about 8,000 are accredited.
Mr Nicholas Mak, a lecturer in real estate at Ngee Ann Polytechnic said professionalising the industry is more important at the time of a property boom because it is during such times that fair weather agents enter the industry.
"They just come in when the market is good, get a few deals earn several thousand dollars in commission and then after that disappear when the market is not doing so well," said Mr Mak. "In the meantime they are not properly trained, they may not follow certain codes of conduct and it may actually result in certain malpractices which in a way, it's just a small minority of these black sheep which gives the industry a bad name."
The Singapore Accredited Estate Agencies Limited said the good news is that 12,000 people have registered or are set to take the Common Exam for Sales Person. This, it said, will go some way in standardising the "level of competency" among housing agents here. Imelda Saad
BT : Hiap Hoe, SuperBowl JV to open 2 hotels
Business Times - 28 Jan 2010
Hiap Hoe, SuperBowl JV to open 2 hotels
By NISHA RAMCHANDANI
PROPERTY developer Hiap Hoe and SuperBowl Holdings, which owns and manages leisure and recreational facilities, are investing $300 million to open two hotels in Balestier through their 50:50 joint venture company, HH Properties.
HH has appointed Wyndham Hotel Management - which is part of the Wyndham Hotel Group - to run the two hotels. The hotel group's portfolio consists of over 7,000 hotels and 11 brands.
The two hotels will be operated under the Ramada and Days Inn brands, which are new-to-market brands for Singapore.
The 390-room Ramada Singapore at Zhongshan Park will have more than 6,400 square feet of meeting space and will be linked to an adjacent office block. The Days Hotel Singapore, also at Zhongshan Park, will have 405 rooms. Both hotels are slated to open their doors in 2014.
'Singapore is one of the most important business and leisure destinations in the Asia-Pacific region and we are thrilled to introduce our Ramada and Days Inn brands to the market,' said Tom Monahan, Wyndham Hotel Group's executive vice-president of international development. 'We are very excited to be working with HH Properties as we expand our global footprint.'
While Hiap Hoe and SuperBowl Holdings have worked together in the past on residential projects such as The Beverly, this is the maiden venture into the hospitality industry for both companies.
The Balestier site was awarded to HH Properties in August 2008, when HH Properties acquired the land for some $75 million. The land cost is included in the $300 million investment.
Located opposite the Sun Yat Sen Nanyang Memorial Hall, it has a land area of about 190,000 sq ft and a gross permissible floor area of about 421,000 sq ft. HH Properties will also construct commercial developments on the site.
Teo Ho Beng, managing director of Hiap Hoe Group said: 'We have spent a considerable amount of time planning the project. We selected Wyndham Hotel Group to manage the hotels based on its strong brand portfolio and track record.'
Hiap Hoe, SuperBowl JV to open 2 hotels
By NISHA RAMCHANDANI
PROPERTY developer Hiap Hoe and SuperBowl Holdings, which owns and manages leisure and recreational facilities, are investing $300 million to open two hotels in Balestier through their 50:50 joint venture company, HH Properties.
HH has appointed Wyndham Hotel Management - which is part of the Wyndham Hotel Group - to run the two hotels. The hotel group's portfolio consists of over 7,000 hotels and 11 brands.
The two hotels will be operated under the Ramada and Days Inn brands, which are new-to-market brands for Singapore.
The 390-room Ramada Singapore at Zhongshan Park will have more than 6,400 square feet of meeting space and will be linked to an adjacent office block. The Days Hotel Singapore, also at Zhongshan Park, will have 405 rooms. Both hotels are slated to open their doors in 2014.
'Singapore is one of the most important business and leisure destinations in the Asia-Pacific region and we are thrilled to introduce our Ramada and Days Inn brands to the market,' said Tom Monahan, Wyndham Hotel Group's executive vice-president of international development. 'We are very excited to be working with HH Properties as we expand our global footprint.'
While Hiap Hoe and SuperBowl Holdings have worked together in the past on residential projects such as The Beverly, this is the maiden venture into the hospitality industry for both companies.
The Balestier site was awarded to HH Properties in August 2008, when HH Properties acquired the land for some $75 million. The land cost is included in the $300 million investment.
Located opposite the Sun Yat Sen Nanyang Memorial Hall, it has a land area of about 190,000 sq ft and a gross permissible floor area of about 421,000 sq ft. HH Properties will also construct commercial developments on the site.
Teo Ho Beng, managing director of Hiap Hoe Group said: 'We have spent a considerable amount of time planning the project. We selected Wyndham Hotel Group to manage the hotels based on its strong brand portfolio and track record.'
BT : Lucky Plaza medical suites up for sale
Business Times - 28 Jan 2010
Lucky Plaza medical suites up for sale
THE second phase of Orchard Medical Specialists Centre will be offered for sale and rent from tomorrow by Hong Property Investments.
The fifth floor of Lucky Plaza has been transformed into an exclusive medical hub with occupants engaged in fields such as psychological medicine, dentistry and women's wellness. Since the first launch some two years ago, eight units have been sold and another 30 are tenanted.
The remaining 18 units are now being offered for sale at average prices of $3,100 to $3,200 per square foot (psf) and for rent at $11 to $12 psf per month.
Knight Frank, which is marketing the units, said that with the renewed buying interest in high-end apartments at Orchard Road as well as the continued growth in medical tourism in Singapore, medical practitioners and retail investors can generally envisage the capital appreciation and the rentability of the medical suites in the mid to long term.
According to Knight Frank, at the nearby 99-year Mount Elizabeth Medical Centre, a 1,206 sq ft unit changed hands at $3,701 psf last month while another 893 sq ft unit was sold for $4,798 psf in November last year.
Over at Novena Medical Centre, there were some transactions of the 99-year leasehold units in the range of $2,800 psf to $3,000 psf.
Rents of medical suites in the Orchard Road vicinity, such as at Paragon Medical Centre and Mount Elizabeth Medical Centre, are in the range of $14-$16 psf, Knight Frank said.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
Lucky Plaza medical suites up for sale
THE second phase of Orchard Medical Specialists Centre will be offered for sale and rent from tomorrow by Hong Property Investments.
The fifth floor of Lucky Plaza has been transformed into an exclusive medical hub with occupants engaged in fields such as psychological medicine, dentistry and women's wellness. Since the first launch some two years ago, eight units have been sold and another 30 are tenanted.
The remaining 18 units are now being offered for sale at average prices of $3,100 to $3,200 per square foot (psf) and for rent at $11 to $12 psf per month.
Knight Frank, which is marketing the units, said that with the renewed buying interest in high-end apartments at Orchard Road as well as the continued growth in medical tourism in Singapore, medical practitioners and retail investors can generally envisage the capital appreciation and the rentability of the medical suites in the mid to long term.
According to Knight Frank, at the nearby 99-year Mount Elizabeth Medical Centre, a 1,206 sq ft unit changed hands at $3,701 psf last month while another 893 sq ft unit was sold for $4,798 psf in November last year.
Over at Novena Medical Centre, there were some transactions of the 99-year leasehold units in the range of $2,800 psf to $3,000 psf.
Rents of medical suites in the Orchard Road vicinity, such as at Paragon Medical Centre and Mount Elizabeth Medical Centre, are in the range of $14-$16 psf, Knight Frank said.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
CNA : HDB considering imposing a quota on PRs in resale flats
HDB considering imposing a quota on PRs in resale flats
By Asha Popatlal, Channel NewsAsia | Posted: 27 January 2010 2113 hrs
SINGAPORE: The Housing & Development Board (HDB) is considering imposing a quota on Permanent Residents buying resale HDB flats. This could be done in the same way that racial quotas are imposed to prevent ethnic enclaves.
The issue came up in a dialogue session on public housing with Minister Mentor Lee Kuan Yew where questions on affordability and aspirations were brought up.
Public housing has come a long way from where it started 50 years ago. Still, issues remain. These include how foreigners are perceived to affect pricing of flats.
Mr Lee said over the next five years, the intake of foreigners will slow down but that means Singaporeans will have to increase their productivity.
Going further, dialogue moderator Professor Tommy Koh asked if more could be done to integrate those already here, in much the same way that the Ethnic Integration Policy was introduced in 1989 in public housing estates to get races mingling.
Mr Lee said: "Could the same approach be adopted towards integrating new Singaporeans? We are not allowing new Singaporeans whether from China, India, Malaysia, or whatever, to congregate in the same tower blocks, which they are already beginning to do.
"They buy second hand flats and they congregate. So we have a record of how many new citizens living where and we keep their numbers dispersed. It's a very valuable tool of communal harmony."
HDB later clarified that a quota policy on PRs for resale flats was being considered.
One other issue that came up during the dialogue is that of affordability, which has come up repeatedly. One suggestion was to have HDB provide more rental housing units.
Mr Lee said: 'I completely disagree with that policy. It will lead us into all kinds of problems. You are getting a dependency group - dependent on the government on constant subsidies, whereas our philosophy is 'I give you this asset, I will increase the value of the asset as the economy grows but it is yours and you look after it.' And we do not have run down public housing like other countries which are rental."
Mr Lee was also asked for his take on a recent media report that at least three opposition parties were eyeing National Development Minister Mah Bow Tan's ward with the aim of making public housing affordability an election issue.
He explained: "What is affordabilty? From the point of view of the buyer? And the government that is subsidising you? The government has to price it at a level that is fair to the revenue it is collecting and fair to the individual, not only the present buyer but past and future buyers. If Mr Mah is unable to defend himself, he deserves to lose.
"No country in the world has given its citizens and families an asset as valuable as what we have given every family here. And if you say that policy is at fault, you must be daft."
Mr Lee was speaking before some 500 delegates from 20 countries at a housing conference. - CNA/vm
By Asha Popatlal, Channel NewsAsia | Posted: 27 January 2010 2113 hrs
SINGAPORE: The Housing & Development Board (HDB) is considering imposing a quota on Permanent Residents buying resale HDB flats. This could be done in the same way that racial quotas are imposed to prevent ethnic enclaves.
The issue came up in a dialogue session on public housing with Minister Mentor Lee Kuan Yew where questions on affordability and aspirations were brought up.
Public housing has come a long way from where it started 50 years ago. Still, issues remain. These include how foreigners are perceived to affect pricing of flats.
Mr Lee said over the next five years, the intake of foreigners will slow down but that means Singaporeans will have to increase their productivity.
Going further, dialogue moderator Professor Tommy Koh asked if more could be done to integrate those already here, in much the same way that the Ethnic Integration Policy was introduced in 1989 in public housing estates to get races mingling.
Mr Lee said: "Could the same approach be adopted towards integrating new Singaporeans? We are not allowing new Singaporeans whether from China, India, Malaysia, or whatever, to congregate in the same tower blocks, which they are already beginning to do.
"They buy second hand flats and they congregate. So we have a record of how many new citizens living where and we keep their numbers dispersed. It's a very valuable tool of communal harmony."
HDB later clarified that a quota policy on PRs for resale flats was being considered.
One other issue that came up during the dialogue is that of affordability, which has come up repeatedly. One suggestion was to have HDB provide more rental housing units.
Mr Lee said: 'I completely disagree with that policy. It will lead us into all kinds of problems. You are getting a dependency group - dependent on the government on constant subsidies, whereas our philosophy is 'I give you this asset, I will increase the value of the asset as the economy grows but it is yours and you look after it.' And we do not have run down public housing like other countries which are rental."
Mr Lee was also asked for his take on a recent media report that at least three opposition parties were eyeing National Development Minister Mah Bow Tan's ward with the aim of making public housing affordability an election issue.
He explained: "What is affordabilty? From the point of view of the buyer? And the government that is subsidising you? The government has to price it at a level that is fair to the revenue it is collecting and fair to the individual, not only the present buyer but past and future buyers. If Mr Mah is unable to defend himself, he deserves to lose.
"No country in the world has given its citizens and families an asset as valuable as what we have given every family here. And if you say that policy is at fault, you must be daft."
Mr Lee was speaking before some 500 delegates from 20 countries at a housing conference. - CNA/vm
CNA : Public housing in 21st century must meet changing needs: Minister Mah
Public housing in 21st century must meet changing needs: Minister Mah
By S.Ramesh, Channel NewsAsia | Posted: 27 January 2010 1640 hrs
SINGAPORE: Singapore's National Development Minister Mah Bow Tan said public housing in the 21st century must evolve to meet changing needs.
But the core mission of the HDB remains unchanged - that of providing Singaporeans with affordable quality homes and building cohesive communities.
Speaking at the International Housing Conference in Singapore, Mr Mah noted the HDB will face increasing challenges due to shifting demographics. These include an aging population which may require further innovations in housing policies or building design.
These include an aging population, which may require further innovations in housing policies or building design.
In addition, with more new Singapore citizens, greater integration efforts will be required.
Mr Mah said rapid globalisation and affluence may also prompt other lifestyle changes and with it, increased expectations of what public housing can provide.
Singapore is also facing the steadily ageing profile of HDB flats and towns. So there will be an urgent need to upgrade, redevelop and rejuvenate older estates.
Mr Mah said HDB must meet these challenges and continue achieving environmental, economic and social sustainability. This will contribute to Singapore's overall quest to provide a green and healthy living environment, through careful long-term planning.
In the past half century, HDB achieved much for Singapore and garnered significant international recognition, including the UN Public Service Award.
And he urged HDB to continue its relentless pursuit of sustainable public housing for the next 50 years and beyond. - CNA/vm
By S.Ramesh, Channel NewsAsia | Posted: 27 January 2010 1640 hrs
SINGAPORE: Singapore's National Development Minister Mah Bow Tan said public housing in the 21st century must evolve to meet changing needs.
But the core mission of the HDB remains unchanged - that of providing Singaporeans with affordable quality homes and building cohesive communities.
Speaking at the International Housing Conference in Singapore, Mr Mah noted the HDB will face increasing challenges due to shifting demographics. These include an aging population which may require further innovations in housing policies or building design.
These include an aging population, which may require further innovations in housing policies or building design.
In addition, with more new Singapore citizens, greater integration efforts will be required.
Mr Mah said rapid globalisation and affluence may also prompt other lifestyle changes and with it, increased expectations of what public housing can provide.
Singapore is also facing the steadily ageing profile of HDB flats and towns. So there will be an urgent need to upgrade, redevelop and rejuvenate older estates.
Mr Mah said HDB must meet these challenges and continue achieving environmental, economic and social sustainability. This will contribute to Singapore's overall quest to provide a green and healthy living environment, through careful long-term planning.
In the past half century, HDB achieved much for Singapore and garnered significant international recognition, including the UN Public Service Award.
And he urged HDB to continue its relentless pursuit of sustainable public housing for the next 50 years and beyond. - CNA/vm
CNA : Wyndham Group to manage two new hotels at Balestier Rd
Wyndham Group to manage two new hotels at Balestier Rd
By Ryan Huang, Channel NewsAsia | Posted: 27 January 2010 1722 hrs
SINGAPORE : The world's largest hotel company Wyndham Group is starting operations in Singapore by managing two new hotels at Balestier Road.
Wyndham will partner a joint venture (JV) between local property developer Hiap Hoe and Superbowl Holdings.
This is also the JV's foray into the hospitality sector.
The busy Balestier Road area is fast becoming home to more hotels.
The latest two will be managed by the Wyndham Group.
There will be about 10 hotels in the area eventually, but Wyndham said there will still be demand for its mid-scale hotels.
They will cater mainly to medical tourists, due to their proximity to nearby hospitals.
Thomas Monahan, EVP, International Development, Wyndham Group, said: "Singapore is a critical market place in Asia. It is a showcase market place. It is where every hotel company wants to be, and there is certainly a shortage of room inventory in the three- and four-star market place for international brands.
"Our brands are a perfect fit for the market place, and they will help us grow in the Asia Pacific. If you look at the room inventory, most of it exists in the upscale (segment) and so these two properties will be positioned in the midscale, three- and four-star, where there is a lack of inventory in that market place."
Wyndham is planning to use Singapore as a base to build up its Asian presence.
The two new hotels will operate under the Ramada and Days Inn brands, and will each have about 400 rooms.
They will be separated by a public park, which is being developed as part of a government condition attached to the land development.
Besides the hotels, there will also be an adjacent office block and an integrated hub for dining and entertainment.
This is the first time that Hiap Hoe and Super Bowl are going into the hospitality business.
It is part of the duo's strategy to seek more steady growth.
Teo Ho Beng, managing director, Hiap Hoe Group, said: "The hotel will give us a very good recurring income, whereas for property development, you will be more dependent on the property cycle.
"Our location is near to the medical facilities that are coming up in this area, and we will be able to cater to some of this outpatient requirement that comes here for consultation."
The total cost of the development is about S$300 million.
Both hotels are expected to be open in 2014. - CNA/ms
By Ryan Huang, Channel NewsAsia | Posted: 27 January 2010 1722 hrs
SINGAPORE : The world's largest hotel company Wyndham Group is starting operations in Singapore by managing two new hotels at Balestier Road.
Wyndham will partner a joint venture (JV) between local property developer Hiap Hoe and Superbowl Holdings.
This is also the JV's foray into the hospitality sector.
The busy Balestier Road area is fast becoming home to more hotels.
The latest two will be managed by the Wyndham Group.
There will be about 10 hotels in the area eventually, but Wyndham said there will still be demand for its mid-scale hotels.
They will cater mainly to medical tourists, due to their proximity to nearby hospitals.
Thomas Monahan, EVP, International Development, Wyndham Group, said: "Singapore is a critical market place in Asia. It is a showcase market place. It is where every hotel company wants to be, and there is certainly a shortage of room inventory in the three- and four-star market place for international brands.
"Our brands are a perfect fit for the market place, and they will help us grow in the Asia Pacific. If you look at the room inventory, most of it exists in the upscale (segment) and so these two properties will be positioned in the midscale, three- and four-star, where there is a lack of inventory in that market place."
Wyndham is planning to use Singapore as a base to build up its Asian presence.
The two new hotels will operate under the Ramada and Days Inn brands, and will each have about 400 rooms.
They will be separated by a public park, which is being developed as part of a government condition attached to the land development.
Besides the hotels, there will also be an adjacent office block and an integrated hub for dining and entertainment.
This is the first time that Hiap Hoe and Super Bowl are going into the hospitality business.
It is part of the duo's strategy to seek more steady growth.
Teo Ho Beng, managing director, Hiap Hoe Group, said: "The hotel will give us a very good recurring income, whereas for property development, you will be more dependent on the property cycle.
"Our location is near to the medical facilities that are coming up in this area, and we will be able to cater to some of this outpatient requirement that comes here for consultation."
The total cost of the development is about S$300 million.
Both hotels are expected to be open in 2014. - CNA/ms
ST Forum : Costly flats
Jan 27, 2010
Costly flats
'How did it come to this?'
MR ROBIN CHUA: 'Although, unlike young couples, I am unaffected by the spike in flat prices, Saturday's report, 'Cash premiums for HDB flats hit a high', with its slew of price-spiking catchphrases - 'buyers desperate', 'high demand' and 'tight supply' - begs this question: After 40 years of public housing, how did it come to this? The Housing Board should stop insisting that enough flats are being built. The over-subscription by many times at each launch of public flats clearly shows that there are not enough new flats, thus pushing buyers towards the resale market, which in turn pushes prices and cash-over-valuation (COV) up; it's a vicious price circle. The irony is that on the one hand, young couples are urged to marry and have children early to help increase the procreation rate; and on the other hand, they are indirectly told to wait five years to get a flat and start a family.'
Costly flats
'How did it come to this?'
MR ROBIN CHUA: 'Although, unlike young couples, I am unaffected by the spike in flat prices, Saturday's report, 'Cash premiums for HDB flats hit a high', with its slew of price-spiking catchphrases - 'buyers desperate', 'high demand' and 'tight supply' - begs this question: After 40 years of public housing, how did it come to this? The Housing Board should stop insisting that enough flats are being built. The over-subscription by many times at each launch of public flats clearly shows that there are not enough new flats, thus pushing buyers towards the resale market, which in turn pushes prices and cash-over-valuation (COV) up; it's a vicious price circle. The irony is that on the one hand, young couples are urged to marry and have children early to help increase the procreation rate; and on the other hand, they are indirectly told to wait five years to get a flat and start a family.'
ST Forum : Tenants cannot sublet HDB flats to others
Jan 27, 2010
Tenants cannot sublet HDB flats to others
I REFER to Ms Mary Tan's letter last Tuesday, 'Subletting - Relaxation of rules works against genuine residents'. HDB flats are primarily meant for owner-occupation.
Each household can own only one HDB flat at any one time. However, we recognise that some flat owners may need to sublet their rooms or flat to meet their financial needs.
Therefore, flat owners can sublet their flats if they meet the HDB's policy requirements. Flat owners who wish to sublet their whole flat must obtain approval from HDB and fulfil the minimum occupation period. HDB's approval is not needed to sublet room(s) within a flat.
From Feb 1, owners who sublet rooms must register the subletting with the HDB within seven days of doing so. They must also notify the HDB when they renew or terminate their subletting contracts and when there are changes to their tenants' particulars.
The new requirement supports the Ministry of Home Affairs' efforts to eradicate loan-sharking activities, and to better protect HDB residents.
Flat owners who sublet rooms or their whole flat must comply with our terms and conditions, and ensure that their tenants do not disturb or inconvenience other residents unnecessarily.
Tenants cannot further sublet the flat to others. The HDB takes a very serious view of unauthorised subletting of flats and will act accordingly.
Foo-Ho Yoke Ming (Mrs)
Deputy Director (Branch Operations)
Housing & Development Board
Tenants cannot sublet HDB flats to others
I REFER to Ms Mary Tan's letter last Tuesday, 'Subletting - Relaxation of rules works against genuine residents'. HDB flats are primarily meant for owner-occupation.
Each household can own only one HDB flat at any one time. However, we recognise that some flat owners may need to sublet their rooms or flat to meet their financial needs.
Therefore, flat owners can sublet their flats if they meet the HDB's policy requirements. Flat owners who wish to sublet their whole flat must obtain approval from HDB and fulfil the minimum occupation period. HDB's approval is not needed to sublet room(s) within a flat.
From Feb 1, owners who sublet rooms must register the subletting with the HDB within seven days of doing so. They must also notify the HDB when they renew or terminate their subletting contracts and when there are changes to their tenants' particulars.
The new requirement supports the Ministry of Home Affairs' efforts to eradicate loan-sharking activities, and to better protect HDB residents.
Flat owners who sublet rooms or their whole flat must comply with our terms and conditions, and ensure that their tenants do not disturb or inconvenience other residents unnecessarily.
Tenants cannot further sublet the flat to others. The HDB takes a very serious view of unauthorised subletting of flats and will act accordingly.
Foo-Ho Yoke Ming (Mrs)
Deputy Director (Branch Operations)
Housing & Development Board
ST : New flats will stay affordable: PM Lee
Jan 27, 2010
New flats will stay affordable: PM Lee
Govt has less control over resale flat prices, but enough flats for all
By Jeremy Au Yong
WHILE the Government will keep the prices of new Housing Board flats in check, it has less control over prices in the resale market.
This state of affairs was highlighted by Prime Minister Lee Hsien Loong last night when he commented for the first time on what has been one of the hottest topics of discussion.
Speaking at a gala dinner to mark the HDB's 50th anniversary, Mr Lee stressed the Government was committed to keeping HDB flats affordable and that its new flats are priced within the means of the vast majority of Singaporeans.
On top of that, it would also build enough new flats to cater to demand as the population grows. In fact, to cap its 50th year, the HDB will build its one millionth flat this year.
However, the Government does not have control over the prices of resale flats, he said.
His explanation: 'These resale prices are set by individual households who transact flats on a willing buyer, willing seller basis, and are affected by movements and sentiments in the wider economy, including the private property market.
'Hence, resale prices of HDB flats will fluctuate from year to year.'
Despite these short-term fluctuations, Mr Lee said these flats would still hold their value in the long run.
'Over the long term, the value of HDB flats depends on the strength of the Singapore economy. Provided Singapore continues to do well, our flats will maintain their value, and Singaporeans can enjoy an appreciating asset,' he said.
The affordability of resale HDB flats has been in the spotlight, following a slew of reports showing a surge in prices.
Latest HDB data show resale prices rising 3.9 per cent in the final three months of last year to hit a fresh record, bringing the full-year increase to 8.2 per cent.
Similarly, the median Cash-over-Valuation (COV) paid for HDB flats in that period was $24,000 - double the $12,000 median in the third quarter last year. COV refers to the cash a buyer pays over and above a flat's valuation.
Price discussions aside, Mr Lee, in his address, looked back at the 50-year history of the HDB, starting from 1960 when it was formed to tackle Singapore's housing crisis to the present day when it is the provider of quality housing to most Singaporeans.
As he reflected on its successes, he threw up an interesting poser: Given that the entire population is housed, and the HDB has fulfilled its original mission, does it still have a role to play?
His reply: 'I have no doubt the answer is 'yes'.'
He explained that the HDB would remain relevant because it performs a crucial dual role: a housing and a social role.
'It is both a matter of capability - who can build, plan and manage these estates - and also a matter of social policy.
'Nobody else but the Government can build houses not just to achieve a housing objective, but to achieve a social goal - racial integration, community bonding, establishing and upgrading and maintaining a high quality living environment for the whole community,' he said.
But the environment the HDB is working in now has changed, as with the expectations of the people, he said.
'Singaporeans' aspirations have risen sharply. Finding a roof over our heads is no longer the pressing requirement. The HDB flat is not just a shelter, but also a key investment asset,' he noted.
So, when people look for a flat now, many more considerations are involved, he said: 'They want the right flat, in the right locality, at the right time and at the right price. Such high expectations are understandable, since buying a flat is a major commitment for a young couple setting up a home together.'
He stressed the HDB is committed to providing Singaporeans with high quality public housing, although it cannot accommodate every preference and meet every expectation.
The gala dinner also launched the International Housing Conference, which will run till Friday. Some 500 local and foreign delegates, as well as housing experts, are here to discuss such housing issues as urban planning and environmental sustainability.
New flats will stay affordable: PM Lee
Govt has less control over resale flat prices, but enough flats for all
By Jeremy Au Yong
WHILE the Government will keep the prices of new Housing Board flats in check, it has less control over prices in the resale market.
This state of affairs was highlighted by Prime Minister Lee Hsien Loong last night when he commented for the first time on what has been one of the hottest topics of discussion.
Speaking at a gala dinner to mark the HDB's 50th anniversary, Mr Lee stressed the Government was committed to keeping HDB flats affordable and that its new flats are priced within the means of the vast majority of Singaporeans.
On top of that, it would also build enough new flats to cater to demand as the population grows. In fact, to cap its 50th year, the HDB will build its one millionth flat this year.
However, the Government does not have control over the prices of resale flats, he said.
His explanation: 'These resale prices are set by individual households who transact flats on a willing buyer, willing seller basis, and are affected by movements and sentiments in the wider economy, including the private property market.
'Hence, resale prices of HDB flats will fluctuate from year to year.'
Despite these short-term fluctuations, Mr Lee said these flats would still hold their value in the long run.
'Over the long term, the value of HDB flats depends on the strength of the Singapore economy. Provided Singapore continues to do well, our flats will maintain their value, and Singaporeans can enjoy an appreciating asset,' he said.
The affordability of resale HDB flats has been in the spotlight, following a slew of reports showing a surge in prices.
Latest HDB data show resale prices rising 3.9 per cent in the final three months of last year to hit a fresh record, bringing the full-year increase to 8.2 per cent.
Similarly, the median Cash-over-Valuation (COV) paid for HDB flats in that period was $24,000 - double the $12,000 median in the third quarter last year. COV refers to the cash a buyer pays over and above a flat's valuation.
Price discussions aside, Mr Lee, in his address, looked back at the 50-year history of the HDB, starting from 1960 when it was formed to tackle Singapore's housing crisis to the present day when it is the provider of quality housing to most Singaporeans.
As he reflected on its successes, he threw up an interesting poser: Given that the entire population is housed, and the HDB has fulfilled its original mission, does it still have a role to play?
His reply: 'I have no doubt the answer is 'yes'.'
He explained that the HDB would remain relevant because it performs a crucial dual role: a housing and a social role.
'It is both a matter of capability - who can build, plan and manage these estates - and also a matter of social policy.
'Nobody else but the Government can build houses not just to achieve a housing objective, but to achieve a social goal - racial integration, community bonding, establishing and upgrading and maintaining a high quality living environment for the whole community,' he said.
But the environment the HDB is working in now has changed, as with the expectations of the people, he said.
'Singaporeans' aspirations have risen sharply. Finding a roof over our heads is no longer the pressing requirement. The HDB flat is not just a shelter, but also a key investment asset,' he noted.
So, when people look for a flat now, many more considerations are involved, he said: 'They want the right flat, in the right locality, at the right time and at the right price. Such high expectations are understandable, since buying a flat is a major commitment for a young couple setting up a home together.'
He stressed the HDB is committed to providing Singaporeans with high quality public housing, although it cannot accommodate every preference and meet every expectation.
The gala dinner also launched the International Housing Conference, which will run till Friday. Some 500 local and foreign delegates, as well as housing experts, are here to discuss such housing issues as urban planning and environmental sustainability.
ST : Circle Line's city leg to open on April 17
Jan 27, 2010
Circle Line's city leg to open on April 17
11-station stretch links Bras Basah, Suntec, Beach Road to suburbs
By Christopher Tan, Senior Correspondent
The entrance of Stadium MRT station is adorned with sports-inspired artwork. The opening of the new stations means those living in the north, north-east and east can head to the city without having to pass the busy City Hall and Raffles Place interchanges. -- ST PHOTO: BRYAN VAN DER BEEK
CATCH a concert at the Indoor Stadium, go shopping at Suntec City, then hop over to the Old Airport Road hawker centre for supper.
All this will be just a train ride away when the next stretch of the MRT Circle Line opens on April 17.
The line's 11-station city leg will link the Suntec, Beach Road and Bras Basah areas to the suburbs.
Among the stations to open will be Nicoll Highway - the station that delayed construction of the Circle Line when its former site collapsed in April 2004.
The station has been rebuilt about 100m from its old site.
The 11 new stations join five others that opened last May, linking Bartley to Marymount.
With more stations up and running, the Circle Line's ridership is expected to soar, from a current daily average of 30,000 to about 200,000.
Announcing the opening date of the next stretch, Transport Minister Raymond Lim said the Circle Line will cut travel time for many.
For example, it takes about 25 minutes for a Serangoon resident to travel by bus to Singapore Post's Paya Lebar headquarters. From April 17, the same trip by train will take 12 minutes.
An Ang Mo Kio resident heading for the Old Airport Road food centre now takes 40 minutes to get there by bus. With the Circle Line, the trip will take 25 minutes, including a transfer at Bishan station.
The upcoming stretch of the Circle Line has two new interchanges: the Dhoby Ghaut mega-exchange and Paya Lebar, which links the Circle Line to the East-West Line.
This will allow people living in the north, north-east and east to head to the city and back without going through the busy City Hall and Raffles Place interchanges.
Other operational interchanges on the Circle Line are the Serangoon and Bishan stations.
Asked why the new stretch could not be opened earlier, say in time for Chinese New Year, Mr Lim said April 17 was a date the Land Transport Authority (LTA) was comfortable with.
'They had to be sure that it is safe and reliable,' he said.
Asked if bus services along the line would be reduced, he said the LTA would work with bus operators to see how they can feed commuters to the line.
He added that the rest of the 33km Circle Line will open some time next year. This will link areas like Thomson, Farrer, Holland Village, Pasir Panjang and Telok Blangah, with stops at places such as the Botanic Gardens, the National University of Singapore, the One-North techpark, Haw Par Villa and HarbourFront.
The LTA said construction work on this portion of the line is almost complete.
LTA group director Sim Wee Meng said track-laying will be completed by April, followed by the remaining electrical and mechanical works.
All roads diverted by Circle Line work will be back to their original alignment by December, he added.
Meanwhile, residents are looking forward to the new stations opening in April, after more than eight years of construction.
Retiree and MacPherson resident Bernard Ng, 66, said: 'I'll definitely use it. It's convenient, wherever you're going.'
Businesswoman and Upper Paya Lebar resident Vivien Toh, 51, said she will hop onto the line from the Bartley station. 'It's a 15-minute walk away, so I'll probably get my husband to drop me off there,' she quipped. 'The children will also find it convenient.'
Marine Parade GRC MP Lim Biow Chuan is happy that three new stations are in his ward: Mountbatten, Dakota and Stadium. He noted that there are at least 25 blocks of flats within walking distance of the Mountbatten and Dakota stations.
Rail operator SMRT Corp is expected to improve takings from the Circle Line, which has been running at a loss since last year. Besides the expected spike in ridership, it will also enjoy a jump in rentable space.
Circle Line's city leg to open on April 17
11-station stretch links Bras Basah, Suntec, Beach Road to suburbs
By Christopher Tan, Senior Correspondent
The entrance of Stadium MRT station is adorned with sports-inspired artwork. The opening of the new stations means those living in the north, north-east and east can head to the city without having to pass the busy City Hall and Raffles Place interchanges. -- ST PHOTO: BRYAN VAN DER BEEK
CATCH a concert at the Indoor Stadium, go shopping at Suntec City, then hop over to the Old Airport Road hawker centre for supper.
All this will be just a train ride away when the next stretch of the MRT Circle Line opens on April 17.
The line's 11-station city leg will link the Suntec, Beach Road and Bras Basah areas to the suburbs.
Among the stations to open will be Nicoll Highway - the station that delayed construction of the Circle Line when its former site collapsed in April 2004.
The station has been rebuilt about 100m from its old site.
The 11 new stations join five others that opened last May, linking Bartley to Marymount.
With more stations up and running, the Circle Line's ridership is expected to soar, from a current daily average of 30,000 to about 200,000.
Announcing the opening date of the next stretch, Transport Minister Raymond Lim said the Circle Line will cut travel time for many.
For example, it takes about 25 minutes for a Serangoon resident to travel by bus to Singapore Post's Paya Lebar headquarters. From April 17, the same trip by train will take 12 minutes.
An Ang Mo Kio resident heading for the Old Airport Road food centre now takes 40 minutes to get there by bus. With the Circle Line, the trip will take 25 minutes, including a transfer at Bishan station.
The upcoming stretch of the Circle Line has two new interchanges: the Dhoby Ghaut mega-exchange and Paya Lebar, which links the Circle Line to the East-West Line.
This will allow people living in the north, north-east and east to head to the city and back without going through the busy City Hall and Raffles Place interchanges.
Other operational interchanges on the Circle Line are the Serangoon and Bishan stations.
Asked why the new stretch could not be opened earlier, say in time for Chinese New Year, Mr Lim said April 17 was a date the Land Transport Authority (LTA) was comfortable with.
'They had to be sure that it is safe and reliable,' he said.
Asked if bus services along the line would be reduced, he said the LTA would work with bus operators to see how they can feed commuters to the line.
He added that the rest of the 33km Circle Line will open some time next year. This will link areas like Thomson, Farrer, Holland Village, Pasir Panjang and Telok Blangah, with stops at places such as the Botanic Gardens, the National University of Singapore, the One-North techpark, Haw Par Villa and HarbourFront.
The LTA said construction work on this portion of the line is almost complete.
LTA group director Sim Wee Meng said track-laying will be completed by April, followed by the remaining electrical and mechanical works.
All roads diverted by Circle Line work will be back to their original alignment by December, he added.
Meanwhile, residents are looking forward to the new stations opening in April, after more than eight years of construction.
Retiree and MacPherson resident Bernard Ng, 66, said: 'I'll definitely use it. It's convenient, wherever you're going.'
Businesswoman and Upper Paya Lebar resident Vivien Toh, 51, said she will hop onto the line from the Bartley station. 'It's a 15-minute walk away, so I'll probably get my husband to drop me off there,' she quipped. 'The children will also find it convenient.'
Marine Parade GRC MP Lim Biow Chuan is happy that three new stations are in his ward: Mountbatten, Dakota and Stadium. He noted that there are at least 25 blocks of flats within walking distance of the Mountbatten and Dakota stations.
Rail operator SMRT Corp is expected to improve takings from the Circle Line, which has been running at a loss since last year. Besides the expected spike in ridership, it will also enjoy a jump in rentable space.
BT : HDB flats to stay affordable for Singaporeans: PM Lee
Business Times - 27 Jan 2010
HDB flats to stay affordable for Singaporeans: PM Lee
By EMILYN YAP
(SINGAPORE) The government is committed to keeping public housing affordable for Singaporeans, said Prime Minister Lee Hsien Loong yesterday.
He was speaking at a gala dinner for the International Housing Conference, organised by the Housing and Development Board (HDB) to mark its 50th anniversary this year.
The message came on the back of recent HDB data, showing resale flat prices reaching a new high in Q4 2009. Cash premiums for resale flats also jumped.
Mr Lee noted that HDB prices its new flats so that the vast majority of Singaporeans would be able to purchase them. The agency will also build enough flats to meet demand from a growing population.
'However, the government has less control over housing prices in the resale market,' he said. These prices are reached on a willing buyer, willing seller basis, and are affected by other factors in the economy, including those in the private property market.
As a result, resale flat prices will fluctuate, Mr Lee said. 'But over the long term, the value of HDB flats depends on the strength of the Singapore economy. Provided Singapore continues to do well, our flats will maintain their value, and Singaporeans can enjoy an appreciating asset.'
Demand for resale flats was strong for most of 2009. HDB said last Friday that its resale price index hit 150.8 points in Q4, up 8.2 per cent from the previous year.
The median cash premium for all resale transactions doubled to $24,000 in Q4 from Q3. It has since dipped to $22,000 for the first half of this month. With a robust housing market, HDB will be launching 12,000 new build-to-order flats this year.
Today, more than eight in 10 Singaporeans live in HDB flats and nine out of 10 HDB households own their flats. The situation is markedly different from that in 1959, when less than 10 per cent of the population of 1.6 million owned a home.
There are now more than 900,000 flats across the island and HDB will be building the one millionth this year.
Mr Lee believes that HDB still has a role to play. While private housing has become more readily available, it caters mostly to higher-income groups - HDB still needs to provide good-quality public housing to most Singaporeans.
But he also recognised that Singaporeans' aspirations have risen sharply, and a flat acts not just as a shelter, but also as a key investment asset. Home seekers now have many considerations in choosing a flat.
'HDB is committed to providing Singaporeans with high quality public housing, even though I hope Singaporeans can understand that it cannot accommodate every preference and meet every expectation,' he said.
Some 800 guests, including delegates and speakers attending the conference, former national development ministers and former HDB executives were at the dinner.
HDB flats to stay affordable for Singaporeans: PM Lee
By EMILYN YAP
(SINGAPORE) The government is committed to keeping public housing affordable for Singaporeans, said Prime Minister Lee Hsien Loong yesterday.
He was speaking at a gala dinner for the International Housing Conference, organised by the Housing and Development Board (HDB) to mark its 50th anniversary this year.
The message came on the back of recent HDB data, showing resale flat prices reaching a new high in Q4 2009. Cash premiums for resale flats also jumped.
Mr Lee noted that HDB prices its new flats so that the vast majority of Singaporeans would be able to purchase them. The agency will also build enough flats to meet demand from a growing population.
'However, the government has less control over housing prices in the resale market,' he said. These prices are reached on a willing buyer, willing seller basis, and are affected by other factors in the economy, including those in the private property market.
As a result, resale flat prices will fluctuate, Mr Lee said. 'But over the long term, the value of HDB flats depends on the strength of the Singapore economy. Provided Singapore continues to do well, our flats will maintain their value, and Singaporeans can enjoy an appreciating asset.'
Demand for resale flats was strong for most of 2009. HDB said last Friday that its resale price index hit 150.8 points in Q4, up 8.2 per cent from the previous year.
The median cash premium for all resale transactions doubled to $24,000 in Q4 from Q3. It has since dipped to $22,000 for the first half of this month. With a robust housing market, HDB will be launching 12,000 new build-to-order flats this year.
Today, more than eight in 10 Singaporeans live in HDB flats and nine out of 10 HDB households own their flats. The situation is markedly different from that in 1959, when less than 10 per cent of the population of 1.6 million owned a home.
There are now more than 900,000 flats across the island and HDB will be building the one millionth this year.
Mr Lee believes that HDB still has a role to play. While private housing has become more readily available, it caters mostly to higher-income groups - HDB still needs to provide good-quality public housing to most Singaporeans.
But he also recognised that Singaporeans' aspirations have risen sharply, and a flat acts not just as a shelter, but also as a key investment asset. Home seekers now have many considerations in choosing a flat.
'HDB is committed to providing Singaporeans with high quality public housing, even though I hope Singaporeans can understand that it cannot accommodate every preference and meet every expectation,' he said.
Some 800 guests, including delegates and speakers attending the conference, former national development ministers and former HDB executives were at the dinner.
BT : More Circle Line stations to open in April
Business Times - 27 Jan 2010
More Circle Line stations to open in April
By SAMUEL EE
ELEVEN more Circle Line (CCL) stations will begin operations on April 17, Transport Minister Raymond Lim announced yesterday.
These stations, from Dhoby Ghaut to Bartley, are part of the 10.8 kilometre long second phase of the new 33.3 km MRT line. The stations - Tai Seng, MacPherson, Paya Lebar, Dakota, Mountbatten, Stadium, Nicoll Highway, Promenade, Esplanade, Bras Basah and Dhoby Ghaut - will join the five stations from Bartley to Marymount, which were opened on May 28 last year.
About 200,000 people are expected to use the 16 stations - from Dhoby Ghaut to Marymount every day.
'This is a significant milestone in the expansion of our rail network,' said Mr Lim, explaining that the direct connection provided by the CCL will cut down travelling time for commuters.
For example, those travelling from Simei to Bishan currently take 46 minutes to travel by MRT. With the CCL, it will require 31 minutes, or a 33 per cent time savings.
The CCL is an orbital line that links to existing train lines to reduce travelling times to suburban areas by bypassing the city centre. When the $6.7 billion line is fully completed, up to 500,000 people are expected to use it daily.
Passengers travelling from the eastern parts of Singapore can use the new Paya Lebar Interchange Station to bypass the busy City Hall and Raffles Place interchanges to get to the city and northern parts of Singapore. Those travelling from the north and north-east commuting to the city and the east will also benefit from the CCL.
Mr Lim added that the rest of the 29 CCL stations will open in 2011. He said that opening the CCL in phases is not cost-effective, but it is good from a commuter perspective.
Earlier, he had visited the award-winning Stadium CCL Station, which is designed to accommodate large crowds from the nearby facilities, before travelling three stops north to Paya Lebar Station
The Paya Lebar Station connects to the East-West Line and is the first interchange station to integrate above-ground and underground lines.
Commuter connectivity between the new CCL station and the East-West Line station is helped by two wide passageways.
Mr Lim noted that the stations paid 'a lot of attention to detail' and cited the artwork on the wall, which reflects the history of the surrounding area. In the Paya Lebar Station's case, there are illustrations of pigs because of the pig farms that used to be located there.
He also thanked those living in the areas along the CCL for putting up with the inconvenience during the construction of the line.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
More Circle Line stations to open in April
By SAMUEL EE
ELEVEN more Circle Line (CCL) stations will begin operations on April 17, Transport Minister Raymond Lim announced yesterday.
These stations, from Dhoby Ghaut to Bartley, are part of the 10.8 kilometre long second phase of the new 33.3 km MRT line. The stations - Tai Seng, MacPherson, Paya Lebar, Dakota, Mountbatten, Stadium, Nicoll Highway, Promenade, Esplanade, Bras Basah and Dhoby Ghaut - will join the five stations from Bartley to Marymount, which were opened on May 28 last year.
About 200,000 people are expected to use the 16 stations - from Dhoby Ghaut to Marymount every day.
'This is a significant milestone in the expansion of our rail network,' said Mr Lim, explaining that the direct connection provided by the CCL will cut down travelling time for commuters.
For example, those travelling from Simei to Bishan currently take 46 minutes to travel by MRT. With the CCL, it will require 31 minutes, or a 33 per cent time savings.
The CCL is an orbital line that links to existing train lines to reduce travelling times to suburban areas by bypassing the city centre. When the $6.7 billion line is fully completed, up to 500,000 people are expected to use it daily.
Passengers travelling from the eastern parts of Singapore can use the new Paya Lebar Interchange Station to bypass the busy City Hall and Raffles Place interchanges to get to the city and northern parts of Singapore. Those travelling from the north and north-east commuting to the city and the east will also benefit from the CCL.
Mr Lim added that the rest of the 29 CCL stations will open in 2011. He said that opening the CCL in phases is not cost-effective, but it is good from a commuter perspective.
Earlier, he had visited the award-winning Stadium CCL Station, which is designed to accommodate large crowds from the nearby facilities, before travelling three stops north to Paya Lebar Station
The Paya Lebar Station connects to the East-West Line and is the first interchange station to integrate above-ground and underground lines.
Commuter connectivity between the new CCL station and the East-West Line station is helped by two wide passageways.
Mr Lim noted that the stations paid 'a lot of attention to detail' and cited the artwork on the wall, which reflects the history of the surrounding area. In the Paya Lebar Station's case, there are illustrations of pigs because of the pig farms that used to be located there.
He also thanked those living in the areas along the CCL for putting up with the inconvenience during the construction of the line.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
CNA : HDB will construct its one millionth flat capping 50 years of achievements
HDB will construct its one millionth flat capping 50 years of achievements
By S.Ramesh, Channel NewsAsia | Posted: 26 January 2010 2048 hrs
SINGAPORE: Is there a role for Singapore's Housing and Development Board (HDB), now that the entire population has been housed?
Prime Minister Lee Hsien Loong said the answer is "Yes" as the HDB is still responsible for providing good public housing and fostering social integration.
Speaking at its 50th anniversary, Mr Lee also revealed the board will celebrate half a century of achievements by building its one millionth flat this year.
The HDB is a central part of the Singapore Story said Prime Minister Lee. Over half a century, it housed a growing population and was integral in nation-building.
PM Lee said: "Two generations of Singaporeans have grown up in HDB flats. Public housing helped to mould our unique national identity and collective experience as Singaporeans. It created and shaped our communities and provided the foundation for our social stability and economic growth."
But Mr Lee notes the environment has changed and the aspirations of Singaporeans risen sharply.
He added: "Finding a roof over our heads is no longer the pressing requirement. The HDB flat is not just a shelter but also a key investment asset. People have many considerations in choosing their flats - they want the right flat, in the right locality, at the right time and at the right price.
“Such high expect¬ations are understandable since buying a flat is a major commitment for a young couple setting up a home together."
And HDB is committed to providing high quality housing, even though it cannot accommodate every preference or expectation.
The Prime Minister also emphasised a point expressed several times by other Ministers and very much an ongoing concern amongst flat buyers in the rising property market. And that is the government's commitment to keeping HDB flat prices affordable for Singaporeans.
But Mr Lee said the government has less control over prices in the resale market.
He explained: “These resale prices are set by individual households who transact flats on a willing-buyer, willing-seller basis, and are affected by movements and sentiments in the wider economy, including in the private property market. Hence, resale prices of HDB flats will fluctuate from year-to-year. But over the long term, the value of HDB flats depends on the strength of the Singapore economy."
So provided Singapore continues to do well, Mr Lee's confident the flats will maintain their value and Singaporeans can enjoy an appreciating asset. - CNA/vm
By S.Ramesh, Channel NewsAsia | Posted: 26 January 2010 2048 hrs
SINGAPORE: Is there a role for Singapore's Housing and Development Board (HDB), now that the entire population has been housed?
Prime Minister Lee Hsien Loong said the answer is "Yes" as the HDB is still responsible for providing good public housing and fostering social integration.
Speaking at its 50th anniversary, Mr Lee also revealed the board will celebrate half a century of achievements by building its one millionth flat this year.
The HDB is a central part of the Singapore Story said Prime Minister Lee. Over half a century, it housed a growing population and was integral in nation-building.
PM Lee said: "Two generations of Singaporeans have grown up in HDB flats. Public housing helped to mould our unique national identity and collective experience as Singaporeans. It created and shaped our communities and provided the foundation for our social stability and economic growth."
But Mr Lee notes the environment has changed and the aspirations of Singaporeans risen sharply.
He added: "Finding a roof over our heads is no longer the pressing requirement. The HDB flat is not just a shelter but also a key investment asset. People have many considerations in choosing their flats - they want the right flat, in the right locality, at the right time and at the right price.
“Such high expect¬ations are understandable since buying a flat is a major commitment for a young couple setting up a home together."
And HDB is committed to providing high quality housing, even though it cannot accommodate every preference or expectation.
The Prime Minister also emphasised a point expressed several times by other Ministers and very much an ongoing concern amongst flat buyers in the rising property market. And that is the government's commitment to keeping HDB flat prices affordable for Singaporeans.
But Mr Lee said the government has less control over prices in the resale market.
He explained: “These resale prices are set by individual households who transact flats on a willing-buyer, willing-seller basis, and are affected by movements and sentiments in the wider economy, including in the private property market. Hence, resale prices of HDB flats will fluctuate from year-to-year. But over the long term, the value of HDB flats depends on the strength of the Singapore economy."
So provided Singapore continues to do well, Mr Lee's confident the flats will maintain their value and Singaporeans can enjoy an appreciating asset. - CNA/vm
BT : Keppel Land to launch 5,500 homes in Asia
Business Times - 26 Jan 2010
Keppel Land to launch 5,500 homes in Asia
Fourth quarter net profit jumps 56%; group on the prowl for more land
By UMA SHANKARI
KEPPEL Land, which saw fourth-quarter earnings jump 56 per cent as property markets across Asia recovered, said it plans to launch more than 5,500 homes across the region for sale this year.
'Keppel Land is moving into 2010 with optimism on the back of its stronger financial position, improving residential sales and office space take-up together with expectations of continued recovery of Asia and a return of capital flows from the West,' chief executive Kevin Wong said yesterday.
In Singapore, KepLand will sell more units in two upmarket projects - Marina Bay Suites and Reflections at Keppel Bay - to capitalise on the opening of the integrated resorts, which is expected to boost the high end market.
And in China, the group will launch two projects in Shanghai as well as phase one (comprising about 1,700 units) of its 35.4 ha project in the Sino-Singapore Tianjin Eco City.
The developer yesterday reported that net profit for the quarter ended Dec 31, 2009, rose to $106.9 million from $68.5 million a year ago. Revenue rose 52 per cent to $300.5 million from $197.4 million.
'Residential sales in Singapore and overseas have recovered, encouraged by signs of economic recovery and improved market sentiments,' Keppel Land said. Revenue rose as the company saw progressive revenue recognition from the newly launched Madison Residences and The Promont in Singapore.
Higher revenue was also recognised for projects in Vietnam, India and China. Riviera Cove in Ho Chi Minh City has also recorded robust sales since its launch in November 2009, KepLand said.
The property group, however, recorded a net fair value loss of $12 million at the pre-tax level for fourth quarter 2009, mainly from completed investment properties owned by its listed office trust K-Reit Asia.
For the full year, Keppel Land's profit rose 23 per cent to $280.4 million from $227.7 million in 2008. Revenue rose 10 per cent to $923.9 million compared with $842.2 million for 2008 on the back of higher sales.
Earnings per share for the full year rose to 24.2 cents from 22.4 cents in 2008.
Keppel Land is on the lookout for land to purchase. The company last year carried out a rights issue which raised gross proceeds of $708 million. 'This ensures the group is well-positioned to capitalise on opportunities to acquire attractive assets at competitive prices in Singapore and overseas,' it said.
The company also said the commercial segment is showing signs of bottoming out.
'A flight to quality has been observed with Marina Bay Financial Centre (MBFC) and Ocean Financial Centre (OFC) chalking increased pre-commitment occupancy rates,' Keppel Land said. MBFC saw a take-up of about 213,000 sq ft in 2009. Phase One of MBFC is now 79 per cent pre-committed and the overall occupancy for the entire MBFC stands at 68 per cent.
UBS Investment Research on Jan 22 issued a fresh 'buy' call on KepLand and upgraded the stock's target price to $4.38 from $3.50.
'On account of the higher office and luxury residential price assumptions, we upgrade our RNAV (revalued net asset value) estimate for Keppel Land by 25 per cent to $4.40 a share,' said analyst Regina Lim.
Keppel Land shares gained one cent to end at $3.44 yesterday.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
Keppel Land to launch 5,500 homes in Asia
Fourth quarter net profit jumps 56%; group on the prowl for more land
By UMA SHANKARI
KEPPEL Land, which saw fourth-quarter earnings jump 56 per cent as property markets across Asia recovered, said it plans to launch more than 5,500 homes across the region for sale this year.
'Keppel Land is moving into 2010 with optimism on the back of its stronger financial position, improving residential sales and office space take-up together with expectations of continued recovery of Asia and a return of capital flows from the West,' chief executive Kevin Wong said yesterday.
In Singapore, KepLand will sell more units in two upmarket projects - Marina Bay Suites and Reflections at Keppel Bay - to capitalise on the opening of the integrated resorts, which is expected to boost the high end market.
And in China, the group will launch two projects in Shanghai as well as phase one (comprising about 1,700 units) of its 35.4 ha project in the Sino-Singapore Tianjin Eco City.
The developer yesterday reported that net profit for the quarter ended Dec 31, 2009, rose to $106.9 million from $68.5 million a year ago. Revenue rose 52 per cent to $300.5 million from $197.4 million.
'Residential sales in Singapore and overseas have recovered, encouraged by signs of economic recovery and improved market sentiments,' Keppel Land said. Revenue rose as the company saw progressive revenue recognition from the newly launched Madison Residences and The Promont in Singapore.
Higher revenue was also recognised for projects in Vietnam, India and China. Riviera Cove in Ho Chi Minh City has also recorded robust sales since its launch in November 2009, KepLand said.
The property group, however, recorded a net fair value loss of $12 million at the pre-tax level for fourth quarter 2009, mainly from completed investment properties owned by its listed office trust K-Reit Asia.
For the full year, Keppel Land's profit rose 23 per cent to $280.4 million from $227.7 million in 2008. Revenue rose 10 per cent to $923.9 million compared with $842.2 million for 2008 on the back of higher sales.
Earnings per share for the full year rose to 24.2 cents from 22.4 cents in 2008.
Keppel Land is on the lookout for land to purchase. The company last year carried out a rights issue which raised gross proceeds of $708 million. 'This ensures the group is well-positioned to capitalise on opportunities to acquire attractive assets at competitive prices in Singapore and overseas,' it said.
The company also said the commercial segment is showing signs of bottoming out.
'A flight to quality has been observed with Marina Bay Financial Centre (MBFC) and Ocean Financial Centre (OFC) chalking increased pre-commitment occupancy rates,' Keppel Land said. MBFC saw a take-up of about 213,000 sq ft in 2009. Phase One of MBFC is now 79 per cent pre-committed and the overall occupancy for the entire MBFC stands at 68 per cent.
UBS Investment Research on Jan 22 issued a fresh 'buy' call on KepLand and upgraded the stock's target price to $4.38 from $3.50.
'On account of the higher office and luxury residential price assumptions, we upgrade our RNAV (revalued net asset value) estimate for Keppel Land by 25 per cent to $4.40 a share,' said analyst Regina Lim.
Keppel Land shares gained one cent to end at $3.44 yesterday.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
Friday, January 29, 2010
ST Forum : HDB flats: Why did supply fail to keep up with population growth?
Jan 26, 2010
HDB flats: Why did supply fail to keep up with population growth?
WITH reference to the Housing and Development Board's (HDB) reply last Thursday ('Income ceiling helps ensure neediest get subsidised flats'), my sense is that the HDB underestimated the social ramifications of the resale policy to permanent residents (PRs), while it failed to maintain the Home Ownership Scheme for the people to balance demand of rapid population growth during the past 20 years. As a result, low- and middle-income households have suffered.
The ceiling of $3,000 and $2,000 for three- and two-room flats did not help as HDB did not build enough units to meet the market, citing low demand. This drastic reduction in the number of flats built is detrimental to the ageing population in the rental and sales market.
The policy to allow 533,000 PRs to buy resale HDB flats works against citizens. It is difficult to comprehend why HDB began to wind down the momentum to build more flats during the 1990s when the population ballooned from 3.047 million to 4.027 million by the end of 2000.
The yearly average peak of 30,900 HDB flats built during the 1980s corresponded with the population growth meeting the Home Ownership Scheme. However, during the 1990s when one more million people were added, HDB began to taper down to 25,700. What puzzles me most is that by 2008, when another 810,000 people were added to the population, HDB built only 8,260 units. Why the paradigm shift?
Take the example of a Queenstown five-room flat at $619,000. Single-income families earning $6,000 with two children cannot afford to pay 50 per cent of their income to buy such a flat. Can the $30,000 subsidy help them? Combined-income families with two children earning $8,000 may falter to commit 38 per cent for such flats. These groups are the 'neediest' for bigger flats, yet the Home Ownership Scheme eludes them.
Paul Chan
HDB flats: Why did supply fail to keep up with population growth?
WITH reference to the Housing and Development Board's (HDB) reply last Thursday ('Income ceiling helps ensure neediest get subsidised flats'), my sense is that the HDB underestimated the social ramifications of the resale policy to permanent residents (PRs), while it failed to maintain the Home Ownership Scheme for the people to balance demand of rapid population growth during the past 20 years. As a result, low- and middle-income households have suffered.
The ceiling of $3,000 and $2,000 for three- and two-room flats did not help as HDB did not build enough units to meet the market, citing low demand. This drastic reduction in the number of flats built is detrimental to the ageing population in the rental and sales market.
The policy to allow 533,000 PRs to buy resale HDB flats works against citizens. It is difficult to comprehend why HDB began to wind down the momentum to build more flats during the 1990s when the population ballooned from 3.047 million to 4.027 million by the end of 2000.
The yearly average peak of 30,900 HDB flats built during the 1980s corresponded with the population growth meeting the Home Ownership Scheme. However, during the 1990s when one more million people were added, HDB began to taper down to 25,700. What puzzles me most is that by 2008, when another 810,000 people were added to the population, HDB built only 8,260 units. Why the paradigm shift?
Take the example of a Queenstown five-room flat at $619,000. Single-income families earning $6,000 with two children cannot afford to pay 50 per cent of their income to buy such a flat. Can the $30,000 subsidy help them? Combined-income families with two children earning $8,000 may falter to commit 38 per cent for such flats. These groups are the 'neediest' for bigger flats, yet the Home Ownership Scheme eludes them.
Paul Chan
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