View Full Version : Allocation of ECs (for 2nd timer) to rise from 5% to 30%: Khaw
ikan bilis
02-03-12, 19:47
(biztimes) March 2, 2012, 6.57 pm (Singapore time)
http://www.businesstimes.com.sg/mnt/static/image/ax/c.gif
Allocation of ECs to rise from 5% to 30%: Khaw
By ANGELA TAN
The Ministry of National Development will raise the allocation of executive condominiums (ECs) to 30 per cent from 5 per cent immediately, said Khaw Boon Wan, Minister for National Development, at the ministry's committee of supply debate on Friday.
'As for ECs, we will adjust the 95/5 split between first-timer/second-timer applicants to 70/30 immediately, to match the prevailing profile of the applicants,' Mr Khaw said.
ikan bilis
02-03-12, 19:49
resale dead and buried deep deep.... :scared-3: :scared-3:
left only mm alive...
phantom_opera
02-03-12, 20:12
Mm wan shui
phantom_opera
02-03-12, 20:12
Mm wan shui
So u think HDB resale price will drop ? If yes will it trigger OCR condos price to drop ?
EC take up rate will be faster. and maybe they might prop the price up cost they have a slightly deeper pocket, especially if they harness the positive equity from their first property.
Some weaker developers might have to give steeper discounts soon.
ikan bilis
02-03-12, 20:58
So u think HDB resale price will drop ? If yes will it trigger OCR condos price to drop ?
sorry, i mean...
pte condo resale market dead and buried deep deep....
left only mm alive...
ikan bilis
02-03-12, 21:08
Mm wan shui
i do not know what will happen next...
2nd timers could be having bigger pocket...
instead of...
- staying in hdb and invest into another mm condo
- so, 5rm hdb worth 500K and mm cost 400-500K
they might choose to...
- buy a dual key 3 or 4bdr EC costing 900K-1mil
now like everyone thinking renting out apartment as some lucrative business and easy $$... may be people will cheong dual-key and rent out the studio... and EC developers keep building more and more dual key units??... and kbw can also suka suka raise the ratio again to 50%... then it will affect new mm sales also...
:scared-4: :scared-5:
Now we know what marlboro has done
Hi
Need advice from experts here:
Can I buy new launched EC if I currently own a private Ppty? When must I dispose my private Ppty?
Hi
Need advice from experts here:
Can I buy new launched EC if I currently own a private Ppty? When must I dispose my private Ppty?
Dispose, wait 2.5 years then can apply to buy new EC
So u think HDB resale price will drop ? If yes will it trigger OCR condos price to drop ?
More flats will be put on sale after EC TOP, drop or not no one knows leh.
Hi
Need advice from experts here:
Can I buy new launched EC if I currently own a private Ppty? When must I dispose my private Ppty?
buy resale EC lor no need to dispose pte.
buy resale EC lor no need to dispose pte.
:tsk-tsk: Resale EC must be 10 years old. if its 5 still need to dispose within 6 months no?
More flats will be put on sale after EC TOP, drop or not no one knows leh.
U mean 5 years after TOP. how can they sell immediately upon TOP
devilplate
02-03-12, 23:16
:tsk-tsk: Resale EC must be 10 years old. if its 5 still need to dispose within 6 months no?
No nid la
5yrs free for all pr and citizens liao like normal pc except foreigners cannot buy....but wif 10% absd, same same liao
devilplate
02-03-12, 23:17
U mean 5 years after TOP. how can they sell immediately upon TOP
Wah liu ....u better browse thru hdb website thoroughly hor....lol
Wah liu ....u better browse thru hdb website thoroughly hor....lol
5 Years MOP gotta stay in it after TOP wat no meh? How to sell upon TOP?
devilplate
02-03-12, 23:21
Anyway wif regards to the title....i dun see much diff in the end....
Most recent EC i noticed tat after the initial period for 1st timer over, still got plenty of units avail for those 1st round unsuccessful 2nd timers....jus tat now they got higher chance to choose choiced unit during preview lor.....
As for resale, no diff.....oredi dead wat.....more dead or less dead stll dead rite! Lol
devilplate
02-03-12, 23:23
5 Years MOP gotta stay in it after TOP wat no meh? How to sell upon TOP?
Wah liu....he meant to say those 2nd timer who bot new ec goto dispose their hdb flats within 6mths after EC TOP next time lah...aiyoyoyo
Read carefully....he mentioned FLATS
Wah liu....he meant to say those 2nd timer who bot new ec goto dispose their hdb flats within 6mths after EC TOP next time lah...aiyoyoyo
Read carefully....he mentioned FLATS
:scared-4: :ashamed1:
they should apply the same for those who downgrade from pc:D
ikan bilis
03-03-12, 07:57
Anyway wif regards to the title....i dun see much diff in the end....
Most recent EC i noticed tat after the initial period for 1st timer over, still got plenty of units avail for those 1st round unsuccessful 2nd timers....jus tat now they got higher chance to choose choiced unit during preview lor.....
As for resale, no diff.....oredi dead wat.....more dead or less dead stll dead rite! Lol
what you say is true for those less sought after condos.... i.e. austville, canopy,... lots of units left behind for 2nd timer....
for better locations near mrt... is like 1st timer grabs all units and left only lousy units for 2nd timer...
increasing ratio from 5% to 30% is a lot... might draw in 2nd timers... resale PC will be less atttractive to 2nd timer liow...
:scared-3:
Very powerful CM! HDB COV might be in negative territory by year end....
Is there any good (ie besides mrt station) ec sites? Like Esparina proximity to mrt station n some amenities consider not bad leow
Very powerful CM! HDB COV might be in negative territory by year end....
yup. I think KBW REALLY did a lot of things since he became minister in charge of HDB.
It seems that now BTO/EC like nobody want already. Need 2nd timers help to sell :) supply seems to be really good now huh.
I wonder what will happen when everything is finish building 2-3 years down the road
I think it will also affect private property prices. A lot of upgraders will try EC now rather than condos.
jonathann80
03-03-12, 19:32
http://www.h88.com.sg/article/Toa+Payoh+Central+5-room+resale+flat+hits+%24894%2C000/
whao :scared-5::scared-5::scared-5::scared-5::scared-5:
buttercarp
03-03-12, 19:51
http://www.h88.com.sg/article/Toa+Payoh+Central+5-room+resale+flat+hits+%24894%2C000/
whao :scared-5::scared-5::scared-5::scared-5::scared-5:
Quote from the link you provided....
"The latest data from HDB revealed an interesting gem - a 110 sqm 5-room resale flat in Toa Payoh Central went for a whopping $894,000. HDB resale prices are inching towards the million mark ever so quickly!
Where is this flat? It lies between the 36th to 40th floor of Blk 79C (it's in one of those tall blocks you see in the pic on the left). This 2009 TOP-ed unit is right opposite Toa Payoh Central and within minutes of the MRT. If we're not wrong, a 5-room unit should have fetched around $350-$400k when it was a BTO back then in 2004/5. That means the flat effectively doubled in price within 3 years!
Working out the sums, converting 110 sqm to square feet we get 1,184 sqft. Meaning this unit was sold for $755 psf, a price range you in new Exectutive Condos. Wow! This is like striking lottery!
That kind of price range is waaaay out of reach for most young couples who've just started their careers. Forget about mature estates, stick with Punggol!"
----------------------------------------------------------------------------------------
2009 TOP? MOP not up yet.
How come can sell?:confused:
buttercarp
03-03-12, 19:56
LOL....
I did not read below which says :
"Another interesting fact is this unit was sold within the 5-year minimum occupancy period (MOP) which prompts even more speculation. Certain criteria has to be met if the flat were to be sold within the MOP (http://www.hdb.gov.sg/fi10/fi10322p.nsf/w/SellFlatSpecificCasesEligibility?OpenDocument), and it's fair to say few can be construed as a 'good situation' - i.e. bankruptcy or death. Still this is just pure guesswork on our part, we'd be interested to know how one can sell a HDB flat before the MOP. Anyone?"
another question is - is it possible, if at all, to apply for an EC if there is any intention to give up on a current and/or PC under construction? :D :D
buttercarp
03-03-12, 20:51
another question is - is it possible, if at all, to apply for an EC if there is any intention to give up on a current and/or PC under construction? :D :D
If you own a pte property and you want to buy a new EC, you have to sell the pte property and wait for 30 months before applying for an EC.
If buying EC that is 5 years or more, then no need to sell pte property or exisiting HDB (provided HDB fulfilled the MOP).
Regarding the TPY flat, one possible reason why it could be sold within the 5 year MOP is that the seller could have got the flat under the SERS scheme. Under SERS, MOP is 5 years from getting the keys to the new flat, or 7 years from the selection of the flat (which could be way before it was completed), whichever is earlier. If e.g. selection of the flat was in 2005 then 7 years from then would be now in 2012.
Regarding the TPY flat, one possible reason why it could be sold within the 5 year MOP is that the seller could have got the flat under the SERS scheme. Under SERS, MOP is 5 years from getting the keys to the new flat, or 7 years from the selection of the flat (which could be way before it was completed), whichever is earlier. If e.g. selection of the flat was in 2005 then 7 years from then would be now in 2012.
DOUBLE HUAT for the guy.
It sucks to be penalise for the rest of us when we are marginally above to qualify for HDB BTO.
:banghead:
This step should have been taken long ago. I believe the majority of the EC buyers are the second timers. With a 5 percent quota for 2nd timers previously, the first balloting exercise always result in a slow take up rate amongst the 1st timers.
Come the 2nd balloting when it is open to both 1st and 2nd timers (which is attended fully by 2nd timers as 1st timer would have logically bought before the balloting is open to second timers), the take up rate would then increase substantially.
As most 1st timers are not that keen on ECs as compared to BTO, it is only logical that MR KBW has taken this move. I think that the reason for the lack of interest is probably due to lack of bullets as first timers are usually young couples who had just started their careers, marriage and other commimentments..paying off university loans, etc..
This move doesnt have much meaning right ?
Except that it will create more demand for ECs.
This is in view of the increasing number of ECs that are coming on board!
Whats wrong with letting first time buyers buy first then open to second time buyers ?
DKSG
rymccondo77
04-03-12, 16:26
Upgraders are a key target group for ECs, and many would have an existing HDB flat i.e. 2nd timers. Having just 5% allocation for 2nd timers, in my view, was too low - for a EC of say 700 units, only 35 are available to 2nd timers.
As a 2nd timer, I remember going for the 1st balloting for an EC, and in less than an hour (I think it was even less than half an hour), all the units for 2nd timers were taken up.
So an increase in allocation is justifiable - though I thought an increase from 5% to 20% would be just right.
rymccondo77
04-03-12, 17:26
Just read from the forum in Hardwarezone that all 182 units to Twin Waterfalls have been taken up by 2nd timers - good response to the increase in quota for 2nd timers.
This move doesnt have much meaning right ?
Except that it will create more demand for ECs.
This is in view of the increasing number of ECs that are coming on board!
Whats wrong with letting first time buyers buy first then open to second time buyers ?
DKSG
perhaps the pool of first time buyer for EC is shrinking and the pool for HDB upgraders are growing.
resale PC market for upgraders(mass market) will be further hit?? will most upgraders go to EC now instead of resale? your guess?:p
devilplate
05-03-12, 08:37
resale PC market for upgraders(mass market) will be further hit?? will most upgraders go to EC now instead of resale? your guess?:p
harlow, resale ocr up 1% instead of dropping
i said EC income ceiling up from 10-12k last time will boost ocr px instead but u think opposite
dun waste ur time on ocr mass market durian la
monitor CCR ppty now ;)
harlow, resale ocr up 1% instead of dropping
i said EC income ceiling up from 10-12k last time will boost ocr px instead but u think opposite
dun waste ur time on ocr mass market durian la
monitor CCR ppty now ;)
Bro do u think they will increase the income ceiling again in 4 years time? Will offload my PC wait 30 mths then buy 1 :D :D
devilplate
05-03-12, 08:48
Bro do u think they will increase the income ceiling again in 4 years time? Will offload my PC wait 30 mths then buy 1 :D :D
the 30mths wait will put u off
offload ur PC liao wait for PC durian to fall better or buy resale EC
EC usually launch when market peakish like now
buttercarp
05-03-12, 08:51
the 30mths wait will put u off
offload ur PC liao wait for PC durian to fall better or buy resale EC
EC usually launch when market peakish like now
A lot of things can happen in 30 months.
This rule is simply telling those presently owning pte property to stay away from EC?
devilplate
05-03-12, 08:52
A lot of things can happen in 30 months.
This rule is simply telling those presently owning pte property to stay away from EC?
yes and aso stay away from dbss/hdb bto
they should allow say 5% for those who wish to downgrade to ec:D
yea :( so dumb. i can't downgrade. ok actually its not even downgrading. say if i bought a 3xx-6xxk MM and i decide to a get married now, i cant even buy a $1.2million EC PH. dumb dumb :banghead:
A lot of things can happen in 30 months.
This rule is simply telling those presently owning pte property to stay away from EC?
Sis, for 2nd timers, since their EC will only be ready in about 3-5years, they can stay in their HDB till then? how does it work for 2nd timers? Must they dispose off their HDB upon getting their EC? or can they own both? :beats-me-man: :beats-me-man:
Without parents help etc, how does a newly wed afford those over 1 million ECs? unless they are old uncles and aunties who got married in their late 30s?
buttercarp
05-03-12, 09:28
Sis, for 2nd timers, since their EC will only be ready in about 3-5years, they can stay in their HDB till then? how does it work for 2nd timers? Must they dispose off their HDB upon getting their EC? or can they own both? :beats-me-man: :beats-me-man:
http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyingNewFlatECConditionsafterPurchase?OpenDocument
"If you currently own an HDB / DBSS flat, you and/or your spouse must dispose of the flat within 6 months from the date of issuance of the Temporary Occupation Permit in respect of the Executive Condominium (EC).
If you intend to apply to purchase an EC where the Temporary Occupation Permit for the EC has been issued, you will be required to dispose of your existing HDB / DBSS flat within 6 months from the date the Developer serves the Notice of Vacant Possession on you.
"
Cannot own both if EC is brand new. Must dispose of hdb within 6 months.
But if resale EC, then can own both (provided your hdb has attained the MOP status).
Today's papers reflected that 2nd timers for EC rushed in to snap up units even when developer raised asking price... that's the demand... wow! So EC prices are pushed up... won't this also have a slight effect on the mass market PCs? Govt intro more EC to indirectly control price of PC but now its going the opposite way? :confused:
http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyingNewFlatECConditionsafterPurchase?OpenDocument
"If you currently own an HDB / DBSS flat, you and/or your spouse must dispose of the flat within 6 months from the date of issuance of the Temporary Occupation Permit in respect of the Executive Condominium (EC).
If you intend to apply to purchase an EC where the Temporary Occupation Permit for the EC has been issued, you will be required to dispose of your existing HDB / DBSS flat within 6 months from the date the Developer serves the Notice of Vacant Possession on you.
"
Cannot own both if EC is brand new. Must dispose of hdb within 6 months.
But if resale EC, then can own both (provided your hdb has attained the MOP status).
Oh thx thx! I thought the 6 months was upon buying. Was wondering where will they stay :scared-4:
Why can't they do this 6 months thing for PC upgraders too? Sell a 1-2 room PC buy an EC which cost 1mil+ (4 bed dual keys or PH)
buttercarp
05-03-12, 09:40
Oh thx thx! I thought the 6 months was upon buying. Was wondering where will they stay :scared-4:
Why can't they do this 6 months thing for PC upgraders too? Sell a 1-2 room PC buy an EC which cost 1mil+ (4 bed dual keys or PH)
Our government is reasonable lah so they give you some time to dispose the HDB.
But the logic is that if you can afford private housing previously, then you are not easily entitled to an EC.
This is also good for the private market.
Imagine if PC owners can apply for new EC and sell PC within 6 months, then the demand for PC will drop and who knows the price of the EC may rise alot as these previous PC owners would have cash when they off load their PC.
Our government is reasonable lah so they give you some time to dispose the HDB.
But the logic is that if you can afford private housing previously, then you are not easily entitled to an EC.
This is also good for the private market.
Imagine if PC owners can apply for new EC and sell PC within 6 months, then the demand for PC will drop and who knows the price of the EC may rise alot as these previous PC owners would have cash when they off load their PC.
Yea true, but PCs were quite low in quantum in the past. Those singles who bought a 1 - 2 bedder in the past maybe cost less than 700k.
Now all the DK / 4Bedders / PHs EC are like 1mil +
Maybe the rule should be such that PC buyers can only buy the most expensive units of an EC? haha ok im biased. Thinking for myself.
Today's papers reflected that 2nd timers for EC rushed in to snap up units even when developer raised asking price... that's the demand... wow! So EC prices are pushed up... won't this also have a slight effect on the mass market PCs? Govt intro more EC to indirectly control price of PC but now its going the opposite way? :confused:
I have the same thought, but questions are 1) these are the upgraders who find PC too high and the moment the lower priced alternative is made available, they jump at it..so will there be a tendency that the price of EC to appraoch the current PC price? 2)EC is set up for a purpose and I suppose EC is still under jurisdiction of stat board to a certain degree as compared to PC...will it let the price spiral up as PC with no interference?
this remains to be seen...:p
ikan bilis
05-03-12, 11:36
pte condo
- ABSD of 10% if foreigner
- ABSD of 3% if you had 2 residential properties
- SSD for first 4 yr
- LTV max of 60% if 2nd loan
EC
- non, not affected by CM (can use dps to get around with LTV=60%)
- except you have to be citizen and never applied bto twice
=> so... betting next time it will be like...
pte condo => 50% units are mm, remaining compact 2-3bdrs
EC => 50% units are 3-4bdr dual key & PH, remaining compact 2bdrs
:D :D :cheers4:
My above views are skewed more towards resale PC market(esp OCR) just to mention more clearly...;)
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