reporter2
10-09-12, 20:22
http://www.straitstimes.com/archive/sunday/premium/news/story/khaw-eases-fears-over-1m-flat-price-20120909
Khaw eases fears over $1m flat price
Published on Sep 09, 2012
News of a Housing Board flat being sold for a record $1 million may be swirling, but National Development Minister Khaw Boon Wan urged Singaporeans not to be "traumatised".
There will always be "units with fantastic views that fetch fantastic prices", he said of the sale of the executive maisonette in Queenstown, which is still in the works. The price includes a cash over valuation (COV) of $195,000.
"More important is the larger picture," Mr Khaw said at a dialogue with Sembawang grassroots leaders.
"Are prices affordable generally for most units? I think we have largely achieved that in the last few months with the pricing of the new Build-to-Order flats."
At the same time, he noted that the record resale price was indicative of the fact that "in public housing, we can get very good living conditions".
For example, when the Pinnacle@Duxton flats come onto the resale market in a few years, "there will be many millionaires there", he noted.
It illustrated a dilemma facing policymakers, he added.
To avoid having such high resale prices, the Government could just choose not to build HDB flats in the city.
"But that's wrong," Mr Khaw said. "Are you saying that town is only for the rich? Do HDB-holders not have a right to be in town too?"
But he dismissed the need for additional measures to cool the housing market, despite public and private prices picking up pace again after a lull in the first half of the year.
Data from the Singapore Real Estate Exchange last Friday showed that private resale prices rose 4.5 per cent last month over July, while overall median HDB flat prices rose 1.8 per cent over the two months.
"These month-to-month fluctuations, I won't waste time worrying about it," Mr Khaw told reporters later. "It's the overall picture (that matters), and the overall picture is that the situation now is totally different from a year ago."
Rachel Chang
Khaw eases fears over $1m flat price
Published on Sep 09, 2012
News of a Housing Board flat being sold for a record $1 million may be swirling, but National Development Minister Khaw Boon Wan urged Singaporeans not to be "traumatised".
There will always be "units with fantastic views that fetch fantastic prices", he said of the sale of the executive maisonette in Queenstown, which is still in the works. The price includes a cash over valuation (COV) of $195,000.
"More important is the larger picture," Mr Khaw said at a dialogue with Sembawang grassroots leaders.
"Are prices affordable generally for most units? I think we have largely achieved that in the last few months with the pricing of the new Build-to-Order flats."
At the same time, he noted that the record resale price was indicative of the fact that "in public housing, we can get very good living conditions".
For example, when the Pinnacle@Duxton flats come onto the resale market in a few years, "there will be many millionaires there", he noted.
It illustrated a dilemma facing policymakers, he added.
To avoid having such high resale prices, the Government could just choose not to build HDB flats in the city.
"But that's wrong," Mr Khaw said. "Are you saying that town is only for the rich? Do HDB-holders not have a right to be in town too?"
But he dismissed the need for additional measures to cool the housing market, despite public and private prices picking up pace again after a lull in the first half of the year.
Data from the Singapore Real Estate Exchange last Friday showed that private resale prices rose 4.5 per cent last month over July, while overall median HDB flat prices rose 1.8 per cent over the two months.
"These month-to-month fluctuations, I won't waste time worrying about it," Mr Khaw told reporters later. "It's the overall picture (that matters), and the overall picture is that the situation now is totally different from a year ago."
Rachel Chang