View Full Version : COV - RIP
from ST:
By Janice Heng
Cash-over-valuation (COV) figures will no longer be part of the negotiating process for Housing Board resale deals, as buyers and sellers will now have to agree upon a price first before getting an official valuation, National Development Minister Khaw Boon Wan said in Parliament on Monday.
Previously, sellers usually got valuations first, and then negotiated with buyers over how much more - or less - should be paid. But negotiations should "rightly" be based on recent transaction prices, not the additional cash premium or COV, said Mr Khaw.
So from 5 pm on Monday, a price must first be agreed upon and the Option to Purchase (OTP) granted, before buyers can request a valuation from the HDB. HDB will no longer give valuations to sellers, although existing OTPs and valuations will still be honoured until their expiry.
This move will "restore the original intention of valuation, which is to help buyers get a housing loan," said Mr Khaw.
phantom_opera
10-03-14, 17:13
finally ... COV to me is just counter productive ..
does this mean less cash upfront?
govt trying to support HDB price?
darkseed73
10-03-14, 17:37
does this mean less cash upfront?
govt trying to support HDB price?
Means u cannot "mark-up" with any base price.
Example if your neighbour sells 100k, u roughly will try to sell 100k. HDB will not give u a "value" before you TRY TO SELL.
Currently, ppl base on the "value" HDB gives and always wants to mark-up for profit. So example if your neighbour sells 100k and u want to sell 150k the buy says ok and sign OTP then that request for "valuation" which comes out to be 100k the buyer wants to backout must oblige to OTP rules and :banghead: lol
At least CUV wont't get its day as well :D
Transacted prices on HDB will become the reference now. In today's buyers market, they will rightly hold last done price for negotiation. No more COV haggling. Finally it's gone!
if urgent sellers want to dispose,for their top EC. it will reflect in low transactions
buyers will base on recent transactions to offer.
soon we see slow spiral downwards.
all thanks to the urgent sellers, soon to collecting keys for their EC
For every policy there are always loopholes....
Option Fee (Up to a maximum of $1,000) = SGD 1, after valuation if buyer cannot pay just let it expiry = SGD 1.
http://services2.hdb.gov.sg/webapp/BB24OTPDlWeb/BB24SPdfConverter
phantom_opera
10-03-14, 18:33
i just don't understand, private property no COV/CUV both buyers and sellers still happily transacting isn't it?
but the question is bank gives loan based on valuation or transacted price?
For every policy there are always loopholes....
Option Fee (Up to a maximum of $1,000) = SGD 1, after valuation if buyer cannot pay just let it expiry = SGD 1.
http://services2.hdb.gov.sg/webapp/BB24OTPDlWeb/BB24SPdfConverter
5. Expiry of Option
This Option will expire on the Option Expiry. If the Buyer does not exercise this Option in the manner set out below, this Option will be null and void. SGD 1
7. Non-Exercise of Option
If the Buyer does not exercise this Option in the manner stated in this Option, and provided the Seller
has met the requirement in Clause 3.1 ----
(a) the Seller is entitled to retain the Option Fee; and
(b) neither party will have any claim against the other.
For every policy there are always loopholes....
Option Fee (Up to a maximum of $1,000) = SGD 1, after valuation if buyer cannot pay just let it expiry = SGD 1.
http://services2.hdb.gov.sg/webapp/BB24OTPDlWeb/BB24SPdfConverter
even better $1.
I can go offer 10units, let say low ball at 50-100k. deposit $10
total cost $100
to test for desperate sellers
tikam tikam also can kena 1
This is the final kill for hdb. Next time bto flat want to make money also hard.
i just don't understand, private property no COV/CUV both buyers and sellers still happily transacting isn't it?
but the question is bank gives loan based on valuation or transacted price?
Private property Bank give valuation near to transacted price.
HDB valuation was controlled until now. Look like they are still controlling it.
even better $1.
I can go offer 10units, let say low ball at 50-100k. deposit $10
total cost $100
to test for desperate sellers
tikam tikam also can kena 1
Question what is low ball at 50-100k.
i just don't understand, private property no COV/CUV both buyers and sellers still happily transacting isn't it?
but the question is bank gives loan based on valuation or transacted price?
loan is still based on valuation...
http://www.hdb.gov.sg/fi10/fi10297p.nsf/ImageView/CORPORATE_PR_10032014_Annex_A/$file/Annex_A.pdf
so in theory, cov/cuv (high or low) will still exist with new rule...
just that cov/cuv will only be known after OPT signed, and valuation obtained... and perhaps seller will not know the actual cov/cuv, if buyer choose not to disclose?
Private property Bank give valuation near to transacted price.
HDB valuation was controlled until now. Look like they are still controlling it.
In a nosediving market, this may help HDB provide buyers with maximum loans possible, by valuing properties closer to their purchase price.
This is the final kill for hdb. Next time bto flat want to make money also hard.
it will continue. govt genuine helping own stay buyers.
not helping speculative, for rental yields owners.
won't be bother by these 'noises'
In a nosediving market, this may help HDB provide buyers with maximum loans possible, by valuing properties closer to their purchase price.
Like GLS don't sell loh.
princess_morbucks
10-03-14, 18:54
http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=5230&category=Press%20Release&year=2014&RA1=&RA2=&RA3=
Minister for National Development Khaw Boon Wan said in Parliament today that efforts to cool the housing market are showing results. He took stock of the progress of housing policies; much has been achieved to stabilise the market and meet various housing needs. As the housing market turns the corner, Minister Khaw said that negotiating the turn will require care. Moving ahead, the Ministry of National Development (MND) will put in place various initiatives to improve longer-term market stability, provide stronger housing support, and make every town a better one.
I. Improving Market Stability
2. The Government has introduced a series of cooling measures to ensure that housing price moves in line with our economic fundamentals. Data in recent months suggests that the housing market is turning the corner, but is not yet at the optimal state. MND will continue to monitor the housing market closely. Meanwhile, MND will keep the current cooling measures in place.
3. To further improve the HDB resale market, HDB will change some processes in the way Singaporeans buy and sell resale flats:
a) HDB will publish daily prices of resale transactions as soon as they are registered (instead of fortnightly after the resale transactions are approved). This will allow flat buyers and sellers to negotiate based on recent transaction prices and reduce the focus on Cash-Over-Valuation (COV) in negotiation. This will improve the long-term stability of the resale market.
b) To encourage buyers and sellers to focus on the sum total of flat price, HDB will only accept valuation requests from resale flat buyers (or their appointed salesperson), after the buyers have been granted an Option to Purchase (OTP) by flat sellers. This change will take effect from 5pm, 10 March 2014.
c) The revised resale procedure is detailed in Annex A (http://app.mnd.gov.sg/Portals/0/MNDHDB_Annex%20A.pdf). To help buyers and sellers in this transition, HDB will continue to honour OTPs and valuation reports which were granted before the implementation date and have not expired. Under the new rules, buyers who are granted OTP will also have 21 calendar days, instead of 14 calendar days to exercise the OTP, to adjust to the new procedure.
4. In his speech, Minister Khaw also spoke on Singaporeans investing in overseas properties. He cautioned that there are added risks and complexities due to the differences in legal and regulatory frameworks. To help Singaporeans interested in buying foreign properties make more informed decisions, the Council for Estate Agencies (CEA) will be launching an online guide to provide some general tips on buying foreign properties. In addition, CEA will step up efforts to regulate estate agents marketing foreign properties in Singapore. Members of the public are encouraged to report to CEA any marketing activities by unlicensed foreign estate agents. More details can be found in Annex B (http://app.mnd.gov.sg/Portals/0/MND-HDB_Annex%20B.pdf).
II. Providing Stronger Support to All
5. MND will look into ways to provide stronger support for three groups: the elderly, the low-income and vulnerable, and extended families.
a) Enhancing Monetisation Options for the Elderly
Retirement adequacy, and how equity release can help enhance it, is an important issue for an ageing population. MND is reviewing enhancements to existing options, including whether to extend the Enhanced Lease Buyback Scheme (LBS) to larger flat types. Beyond existing monetisation options, MND is also studying reverse mortgage, with a view to formulate a practical scheme. More details on existing monetisation options can be found in Annex C (http://app.mnd.gov.sg/Portals/0/MND-HDB_Annex%20C.pdf).
b) Supporting the Low-Income and Vulnerable
MND is studying ways to better support public rental tenants in progressing to homeownership, and to better provide for the housing needs of the vulnerable groups, including divorcees with children. More details on existing schemes to meet the housing needs of the low-income and vulnerable groups are at Annex D (http://app.mnd.gov.sg/Portals/0/MND-HDB_Annex%20D.pdf).
Beyond housing, MND will revise the EPS (Electronic Parking System) parking rates for motorcycles and introduce an Enhanced Season Parking Ticket which will allow motorcyclists to park at all HDB and URA car parks at a flat monthly fee. This will defray the cost for motorcyclists, especially for those who use multiple car parks in a day such as despatch or delivery riders. More details can be found in Annex E (http://app.mnd.gov.sg/Portals/0/MND-HDB_Annex%20E.pdf).
c) Helping Extended Families Live Closer
MND is studying ways to provide more help to extended families to live together or near one another. This includes building on existing schemes and exploring the need for new schemes. More details on existing schemes and initiatives can be found in Annex F (http://app.mnd.gov.sg/Portals/0/MND-HDB_Annex%20F.pdf).
6. Last year, the Ministry engaged Singaporeans through Our Singapore Conversation to discuss pertinent housing issues. MND will be organising another series of Housing Conversations to engage Singaporeans on its various housing policy reviews to ensure that they support the relationships and values that matter to Singaporeans.
III. Making Every Town a Better Town
7. MND and HDB will develop new housing areas and upgrade existing estates to make every HDB town a better town. HDB will launch the first BTO project in Tampines North later this year, delivering 1,500 homes, including 50 3Gen flats. HDB also intends to launch the first BTO project in Bidadari sometime next year.
8. MND and HDB will continue to raise the quality of existing towns to keep up with changing needs, through the following ways:
a) MND is in the process of selecting three towns under Remaking Our Heartland (ROH) Batch 3, and will announce them in a few months’ time.
b) MND will roll out more projects under the Home Improvement Programme (HIP) and the Neighbourhood Renewal Programme (NRP). MND will also complete the Lift Upgrading Programme (LUP) for HDB blocks, and ramp up lift installation in Multi-Storey Car Parks (MSCPs).
c) To make HDB flats more elderly-friendly, MND is reviewing the Enhancements for Active Seniors, or EASE, scheme, to lower the age criterion for direct application and expand the coverage of the items.
d) MND will also promote greater resident participation in shaping their living environments through initiatives like the “Cool Ideas for Better HDB Living”.
More details can be found in Annex G (http://app.mnd.gov.sg/Portals/0/MND-HDB_Annex%20G.pdf).
Like GLS don't sell loh.
if u can help out the families lolx.
those have 6mths to dispose, u help to buy lolx.
those need to downgrade, u help lolx.
Negative COVS are going to be the norm in the HDB market for the next 2 years. To remove the stigma of a 'bear' market, perhaps HDB is undertaking this move.
It is unclear from the release if HDB will continue to release 'valuation' figures for public evaluation or only release transacted price information, going forward.
Negative COVS are going to be the norm in the HDB market for the next 2 years. To remove the stigma of a 'bear' market, perhaps HDB is undertaking this move.
It is unclear from the release if HDB will continue to release 'valuation' figures for public evaluation or only release transacted price information, going forward.
Next Two year? I think this will stay forever. Middle class can forget to become rich class. Previously BTO hdb to EC to gd location private condo. Now bto HDB to no more.
Delink of hdb from private condo will come as private condo continue to move higher. If cm for private condo is removed delink happen immediate.
What should one do if he have 1 HDB and two Private?
Moving forward, what will SC do?
1. Buy EC cannot sell HDB high price.
2. Upgrade HDB, Downgrade HDB got problem.
3. Buy BTO sell HDB got problem.
4. Buy private rent HDB got problem.
What will happen to the supply of rental HDB?
Next Two year? I think this will stay forever. Middle class can forget to become rich class. Previously BTO hdb to EC to gd location private condo. Now bto HDB to no more.
Delink of hdb from private condo will come as private condo continue to move higher. If cm for private condo is removed delink happen immediate.
With or w/out CM, I think private condo market will also move downwards for next 2 years...
.....in some way, the hdb upgraders were fueling the regional condo market...that will reduce going forward.
What should one do if he have 1 HDB and two Private?
Moving forward, what will SC do?
1. Buy EC cannot sell HDB high price.
2. Upgrade HDB, Downgrade HDB got problem.
3. Buy BTO sell HDB got problem.
4. Buy private rent HDB got problem.
What will happen to the supply of rental HDB?
In my opinion nothing...if you sell anything, you may not be able to repurchase...consider yourself lucky.
In my opinion nothing...if you sell anything, you may not be able to repurchase...consider yourself lucky.
You are right, what will happen to the Property Agent, can only sell new launch?
Will this new rule push more 1st timers to buy ec? Can always go for smallest ec for affordability....
You are right, what will happen to the Property Agent, can only sell new launch?
Agents are innovative people..the good ones will survive, the newbies may have to find other professions.
Not even new launches will be stable for next two years...after that, things will find an equilibrium.
Will this new rule push more 1st timers to buy ec? Can always go for smallest ec for affordability....
EC affordability already 'chopped off' by MSR and resale levies...HDB BTO will be the most attractive option for may for next few years...
With or w/out CM, I think private condo market will also move downwards for next 2 years...
.....in some way, the hdb upgraders were fueling the regional condo market...that will reduce going forward.
Not really will move down if they remove absd for foreigners and PRs and singaporeans.
is this move an attempt to buck the trend of CUV (cash UNDER valuation)?
Not really will move down if they remove absd for foreigners and PRs and singaporeans.
When sentiments are negative, even those who can afford tend to stay away, especially speculators...
When sentiments are negative, even those who can afford tend to stay away, especially speculators...
If absd is removed it is positive sentiment.
If absd is removed it is positive sentiment.
time, efforts and manpower were put in to crack their brain cells for measures.
not likely for the next few years
time, efforts and manpower were put in to crack their brain cells for measures.
not likely for the next few years
Hard to say. Since they already provide cheap cheap HDB bto and resale HDB there is no reason in blocking PC prices from going up. PC is a free market where foreigners are allow to play. For HDB too bad, back to basics.
Every system has its loophole. If I want to know my flat valuation, I can ask my fren/family pretend to buy and ask for the valuation but dun exercise the option.
princess_morbucks
10-03-14, 20:55
HDB @Singapore_HDB 3m
Look no further for information about HDB-related COS announcements. From speeches to FAQs, they are all here: http://ow.ly/upShJ
http://www.hdb.gov.sg/fi10/fi10320p.nsf/w/SingaporeBudget2014?OpenDocument
I paid 40k cov for my hdb 6 years ago, I want my money back!!
Every system has its loophole. If I want to know my flat valuation, I can ask my fren/family pretend to buy and ask for the valuation but dun exercise the option.
however buyer and seller will neg based on last transacted price
but if valuation is lower than transacted prices. seller win..!
Every system has its loophole. If I want to know my flat valuation, I can ask my fren/family pretend to buy and ask for the valuation but dun exercise the option.
Ask your friend to pay max SGD 1.
http://newnation.sg/wp-content/uploads/one-dollar.jpg
Option Fee (Up to a maximum of $1,000) = SGD 1, after valuation if buyer cannot pay just let it expiry = SGD 1.
http://services2.hdb.gov.sg/webapp/B...4SPdfConverter
5. Expiry of Option
This Option will expire on the Option Expiry. If the Buyer does not exercise this Option in the manner set out below, this Option will be null and void. SGD 1
7. Non-Exercise of Option
If the Buyer does not exercise this Option in the manner stated in this Option, and provided the Seller has met the requirement in Clause 3.1 ----
(a) the Seller is entitled to retain the Option Fee "SGD 1"; and
(b) neither party will have any claim against the other.
I paid 40k cov for my hdb 6 years ago, I want my money back!!
Are you sure, I buy your HDB for 40K more than you pay 6 years ago.
I urge all first timers if can afford go buy EC instead of hdb.
Ask your friend to pay max SGD 1.
http://newnation.sg/wp-content/uploads/one-dollar.jpg
Option Fee (Up to a maximum of $1,000) = SGD 1, after valuation if buyer cannot pay just let it expiry = SGD 1.
http://services2.hdb.gov.sg/webapp/B...4SPdfConverter
5. Expiry of Option
This Option will expire on the Option Expiry. If the Buyer does not exercise this Option in the manner set out below, this Option will be null and void. SGD 1
7. Non-Exercise of Option
If the Buyer does not exercise this Option in the manner stated in this Option, and provided the Seller has met the requirement in Clause 3.1 ----
(a) the Seller is entitled to retain the Option Fee "SGD 1"; and
(b) neither party will have any claim against the other.
$1 is not straight forward and simple.
When you looking for your dream home its all depend on your liking.
If you don't like the house, even paying $1 will not make you attracted to the house.
If you like the house so much, even if seller asking for more than 1k, you may accept.
thomastansb
10-03-14, 21:42
Come to think of it, it is not much of a difference.
Good location scenario
Previously, the flat is valued at 400k. I want 50k COV = 450k. Nego to 430k, deal.
Now, my neighbour flat is just sold at 400k. I want to sell at 450k. Nego to 430k, deal.
Bad location scenario
Previously, the flat is valued at 400k. I don't mind closing at 380k. People offer 370k, deal.
Now, my neighbour flat just sold 400k. I don't mind closing at 380k. People offer 370k, deal.
Transacted prices on HDB will become the reference now. In today's buyers market, they will rightly hold last done price for negotiation. No more COV haggling. Finally it's gone!
Siao liao!! Owners will not spend 80k-100k on renovation anymore..
Next time no buyers willing to pay so much if they simply base on last transacted price to buy your flat
Come to think of it, it is not much of a difference.
Good location scenario
Previously, the flat is valued at 400k. I want 50k COV = 450k. Nego to 430k, deal.
Now, my neighbour flat is just sold at 400k. I want to sell at 450k. Nego to 430k, deal.
Bad location scenario
Previously, the flat is valued at 400k. I don't mind closing at 380k. People offer 370k, deal.
Now, my neighbour flat just sold 400k. I don't mind closing at 380k. People offer 370k, deal.
agree with you. just do not understand how the so-called COV will affect the market. no matter whether this word is there or not, usually the sellers just ask for a desirable price, while the buyers just negotiate to an amount that they want to pay, that's all.
thomastansb
10-03-14, 21:58
The only uncertainty I see is the valuation. Buyers will be less daring to offer because the neighbour sell 400k doesn't mean the valuation will be 400k. If come out 380k, lan lan got to find 20k somewhere. So the HDB prices will be even more squeezed than ever.
agree with you. just do not understand how the so-called COV will affect the market. no matter whether this word is there or not, usually the sellers just ask for a desirable price, while the buyers just negotiate to an amount that they want to pay, that's all.
So even after 10yrs still at $400k. If hdb don't give valuation before hand people will still be asking $400k after 10yrs, price very hard to move up.
Worse if the ones living above u bought an EC and need to sell hdb within 6 month. He sells low and all follow.
Amber Woods
10-03-14, 21:59
This change is basically bringing it in line with private property transactions. Buyer and seller negotiate on the price base on information from past transactions and other variables such as renovation facing etc etc.
If the buyer does not need a bank loan, there is no need to obtain a valuation.
chrtstriker
10-03-14, 22:04
Actually, no one can control the outcome of a willing buyer, willing seller.
However, what I feel is that the prices of HDB will now move more in tandem with private market prices, especially those with good attributes.
Hence, more upside to good location ones and more downside/sideways to unfavorable ones. Only time will tell.
:sleep:
phantom_opera
10-03-14, 22:08
Actually, no one can control the outcome of a willing buyer, willing seller.
However, what I feel is that the prices of HDB will now move more in tandem with private market prices, especially those with good attributes.
Hence, more upside to good location ones and more downside/sideways to unfavorable ones. Only time will tell.
:sleep:
yup I agree with you ... HDB valuer will have less influence now
Buyers will play safe even more now.. At least 30K to 50K below last transact price!
Are you sure, I buy your HDB for 40K more than you pay 6 years ago.
Aye, I also 6 years older now, I not as valuable as last time lol
Now, it may be just a start to see zero cov (http://www.propertyrichesprogram.com/blog/zero-cov/) and CUV only. See what will happen in 2016.
Will resale HDB be one day cheaper than a BTO.
Pinnacle@Duxton suppose to sell at $1m.
With MSR and HLE, they will be the new valuation indicator if price keep dropping.
This is GOOD!!! one step closer to ZERO value for HDB! Ho Say for those who KP.!
Buyers will play safe even more now.. At least 30K to 50K below last transact price!
to buffer against for further measures, to make sure they won't be overpaying if new measures hit the prices again.
those holding HDB , still thinking of making a killing:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D
Valuation SGD 640,000 126 sqm
Lease Start Date : 01 Jul 1997
Lease Duration : 99 years
Remaining Lease : 82 years (as at date of enquiry)
Depreciating at SGD 640,000/82=SGD 7804.87 per years.
SGD 650 A MONTH
ironmanpower
11-03-14, 00:26
$1 for an OTP.
It doesn't stop agents from getting fake buyers submitting a $1 OTP to HDB and get a valuation. Then the $1 OTP will lapse and with this new valuation report, the seller will know what price to asked for.
If loan is still based on valuation report and not transacted price, then I don't see the diff. COV/CUV would still exist, just that you won't know how much until after OTP is signed. Isn't it?:confused:
If loan is still based on valuation report and not transacted price, then I don't see the diff. COV/CUV would still exist, just that you won't know how much until after OTP is signed. Isn't it?:confused:
Most transactions will be valued close to transacted price...at least thats what we see in the pte property market..
In event of a valuation mismatch buyers can opt out and just forfeit $1k downpayment, whereas sellers have to LPPL and take it as it's a fair deal even as with private properties. This is what the OTP was originally planned for, to protect buyers as they have the most to loose. The sellers are obliged to exercise SNP and if he fails to do so, the buyer may seek legal mediation (sue the seller). This question brings up the revelation that many ppl on this thread have had no experience in buying/selling properties. I've been through many transactions in my experience in property investments and I can tell you that the rules are meant to bring down the valuation, which was originally meant to hold prices, at a faster pace.
Ask yourself why was valuation implemented, and for HDB who's in control? You might think that a private company is doing the valuation but after searching you would be shock to know that all valuations eventually come from or are approved by HDB. Yes, HDB has been holding up resale prices for so long as sellers can use this tool to influence their buyers which will result in stable prices accross the HDB segment. Why does HDB always falls or increases after PTD properties (PTE properties always take the lead)? This is because HDB is controlling the valuation and that acts as a pillar for sellers and affects the offers made by buyers.
You might think that PTE properties have valuations too right? Yes but it's difference and assigned by the banks which explains why some banks give you a higher valuation while some lower. It's also illegally possible to bribe the valuator giving your home a higher valuation (ahem!).
Now, let me come back to the new HDB rule:
1. This will bring about faster devaluation because in a dropping market, the sellers have no clue how much their flats are valued at. The previous transaction could already be sold at under valuation (CUV) and if it's based on that, the seller having no clue whatsoever, would base his at the same or around the same. The buyer, knowing that it's a falling market, would base it lower. Hence, without a controlling valuation set by HDB, the buyer could be paying CUV on top of an already undervalued figure. All else equal, the revse could be true for a booming market but read my next point below.
2. Now you might think that it might help boost the current market right? Wrong. Firstly, the market is in a decline. Secondly, even in a booming market, buyers will be able to back out in event that the valuation is much lower than his offer (COV offered is too high). The shroud around the valuation in this case should not accelerate an already booming market. Buyer makes offer, and back out (forfeit $1k) if valuation is too low. The COV will never be as exaggerated as CUV as in my first point above (#1). Now you see why I said this rule is meant to punish sellers and not buyers?
Of course, there may eventually be rules to protect sellers as well in the future but definitely not now when all other CMs are still in place. This should be the last CM to go IMO.
In event of a valuation mismatch buyers can opt out and just forfeit $1k downpayment,
Why $1k down-payment, why not $1 down-payment.
Ask your friend to pay max SGD 1.
Option Fee (Up to a maximum of $1,000) = SGD 1, after valuation if buyer cannot pay just let it expiry = SGD 1.
http://services2.hdb.gov.sg/webapp/B...4SPdfConverter
5. Expiry of Option
This Option will expire on the Option Expiry. If the Buyer does not exercise this Option in the manner set out below, this Option will be null and void. SGD 1
7. Non-Exercise of Option
If the Buyer does not exercise this Option in the manner stated in this Option, and provided the Seller has met the requirement in Clause 3.1 ----
(a) the Seller is entitled to retain the Option Fee "SGD 1"; and
(b) neither party will have any claim against the other.
Why $1k down-payment, why not $1 down-payment.
Ask your friend to pay max SGD 1.
Option Fee (Up to a maximum of $1,000) = SGD 1, after valuation if buyer cannot pay just let it expiry = SGD 1.
http://services2.hdb.gov.sg/webapp/B...4SPdfConverter
5. Expiry of Option
This Option will expire on the Option Expiry. If the Buyer does not exercise this Option in the manner set out below, this Option will be null and void. SGD 1
7. Non-Exercise of Option
If the Buyer does not exercise this Option in the manner stated in this Option, and provided the Seller has met the requirement in Clause 3.1 ----
(a) the Seller is entitled to retain the Option Fee "SGD 1"; and
(b) neither party will have any claim against the other.
Aiyah I was just quoting the max that some sellers demand for "genuine buyers"
Now buyers cannot used Valuation as a guideline to mark down... Hahaha... All the TOP EC and BTO owner now lppl... In this market how to sell? The market have really shift to buyer side. Maybe have to wait until those PR that is blocked from buying to come back to the market... That is of course their new EC and BTO does not TOP before that...
In event of a valuation mismatch buyers can opt out and just forfeit $1k downpayment, whereas sellers have to LPPL and take it as it's a fair deal even as with private properties. This is what the OTP was originally planned for, to protect buyers as they have the most to loose. The sellers are obliged to exercise SNP and if he fails to do so, the buyer may seek legal mediation (sue the seller). This question brings up the revelation that many ppl on this thread have had no experience in buying/selling properties. I've been through many transactions in my experience in property investments and I can tell you that the rules are meant to bring down the valuation, which was originally meant to hold prices, at a faster pace.
Ask yourself why was valuation implemented, and for HDB who's in control? You might think that a private company is doing the valuation but after searching you would be shock to know that all valuations eventually come from or are approved by HDB. Yes, HDB has been holding up resale prices for so long as sellers can use this tool to influence their buyers which will result in stable prices accross the HDB segment. Why does HDB always falls or increases after PTD properties (PTE properties always take the lead)? This is because HDB is controlling the valuation and that acts as a pillar for sellers and affects the offers made by buyers.
You might think that PTE properties have valuations too right? Yes but it's difference and assigned by the banks which explains why some banks give you a higher valuation while some lower. It's also illegally possible to bribe the valuator giving your home a higher valuation (ahem!).
Now, let me come back to the new HDB rule:
1. This will bring about faster devaluation because in a dropping market, the sellers have no clue how much their flats are valued at. The previous transaction could already be sold at under valuation (CUV) and if it's based on that, the seller having no clue whatsoever, would base his at the same or around the same. The buyer, knowing that it's a falling market, would base it lower. Hence, without a controlling valuation set by HDB, the buyer could be paying CUV on top of an already undervalued figure. All else equal, the revse could be true for a booming market but read my next point below.
2. Now you might think that it might help boost the current market right? Wrong. Firstly, the market is in a decline. Secondly, even in a booming market, buyers will be able to back out in event that the valuation is much lower than his offer (COV offered is too high). The shroud around the valuation in this case should not accelerate an already booming market. Buyer makes offer, and back out (forfeit $1k) if valuation is too low. The COV will never be as exaggerated as CUV as in my first point above (#1). Now you see why I said this rule is meant to punish sellers and not buyers?
Of course, there may eventually be rules to protect sellers as well in the future but definitely not now when all other CMs are still in place. This should be the last CM to go IMO.
Bro, some good insights provided here....however the outcomes need not be as specific as what you have outlined.
In my opinion the basic difference is both buyers and sellers used to take their cue from the valuation previously, but henceforth, they are going to take it from the immediate past transactions henceforth. In a falling market, valuations typically have a lag effect in showing up the price drop, as valuers are required to take three immediate past transactions into their analysis. However, this recent move will force both buyers and sellers to look at the immediate past transaction to make their decisions. Given HDB's announcement that they will start updating transactions within 24 hours of them happening, I feel HDB wants to quicken the pace of the price drop....in other words, they feel the current system is bringing about a lag effect in bringing about a drop.
In an appreciating market, it will have the reverse effect, ie, prices will start rising much faster under the new system as compared to the old system......but that again is not a problem for now, so it can be kicked down the road......
In my opinion the basic difference is both buyers and sellers used to take their cue from the valuation previously, but henceforth, they are going to take it from the immediate past transactions henceforth. In a falling market, valuations typically have a lag effect in showing up the price drop, as valuers are required to take three immediate past transactions into their analysis. However, this recent move will force both buyers and sellers to look at the immediate past transaction to make their decisions. Given HDB's announcement that they will start updating transactions within 24 hours of them happening, I feel HDB wants to quicken the pace of the price drop....in other words, they feel the current system is bringing about a lag effect in bringing about a drop.
True, and I've already mentioned this in my post (look for keyword "faster pace") though I didn't elaborate. Not sure about appreciation though...
thomastansb
11-03-14, 08:48
PAP will win big lor. Prices drop, everybody happy. No more 1 million dollars flat. HDB is for staying, not for asset or speculation. REsale should be priced at 250k for a 5 bedroom.
Now, it may be just a start to see zero cov (http://www.propertyrichesprogram.com/blog/zero-cov/) and CUV only. See what will happen in 2016.
PAP will win big lor. Prices drop, everybody happy. No more 1 million dollars flat. HDB is for staying, not for asset or speculation. REsale should be priced at 250k for a 5 bedroom.
If 5 Rooms at 250k, what will be the price for 4-2 rooms? The different between the OTP and valuation price still COV or CUV... LPPL
There will be no $1 OTP even if it is legal, because sellers will not grant such low OTP to buyers offering such $1 OTP as obviously they are not serious buyers out to waste time.
There will be no $1 OTP even if it is legal, because sellers will not grant such low OTP to buyers offering such $1 OTP as obviously they are not serious buyers out to waste time.
Agreed, sincere buyer will not do that plus seller oso will not enterain this type of buyer. Seller will said try ur luck at casino better dont waste my time.
i think the move causes buyers/sellers to wade in murky waters
e.g. scenario 1
previous transaction: $100k + COV $20k
valuation = $120k
buyer makes bid of $120 based on last transacted data
verdict : as long as the previous buyer pay COV, you're basically screwed with skewed data
e.g. scenario 2
previous transaction: $100 - $5k
valuation = $95k
seller has no choice but to lower asking price
verdict: seller is screwed if a price war erupts
i think the move causes buyers/sellers to wade in murky waters
e.g. scenario 1
previous transaction: $100k + COV $20k
valuation = $120k
buyer makes bid of $120 based on last transacted data
verdict : as long as the previous buyer pay COV, you're basically screwed with skewed data
e.g. scenario 2
previous transaction: $100 - $5k
valuation = $95k
seller has no choice but to lower asking price
verdict: seller is screwed if a price war erupts
Bro hdb will not be asset any more. Last time if u sell can have money for retirement, now sell u get peanuts.
Bro hdb will not be asset any more. Last time if u sell can have money for retirement, now sell u get peanuts.
Seller set ur price how much u wish to sell... if heng heng one carrot head walk in. Dont wait liao.
Buyer do ur HLE and homework 1st before u start looking for unit and dont waste everyone time.
What happen if ur area no transaction for the last 6 months and latest was in 2013 and that deal was with high COV? So the question is who want to buy so high and who want to sell too low... thus this new ruling FOR WHAT????:
New ruling old ruling all still depend on willing seller & willing buyer to close the deal. :2cents:
Seller set ur price how much u wish to sell... if heng heng one carrot head walk in. Dont wait liao.
Buyer do ur HLE and homework 1st before u start looking for unit and dont waste everyone time.
What happen if ur area no transaction for the last 6 months and latest was in 2013 and that deal was with high COV? So the question is who want to buy so high and who want to sell too low... thus this new ruling FOR WHAT????:2cents:
Suay suay on top floor one bought an EC and need to sell within 6mths then really jialat. :D
Suay suay on top floor one bought an EC and need to sell within 6mths then really jialat.
ya... i dont see the real objective of this new ruling.
if buyer really love the unit, they'll pay what seller asked for, like those million dollars hdb
if buyer really love the unit, they'll pay what seller asked for, like those million dollars hdb
Good luck to all buyers and sellers.:cheers1:
if buyer really love the unit, they'll pay what seller asked for, like those million dollars hdb
For buyers with lots of hard cash, this new system doesn't affect them at all. Those buyers with limited cash will have problem, as they will not know what they are getting into.
For buyers with lots of hard cash, this new system doesn't affect them at all. Those buyers with limited cash will have problem, as they will not know what they are getting into.
hdb option money is maximum 1k?
Sellers have to think twice too as they might get shortchanged.
can seller add clause in OTP like "subject to hdb valuation of between 400k to 420k, else OTP void" ? :D
like that both buyer and seller will not scare of valuation turn out too low or too high :D
hdb option money is maximum 1k?
Sellers have to think twice too as they might get shortchanged.
yes, max is 1k, below is from hdb website.
You are required to sign on the OTP in exchange for an Option Fee from the buyers. The Option Fee could be a sum between $1 to a maximum of $1,000, to be negotiated between you and the buyers.
yes, max is 1k, below is from hdb website.
You are required to sign on the OTP in exchange for an Option Fee from the buyers. The Option Fee could be a sum between $1 to a maximum of $1,000, to be negotiated between you and the buyers.
Then i would say this change benefits new buyers.
No more come out hard cash for COV.
No more come out hard cash for COV.
There will still be time have to pay hard cash.
Agreed price 500K and valuation price 480K and loan amount base on valuation price thus buyer have to pay hard cash 20K or cancel deal to forgo deposits.
so now HDB prices expected to be up or down? buyers will not dare to negotiate too low a price otherwise got to come out with cash if the valuation is higher?? or how does this thing work?
so now HDB prices expected to be up or down? buyers will not dare to negotiate too low a price otherwise got to come out with cash if the valuation is higher?? or how does this thing work?
Buyer still need to have some cash on hand for top up purpose or keep forgo deposits when he/she cancel the deals. That why this new ruling i can't see the real objective. TWO CENTS
Amber Woods
11-03-14, 12:10
so now HDB prices expected to be up or down? buyers will not dare to negotiate too low a price otherwise got to come out with cash if the valuation is higher?? or how does this thing work?
Buyer will negotiate for as low a price as possible. If valuation is higher, buyer pays the lower price agreed. Bank will base on the valuation price or agreed price whichever is lower for the purpose of determining the loan amount.
so now HDB prices expected to be up or down? buyers will not dare to negotiate too low a price otherwise got to come out with cash if the valuation is higher?? or how does this thing work?
i say, seller can help to sway buyer, by agreeing to set OTP fee at $100,
$100 is not too much for the buyer to lose if valuation turn out to be too low :D
seller get to earn $100 if buyer dun exercise OTP lah :D
anyway, buyer still must pay for valuation report:
1 & 2-room - S$133.05
3-room & larger - S$191.90
Downward price pressure will be more intense now as more buyers will not want to overpay and will thus create a lower selling price indication for the next subsequent..
HLE or IPA could determine the final offer price afterall.
To avoid any COV, buyer could have put in an offer below their HLE/IPA mark.
On the other hand, if buyer with cash on hand may want to buffer in case the valuation turn out to be lower.
Kind of gamble in that sense, buyer could worry of the valuation outcome.
No more come out hard cash for COV.
New ruling remove the baseline.
If transacted price keep falling day after day, it will be like stock market.
If valuation still hold as current price, buyer can dun follow.
As long they can secure a loan, valuation can be useless.
thomastansb
11-03-14, 13:07
But the loan is pegged to the valuation report.
New ruling remove the baseline.
If transacted price keep falling day after day, it will be like stock market.
If valuation still hold as current price, buyer can dun follow.
As long they can secure a loan, valuation can be useless.
thomastansb
11-03-14, 13:09
150k lor. Singaporeans already made their point. HDB isn't an asset. Just a roof. Just a public housing.
If 5 Rooms at 250k, what will be the price for 4-2 rooms? The different between the OTP and valuation price still COV or CUV... LPPL
can seller add clause in OTP like "subject to hdb valuation of between 400k to 420k, else OTP void" ? :D
like that both buyer and seller will not scare of valuation turn out too low or too high :D
i found answer myself:
HDB prescribed Option to Purchase
Sellers and buyers of resale flats must use the HDB prescribed Option to Purchase (OTP) as the form of
contract in resale transactions. No party is allowed to enter into any other agreement pertaining to the sale
and purchase of the flat as it is null and void pursuant to the Housing and Development Act.
Get prescribed Option to Purchase Form from HDB InfoWEB
The prescribed Option to Purchase form shall be downloaded from the HDB InfoWEB(www.hdb.gov.sg (http://www.hdb.gov.sg)).
No amendments may be made to the prescribed form. Amendments include (but are not limited to) deletions, insertions or altering any provision in the prescribed Option to Purchase form.
hdb resale price is dead meat liao...
Here is what 'analysts' have to say...
http://www.youtube.com/watch?v=HlSsh3r8Zps
from HDB OTP
20. Delivery of possession
20.1 The Flat is sold with vacant possession on completion.
20.2 The Seller must allow the Buyer to conduct a final inspection of the Flat on or before the Completion Date.
if tenanted, cannot sell ?
why can't sell if tenanted?
from HDB OTP
20. Delivery of possession
20.1 The Flat is sold with vacant possession on completion.
20.2 The Seller must allow the Buyer to conduct a final inspection of the Flat on or before the Completion Date.
if tenanted, cannot sell ?
I think technically it is correct. If the unit is in between tenancy, then a new tenancy need to be executed between new seller and tenant for the remaining term.
it is always said that "sellers are always wiser than buyers". but some forummers here are believing that sellers are all idiots, while the buyers can cut the prices as they like.
:cheers5:
it is always said that "sellers are always wiser than buyers". but some forummers here are believing that sellers are all idiots, while the buyers can cut the prices as they like.
Is a 2 ways....
why can't sell if tenanted?
well, because according to OTP, upon completion, seller to receive vacant possession of the unit.
vacant possession means no occupants right?
so if tenant refuse to move out, does that mean seller cannot deliver vacant possession to the buyer?
for private property, if have tenant, OTP will state "property is sold subject to existing tenancy".
upcoming:
Slower growth index in resale
Sellers not motivated to sell
Demand for Resale flats will drop
Mass Market condo/EC still will have healthy demand
A De-link between HDB-CONDO price (more difficult for ppl to upgrade)
expect sellers/buyers to have a more difficult time to conclude a sale.
The seller will ask higher price to protect themselves. The buyer will offer more lower price to avoid COV.
The gap will become bigger to match.
If the valuation price comes out lower, the buyer will not exercise and the searching and marketing repeats.
FAIR AND MORE TRANSPARENT MARKET TO BOTH PARTIES.
I think technically it is correct. If the unit is in between tenancy, then a new tenancy need to be executed between new seller and tenant for the remaining term.
do you mean new owner, ie the buyer?
i think there exist a grey area.
1) how can buyer/new owner issue new TA to existing tenant when the flat is not his yet before completion period?
2) definition of vacant possession
http://www.wisegeek.com/what-is-vacant-possession.htm
not sure whether it is relevant to singapore's context.
tenant's stuff still in there during handover, so not vacant possession.
do you mean new owner, ie the buyer?
i think there exist a grey area.
1) how can buyer/new owner issue new TA to existing tenant when the flat is not his yet before completion period?
2) definition of vacant possession
http://www.wisegeek.com/what-is-vacant-possession.htm
not sure whether it is relevant to singapore's context.
tenant's stuff still in there during handover, so not vacant possession.
as far as i know, resale hdb is never sold with tenancy one lah...
buyer need to fulfil MOP before can start renting out again.
This mean seller need to settle with existing tenant before flat can be sold.
I am referring to sublet of whole unit, i am not sure about room rental.
thomastansb
11-03-14, 15:20
Depends. Supply and demand. If someone need to dispose off his property within 6 months because they bought a EC, then they will be in trouble.
it is always said that "sellers are always wiser than buyers". but some forummers here are believing that sellers are all idiots, while the buyers can cut the prices as they like.
as far as i know, resale hdb is never sold with tenancy one lah...
buyer need to fulfil MOP before can start renting out again.
This mean seller need to settle with existing tenant before flat can be sold.
I am referring to sublet of whole unit, i am not sure about room rental.
thank you for clarifying. i have 0 experience in HDB.
so previously, even for resale HDB market, there was a standard OTP form? (unlike for resale private properties, where there is no standard OTP.) and the previous resale HDB OTP also state that have to deliver vacant possession?
thank you for clarifying. i have 0 experience in HDB.
so previously, even for resale HDB market, there was a standard OTP form? (unlike for resale private properties, where there is no standard OTP.) and the previous resale HDB OTP also state that have to deliver vacant possession?
i am not sure about the previous HDB OTP...
but the hdb rental thingy was like this... it used to be buyer need to stay 3 yrs before allowed to rent out whole unit... then after 30 Aug 2010, it become need to stay 5 yrs then can rent out whole unit.
well, because according to OTP, upon completion, seller to receive vacant possession of the unit.
vacant possession means no occupants right?
so if tenant refuse to move out, does that mean seller cannot deliver vacant possession to the buyer?
for private property, if have tenant, OTP will state "property is sold subject to existing tenancy".
eh, it is expected that either the previous seller terminate the lease or the tenant re-negotiate the lease with the new owner.
i found answer myself:
HDB prescribed Option to Purchase
Sellers and buyers of resale flats must use the HDB prescribed Option to Purchase (OTP) as the form of
contract in resale transactions. No party is allowed to enter into any other agreement pertaining to the sale
and purchase of the flat as it is null and void pursuant to the Housing and Development Act.
Get prescribed Option to Purchase Form from HDB InfoWEB
The prescribed Option to Purchase form shall be downloaded from the HDB InfoWEB(www.hdb.gov.sg (http://www.hdb.gov.sg)).
No amendments may be made to the prescribed form. Amendments include (but are not limited to) deletions, insertions or altering any provision in the prescribed Option to Purchase form.
hdb resale price is dead meat liao...
How to get HDB valuation for SGD 1.
Just get TOM, DICK or Harry to sign the option, after valuation just let it expire.
Purchase Price $ 1,000,000 ("Purchase Price")
Option Fee (Up to a maximum of $1,000) $ 1 ("Option Fee")
http://services2.hdb.gov.sg/webapp/B...4SPdfConverter
7. Non-Exercise of Option
If the Buyer does not exercise this Option in the manner stated in this Option, and provided the Seller has met the requirement in Clause 3.1 ----
(a) the Seller is entitled to retain the Option Fee SGD 1; and
(b) neither party will have any claim against the other.
i say, seller can help to sway buyer, by agreeing to set OTP fee at $100,
$100 is not too much for the buyer to lose if valuation turn out to be too low :D
seller get to earn $100 if buyer dun exercise OTP lah :D
anyway, buyer still must pay for valuation report:
1 & 2-room - S$133.05
3-room & larger - S$191.90
How to get HDB valuation for SGD 1.
Just get TOM, DICK or Harry to sign the option, after valuation just let it expire.
Purchase Price $ 1,000,000 ("Purchase Price")
Option Fee (Up to a maximum of $1,000) $ 1 ("Option Fee")
http://services2.hdb.gov.sg/webapp/B...4SPdfConverter
7. Non-Exercise of Option
If the Buyer does not exercise this Option in the manner stated in this Option, and provided the Seller has met the requirement in Clause 3.1 ----
(a) the Seller is entitled to retain the Option Fee SGD 1; and
(b) neither party will have any claim against the other.
Buyer still need to have some cash on hand for top up purpose or keep forgo deposits when he/she cancel the deals. That why this new ruling i can't see the real objective. TWO CENTS
You can pay TWO CENTS for OTP also.
How to get HDB valuation for SGD 1.
Just get TOM, DICK or Harry to sign the option, after valuation just let it expire.
Purchase Price $ 1,000,000 ("Purchase Price")
Option Fee (Up to a maximum of $1,000) $ 1 ("Option Fee")
http://services2.hdb.gov.sg/webapp/B...4SPdfConverter
7. Non-Exercise of Option
If the Buyer does not exercise this Option in the manner stated in this Option, and provided the Seller has met the requirement in Clause 3.1 ----
(a) the Seller is entitled to retain the Option Fee SGD 1; and
(b) neither party will have any claim against the other.
proud owner
11-03-14, 17:43
i think the move causes buyers/sellers to wade in murky waters
e.g. scenario 1
previous transaction: $100k + COV $20k
valuation = $120k
buyer makes bid of $120 based on last transacted data
verdict : as long as the previous buyer pay COV, you're basically screwed with skewed data
e.g. scenario 2
previous transaction: $100 - $5k
valuation = $95k
seller has no choice but to lower asking price
verdict: seller is screwed if a price war erupts
I really don't understand how Khaw can come up with this new ruling...
take this scenario as an example :
same blk , same stack ...
#26-01 sold in dec 2013 at $550 ( $500 valn + $50k cov) ... well renovated unit.
no transaction till now ..
#25-01 now wants to sell. Original condition. Based on last transacted, this unit will likely get a valn of $550k. Seller asks for $540k ....
a buyer comes along...seeing the original condition..will bid say $500k..but he would be able to find out that the last valn was %550k... but he wouldn't know ... NOR HDB ... if the previous transaction was renovated or original...
how then does HDB do it valn ?
say they finally agree on $530k .. buyer thinks he gets a good deal as last transacted price was $550k ... he just might get a valn of $550k ...
Question is ... did buyer really get a good deal ? ... he may have a high valn, but he would need to spend at least 50k to bring it to a renovated condition ... all in he is spending even more ...
similarly ...
say #25-01 (original condition) was sold at $500k (valn $500k, $0 COV)..
#26-01 now wants to sell ... based on current new ruling , he is likely to ONLY get a valn of $500...
based on current market condition, most likely he can only sell at $500..
so if it fair to the seller ?
it will be true that going forward, the well renovated units will lose out ..
I really don't understand how Khaw can come up with this new ruling...
take this scenario as an example :
same blk , same stack ...
#26-01 sold in dec 2013 at $550 ( $500 valn + $50k cov) ... well renovated unit.
no transaction till now ..
#25-01 now wants to sell. Original condition. Based on last transacted, this unit will likely get a valn of $550k. Seller asks for $540k ....
a buyer comes along...seeing the original condition..will bid say $500k..but he would be able to find out that the last valn was %550k... but he wouldn't know ... NOR HDB ... if the previous transaction was renovated or original...
how then does HDB do it valn ?
say they finally agree on $530k .. buyer thinks he gets a good deal as last transacted price was $550k ... he just might get a valn of $550k ...
Question is ... did buyer really get a good deal ? ... he may have a high valn, but he would need to spend at least 50k to bring it to a renovated condition ... all in he is spending even more ...
similarly ...
say #25-01 (original condition) was sold at $500k (valn $500k, $0 COV)..
#26-01 now wants to sell ... based on current new ruling , he is likely to ONLY get a valn of $500...
based on current market condition, most likely he can only sell at $500..
so if it fair to the seller ?
it will be true that going forward, the well renovated units will lose out ..
ok potential seller, no need to take care of your home, spoil it :D
Depends. Supply and demand. If someone need to dispose off his property within 6 months because they bought a EC, then they will be in trouble.
such people are always in trouble, no matter there is valuation, COV concept or not.
I really don't understand how Khaw can come up with this new ruling...
it will be true that going forward, the well renovated units will lose out ..
The only different before and after are,
Before
1. Seller get valuation than sell valuation report to buyer.
Now
1. Buyer need to buy valuation plus SGD 1. as agreed by seller at a resale price of buyer who confirm will not exercise.
2. Then after valuation agreed upon another resale price both party can agreed on and do another valuation.
You can pay TWO CENTS for OTP also.
How to get HDB valuation for SGD 1.
Just get TOM, DICK or Harry to sign the option, after valuation just let it expire.
Purchase Price $ 1,000,000 ("Purchase Price")
Option Fee (Up to a maximum of $1,000) $ 1 ("Option Fee")
http://services2.hdb.gov.sg/webapp/BB24OTPDlWeb/BB24POptionToPurchaseLink
7. Non-Exercise of Option
If the Buyer does not exercise this Option in the manner stated in this Option, and provided the Seller has met the requirement in Clause 3.1 ----
(a) the Seller is entitled to retain the Option Fee SGD 1; and
(b) neither party will have any claim against the other.
Fees Payable for processing of Valuation Request
Flat Type Softcopy Valuation Report
1 & 2-room S$133.05
3-room & larger S$191.90
http://services2.hdb.gov.sg/webapp/BB31ERESALE3/BB31SMain
4. Valuation of Flat (Clause 4 of OTP)
Buyers who are financing the purchase of the flat with a housing loan from HDB/bank and/or their CPF
savings must have a valuation of the flat done by a private valuer assigned by HDB.
Only buyers who have been granted an OTP shall submit a request for valuation. Buyers must (by
themselves or through their salesperson) submit the valuation request by the next working day* after the
Option Date. As required under Clause 4.1(b) of the OTP, scanned copies of page 1 and page 8 of the
OTP must be attached with the request. (*Monday to Saturday, which is not a Public Holiday)
Sellers must, within four (4) working days* after the day the buyers submit the valuation request, allow the HDB appointed valuer to enter the flat to assess the value of the flat.
The value of the flat is only applicable to each valuation request and is non-transferable to or valid for use in another resale transaction involving the buyers under a different OTP for the same flat or other buyers
of the flat, for which a new request for valuation must be submitted.
Total cost increase of 2x plus SGD 1.
Fees Payable for processing of Valuation Request
Flat Type Softcopy Valuation Report
1 & 2-room S$133.05
3-room & larger S$191.90
thomastansb
11-03-14, 19:09
From what I know, HDB valuation is very close one. A 25th floor superbly furnished might be valued at 510k. But an original 10th floor can be valued at 500 or 505k. And valuation don't take views into consideration. Same floor, unblocked vs blocked will have the same valuation. Maybe the renovation will just add 5k more at most.
I might be wrong here.
I really don't understand how Khaw can come up with this new ruling...
take this scenario as an example :
same blk , same stack ...
#26-01 sold in dec 2013 at $550 ( $500 valn + $50k cov) ... well renovated unit.
no transaction till now ..
#25-01 now wants to sell. Original condition. Based on last transacted, this unit will likely get a valn of $550k. Seller asks for $540k ....
a buyer comes along...seeing the original condition..will bid say $500k..but he would be able to find out that the last valn was %550k... but he wouldn't know ... NOR HDB ... if the previous transaction was renovated or original...
how then does HDB do it valn ?
say they finally agree on $530k .. buyer thinks he gets a good deal as last transacted price was $550k ... he just might get a valn of $550k ...
Question is ... did buyer really get a good deal ? ... he may have a high valn, but he would need to spend at least 50k to bring it to a renovated condition ... all in he is spending even more ...
similarly ...
say #25-01 (original condition) was sold at $500k (valn $500k, $0 COV)..
#26-01 now wants to sell ... based on current new ruling , he is likely to ONLY get a valn of $500...
based on current market condition, most likely he can only sell at $500..
so if it fair to the seller ?
it will be true that going forward, the well renovated units will lose out ..
such people are always in trouble, no matter there is valuation, COV concept or not.
So what will happen when these people cannot sell their HDB within 6 months,
1. Will HDB buy the HDB at valuation.
2. Will HDB buy below valuation.
3. Do they need to return the EC.
From what I know, HDB will buy over at valuation, that is the reason they control the valuation otherwise they will have to over pay the seller.
Seller can also show proof that they have market their HDB and did not get an offer to extend beyond 6 months.
check the sale of Balance flat to confirm.
http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyingNewFlatFlatsonOffer?OpenDocument
thomastansb
11-03-14, 19:13
In theory, you can.
But in reality, it won't make sense.
You get the valuation by asking a friend to get the OTP and you found out that your house is valued at 500k. Then you ask your agent to show people your house is valued at 500k - which is a price that your neighbouring units are transacted at.
So firstly, I won't even need the report because my ex-neighbours sold around 500k. The most it will differs by 5 to 10k.
Secondly, buyers are not stupid. You show me the valuation doesn't mean I will get the same valuation. If your neighbour sell 480k today, then my valuation is less than 500k tomorrow.
How to get HDB valuation for SGD 1.
Just get TOM, DICK or Harry to sign the option, after valuation just let it expire.
Purchase Price $ 1,000,000 ("Purchase Price")
Option Fee (Up to a maximum of $1,000) $ 1 ("Option Fee")
http://services2.hdb.gov.sg/webapp/B...4SPdfConverter
7. Non-Exercise of Option
If the Buyer does not exercise this Option in the manner stated in this Option, and provided the Seller has met the requirement in Clause 3.1 ----
(a) the Seller is entitled to retain the Option Fee SGD 1; and
(b) neither party will have any claim against the other.
It depend whether it a up market or down market.
In a up market, the valuation will be lower and a down market the valuation will be higher than the market price.
When they start this thing call valuation, they are not fast enough thus the under table.
I have a valuation of SGD 195,000 for a 4 room HDB and the market is selling at SGD 300,000,. in 1995
Valuation 5 Oct 2012 SGD 595,000
Valuation 28 Feb 2014 SGD 640,000
http://www.channelnewsasia.com/news/singapore/median-cov-for-hdb-flats/1022532.html
In theory, you can.
But in reality, it won't make sense.
You get the valuation by asking a friend to get the OTP and you found out that your house is valued at 500k. Then you ask your agent to show people your house is valued at 500k - which is a price that your neighbouring units are transacted at.
So firstly, I won't even need the report because my ex-neighbours sold around 500k. The most it will differs by 5 to 10k.
Secondly, buyers are not stupid. You show me the valuation doesn't mean I will get the same valuation. If your neighbour sell 480k today, then my valuation is less than 500k tomorrow.
I agree...all these 'tricks' being discussed need not necessarily hold true for the following reasons:
- Valuation is not a perfect science, ie, valuers can also make some arbitrary judgements in arriving at a final valuation price. In fact, we always see this in the pte condo market, different valuers from diff banks can value the same condo differently, sometimes as much as 50k apart.
- buyers are aware that the only valuation that matters to them is that which HDB gives them, not a previous potential purchaser.
- Valuers and HDB wil also take into account the submitted agreed price in arriving at a valuation...so they will have no problem in offering a different value for the same property, even if the previous valuation is done just 30 days ago....'Market situation has changed, dah!!'
Tricks or Luck or God Bless depend on how you look at it.
1988 get 4 room HDB for SGD 83,000.
1995 sell for SGD 285,000 collected SGD 180,000 from HDB.
1993 brought 5 room HDB for SGD 225,600 + 10% premium = SGD 250,000 pay 20% loan SGD 200,000.
Valuation now SGD 640,000.
2006 brought 2 Bedroom for SGD 535,000. pay 20% SGD 107,000 valuation in 2010 SGD 1,550,000
http://www.lovethispic.com/uploaded_images/30563-May-God-Bless-My-Friends.gif
this is not a free market where buyer and seller agrees to a price liao, because third party (hdb valuer) can throw surprise.
buyer really will be very stress and switch off...
when he offer a price, he is like tikam tikam, hoping it is not higher (or not much higher) than the coming valuation....
ok dun buy hdb resale la, go buy private better lah (smaller also never mind lah) :D
Tricks or Luck or God Bless depend on how you look at it.
1988 get 4 room HDB for SGD 83,000.
1995 sell for SGD 285,000 collected SGD 180,000 from HDB.
1993 brought 5 room HDB for SGD 225,600 + 10% premium = SGD 250,000 pay 20% loan SGD 200,000.
Valuation now SGD 640,000.
2006 brought 2 Bedroom for SGD 535,000. pay 20% SGD 107,000 valuation in 2010 SGD 1,550,000
no offence, are you >=50yr old liao ? :D
no offence, are you >=50yr old liao ? :D
How you come up this number, interesting.
this is not a free market where buyer and seller agrees to a price liao, because third party (hdb valuer) can throw surprise.
buyer really will be very stress and switch off...
when he offer a price, he is like tikam tikam, hoping it is not higher (or not much higher) than the coming valuation....
ok dun buy hdb resale la, go buy private better lah (smaller also never mind lah) :D
Just get 2 valuation report only what and SGD 1 OTP.
Tricks or Luck or God Bless depend on how you look at it.
1988 get 4 room HDB for SGD 83,000.
1995 sell for SGD 285,000 collected SGD 180,000 from HDB.
1993 brought 5 room HDB for SGD 225,600 + 10% premium = SGD 250,000 pay 20% loan SGD 200,000.
Valuation now SGD 640,000.
2006 brought 2 Bedroom for SGD 535,000. pay 20% SGD 107,000 valuation in 2010 SGD 1,550,000
no offence, are you >=50yr old liao ? :D
How you come up this number, interesting.
well, i assume u were 25yr old in 1988, then now 51 lor.
if u got that 4rm hdb at 21yr old, then now 47 lor :D
well, i assume u were 25yr old in 1988, then now 51 lor.
if u got that 4rm hdb at 21yr old, then now 47 lor :D
Just past my 50th Birthday and you can't find the day in this year calendar.
https://scontent-a-cdg.xx.fbcdn.net/hphotos-prn1/t31/1077246_10202249951783138_70780540_o.jpg
https://fbcdn-sphotos-b-a.akamaihd.net/hphotos-ak-frc3/t31/1795175_10202249948503056_1532661283_o.jpg
proud owner
11-03-14, 20:48
I think most agents will not want to do HDB resale ...
cannot blame them ...
work so hard ... do all the viewings, paper work , etc etc ...manage to get OTP... if valuation not favorable to Buyer and decides not to exercise....the deal will not get closed ...
pay for advertisement, car park, petrol , etc ... and no deal ..
I heard all these expenses cannot claim from income tax ...
this is probably the only SALES job that cannot claim all such expenses
I think most agents will not want to do HDB resale ...
cannot blame them ...
work so hard ... do all the viewings, paper work , etc etc ...manage to get OTP... if valuation not favorable to Buyer and decides not to exercise....the deal will not get closed ...
pay for advertisement, car park, petrol , etc ... and no deal ..
I heard all these expenses cannot claim from income tax ...
this is probably the only SALES job that cannot claim all such expenses
Maybe they will start to demand for higher commission
I really don't understand how Khaw can come up with this new ruling...
take this scenario as an example :
same blk , same stack ...
#26-01 sold in dec 2013 at $550 ( $500 valn + $50k cov) ... well renovated unit.
no transaction till now ..
#25-01 now wants to sell. Original condition. Based on last transacted, this unit will likely get a valn of $550k. Seller asks for $540k ....
a buyer comes along...seeing the original condition..will bid say $500k..but he would be able to find out that the last valn was %550k... but he wouldn't know ... NOR HDB ... if the previous transaction was renovated or original...
how then does HDB do it valn ?
say they finally agree on $530k .. buyer thinks he gets a good deal as last transacted price was $550k ... he just might get a valn of $550k ...
Question is ... did buyer really get a good deal ? ... he may have a high valn, but he would need to spend at least 50k to bring it to a renovated condition ... all in he is spending even more ...
similarly ...
say #25-01 (original condition) was sold at $500k (valn $500k, $0 COV)..
#26-01 now wants to sell ... based on current new ruling , he is likely to ONLY get a valn of $500...
based on current market condition, most likely he can only sell at $500..
so if it fair to the seller ?
it will be true that going forward, the well renovated units will lose out ..
many things do not really say fair or unfair. It is about the agreed price between the seller and the buyer.
WILLING BUYER-WILLING SELLER
But the loan is pegged to the valuation report.
MSR will kick in, plus HLE must be obtain, so valuation is not final say.
So what will happen when these people cannot sell their HDB within 6 months,
1. Will HDB buy the HDB at valuation.
2. Will HDB buy below valuation.
3. Do they need to return the EC.
From what I know, HDB will buy over at valuation, that is the reason they control the valuation otherwise they will have to over pay the seller.
Seller can also show proof that they have market their HDB and did not get an offer to extend beyond 6 months.
check the sale of Balance flat to confirm.
http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyingNewFlatFlatsonOffer?OpenDocument
I know for the flats under SERS, if the owner change their mind (means not willing to take the replacement), they can return the flats to HDB at valuation price.
I am not sure of the EC or new BTO cases, if it also applies, there will be no one willing to sell under valuation because the worse case is to return it to HDB at valuation.
I know for the flats under SERS, if the owner change their mind (means not willing to take the replacement), they can return the flats to HDB at valuation price.
I am not sure of the EC or new BTO cases, if it also applies, there will be no one willing to sell under valuation because the worse case is to return it to HDB at valuation.
HDB like to scare people, so they come up with lots of bullshit to confuse everyone..
These are things that they don't let everyone know.
What will happen when all those who buy EC and cannot sell and sell to HDB at valuation, then they will be stuck with all the Balanced flats like in the 90's.
So in order to save themselves, they control the valuation price.
They always look at their P and L. Singapore rule like a big company, must confirm make money.
https://fbcdn-sphotos-b-a.akamaihd.net/hphotos-ak-ash3/t1/1896957_10152217637417040_902751500_n.jpg
Sad..... I am starting to enjoy CUV then this come...
Sad..... I am starting to enjoy CUV then this come...
There will still be CUV for those who are lazy to find out what is the market value.
I think most agents will not want to do HDB resale ...
cannot blame them ...
work so hard ... do all the viewings, paper work , etc etc ...manage to get OTP... if valuation not favorable to Buyer and decides not to exercise....the deal will not get closed ...
pay for advertisement, car park, petrol , etc ... and no deal ..
I heard all these expenses cannot claim from income tax ...
this is probably the only SALES job that cannot claim all such expenses
These agents would roughly know the range of the valuation after a while lah.
proud owner
12-03-14, 00:19
WILLING BUYER-WILLING SELLER
in another thread ...
also willing seller willing buyer ...
but 2 weeks later .... the same unit sold for 200k more ... they sue the agent
so NO SUCH THING AS willing seller willing buyer
proud owner
12-03-14, 00:22
These agents would roughly know the range of the valuation after a while lah.
but with $ 1 option .... hahha
like many here said ... try 100 units ...only cost you $100... tikam tikam
imagine 10 agents, each serving you 10 units ... that's a lot of paper work and running up and down HDB office .... and possibly all 10 units return cos buyer don't exercise
but with $ 1 option .... hahha
like many here said ... try 100 units ...only cost you $100... tikam tikam
imagine 10 agents, each serving you 10 units ... that's a lot of paper work and running up and down HDB office .... and possibly all 10 units return cos buyer don't exercise
But the agent can tell the next 10 potential buyers/sellers how much the valuation is since he already know, isn't it? even if it is not the exact figures, the range would be closed enough, and he can still make the deal with the next sets of buyer/seller, or other buyer/seller around the same block/area.
proud owner
12-03-14, 00:43
But the agent can tell the next 10 potential buyers/sellers how much the valuation is since he already know, isn't it? even if it is not the exact figures, the range would be closed enough, and he can still make the deal with the next sets of buyer/seller, or other buyer/seller around the same block/area.
and if for some reason the valuation comes out drastically different .... trust me the buyer/seller will surely complain to CEA about the agent ...:tongue3:
and we know CEA will say : You are an agent, NOT a Valuer ... you are NOT qualified to provide such information
lose lose situation hahahah
anyway with this new ruling ... I see HDB resale prices falling ... good for buyers
But the agent can tell the next 10 potential buyers/sellers how much the valuation is since he already know, isn't it? even if it is not the exact figures, the range would be closed enough, and he can still make the deal with the next sets of buyer/seller, or other buyer/seller around the same block/area.
Bro cannot trust agents as they just want to close deal fast.
Actually this rule will be very confusing. Blur blur. Buyer, seller all blur.
In event of a valuation mismatch buyers can opt out and just forfeit $1k downpayment, whereas sellers have to LPPL and take it as it's a fair deal even as with private properties. This is what the OTP was originally planned for, to protect buyers as they have the most to loose. The sellers are obliged to exercise SNP and if he fails to do so, the buyer may seek legal mediation (sue the seller). This question brings up the revelation that many ppl on this thread have had no experience in buying/selling properties. I've been through many transactions in my experience in property investments and I can tell you that the rules are meant to bring down the valuation, which was originally meant to hold prices, at a faster pace.
Ask yourself why was valuation implemented, and for HDB who's in control? You might think that a private company is doing the valuation but after searching you would be shock to know that all valuations eventually come from or are approved by HDB. Yes, HDB has been holding up resale prices for so long as sellers can use this tool to influence their buyers which will result in stable prices accross the HDB segment. Why does HDB always falls or increases after PTD properties (PTE properties always take the lead)? This is because HDB is controlling the valuation and that acts as a pillar for sellers and affects the offers made by buyers.
You might think that PTE properties have valuations too right? Yes but it's difference and assigned by the banks which explains why some banks give you a higher valuation while some lower. It's also illegally possible to bribe the valuator giving your home a higher valuation (ahem!).
Now, let me come back to the new HDB rule:
1. This will bring about faster devaluation because in a dropping market, the sellers have no clue how much their flats are valued at. The previous transaction could already be sold at under valuation (CUV) and if it's based on that, the seller having no clue whatsoever, would base his at the same or around the same. The buyer, knowing that it's a falling market, would base it lower. Hence, without a controlling valuation set by HDB, the buyer could be paying CUV on top of an already undervalued figure. All else equal, the revse could be true for a booming market but read my next point below.
2. Now you might think that it might help boost the current market right? Wrong. Firstly, the market is in a decline. Secondly, even in a booming market, buyers will be able to back out in event that the valuation is much lower than his offer (COV offered is too high). The shroud around the valuation in this case should not accelerate an already booming market. Buyer makes offer, and back out (forfeit $1k) if valuation is too low. The COV will never be as exaggerated as CUV as in my first point above (#1). Now you see why I said this rule is meant to punish sellers and not buyers?
Of course, there may eventually be rules to protect sellers as well in the future but definitely not now when all other CMs are still in place. This should be the last CM to go IMO.
How to get HDB valuation for SGD 1.
Just get TOM, DICK or Harry to sign the option, after valuation just let it expire.
Purchase Price $ 1,000,000 ("Purchase Price")
Option Fee (Up to a maximum of $1,000) $ 1 ("Option Fee")
http://services2.hdb.gov.sg/webapp/B...4SPdfConverter
7. Non-Exercise of Option
If the Buyer does not exercise this Option in the manner stated in this Option, and provided the Seller has met the requirement in Clause 3.1 ----
(a) the Seller is entitled to retain the Option Fee SGD 1; and
(b) neither party will have any claim against the other.
Techically possible but that's not the objective of this rule. See why at the bottom of this post.
but with $ 1 option .... hahha
like many here said ... try 100 units ...only cost you $100... tikam tikam
imagine 10 agents, each serving you 10 units ... that's a lot of paper work and running up and down HDB office .... and possibly all 10 units return cos buyer don't exercise
Techically possible but that's not the objective of this rule. See why at the bottom of this post.
But the agent can tell the next 10 potential buyers/sellers how much the valuation is since he already know, isn't it? even if it is not the exact figures, the range would be closed enough, and he can still make the deal with the next sets of buyer/seller, or other buyer/seller around the same block/area.
Not true for a declining market. Especially with 24hr transactions update from HDB, valuations can change pretty rapidly. Buyers won't be so stupid to accept the last valuation as the latest and even if he does, he will find out if there's a mismatch after submitting the OTP and depending on the price he can decide to call off the deal.
I agree...all these 'tricks' being discussed need not necessarily hold true for the following reasons:
- Valuation is not a perfect science, ie, valuers can also make some arbitrary judgements in arriving at a final valuation price. In fact, we always see this in the pte condo market, different valuers from diff banks can value the same condo differently, sometimes as much as 50k apart.
- buyers are aware that the only valuation that matters to them is that which HDB gives them, not a previous potential purchaser.
- Valuers and HDB wil also take into account the submitted agreed price in arriving at a valuation...so they will have no problem in offering a different value for the same property, even if the previous valuation is done just 30 days ago....'Market situation has changed, dah!!'
Agreed!
this is not a free market where buyer and seller agrees to a price liao, because third party (hdb valuer) can throw surprise.
buyer really will be very stress and switch off...
when he offer a price, he is like tikam tikam, hoping it is not higher (or not much higher) than the coming valuation....
ok dun buy hdb resale la, go buy private better lah (smaller also never mind lah)
Precisely why buyers will be more conservative going forward.
If you read all the posts I quoted above, you will see that the real motive of this rule is to quicken the pace of price correction in the HDB market. In the past, buyers used to look for valuation from the owner as a setting price which may incorrectly reflect the true value of the property (due to price adjustments in that area). In a declining market, an outdated valuation report, which the owner holds, could be the key to stubbornly high prices of recent HDB transactions. Despite multiple rounds of CMs, why are HDB prices not correcting fast enough? The key lies in the valuation.
With the new rules, transactions are reported every 24hrs and the buyer is basically forced to do a valuation check on the property in real-time after the OTP is signed. This means that the buyer can decide if the price he's paying matches the valuation of the property, in real-time. In a mismatch situation, a buyer can OPT out by forfeiting his downpayment whereas the seller can't OPT out (assuming the valuation done at OTP time increases from the last $1-valuation done by the agent).
Net effect: This will cause a rapid decline in HDB valuation but the reverse order will be slower.
Actually this rule will be very confusing. Blur blur. Buyer, seller all blur.
Nothing to Blur, just get Tom, Dick and Harry to help.
How to get HDB valuation for SGD 1.
Just get TOM, DICK or Harry to sign the option, after valuation just let it expire.
Purchase Price $ 1,000,000 ("Purchase Price")
Option Fee (Up to a maximum of $1,000) $ 1 ("Option Fee")
http://services2.hdb.gov.sg/webapp/B...4SPdfConverter
7. Non-Exercise of Option
If the Buyer does not exercise this Option in the manner stated in this Option, and provided the Seller has met the requirement in Clause 3.1 ----
(a) the Seller is entitled to retain the Option Fee SGD 1; and
(b) neither party will have any claim against the other.
If you read all the posts I quoted above, you will see that the real motive of this rule is to quicken the pace of price correction in the HDB market. In the past, buyers used to look for valuation from the owner as a setting price but valuations may be outdated based on price adjustments in that area. In a declining market, an outdated valuation report which the owner holds could be key to the sturbbonly high price of recent HDB transactions. Despite multiple rounds of CMs, why are HDB prices not correcting fast enough? The key lies in the valuation.
With Zero COV, did valuation go up or down.
Valuation 5 Oct 2012 SGD 595,000
Valuation 28 Feb 2014 SGD 640,000
http://static.streetsine.s3-website-ap-southeast-1.amazonaws.com/Online%20Communication%20Channels/BLG/06%20Mar%202014/060314114900.jpg
I will do another valuation with Tom, Dick and Harry with OTP SGD 1 and price at SGD 1,000,000. later.
Which property is value for money.
Valuation SGD 640,000 126 sqm
Lease Start Date : 01 Jul 1997
Lease Duration : 99 years
Remaining Lease : 82 years (as at date of enquiry)
Depreciating at SGD 7804.87 per years.
To depreciated at Haig Road my property should be selling at SGD 793,114
Look like my property is value too low or the Haig Rd is value too high. HDB is about the number of year lease balance.
Haig Rd at SGD 590,000/61= 9672.13
Blk 11 Haig Rd S(430011)
Lease Start Date : 01 Jul 1976
Lease Duration : 99 years
Remaining Lease : 61 years (as at date of enquiry)
4R New Generation 06 to 10 92 1976 $590,000 Feb 2014
121 pages of cov, and cuv flats..
each page 10units ad, 121*10= 1210
input more different under the 'keywords'. likely more.
http://www.propertyguru.com.sg/singapore-property-listing?listing_type=sale&search_type=district&property_type=H&property_type_code%5B%5D=HDB&school=&mrt=&address=&property_id=&distance=1.0&latitude=&longitude=&interest=&hdb_type_group=&minprice=&maxprice=&minbed=&maxbed=&minsize=&maxsize=&minsize_land=&maxsize_land=&freetext=no+cov&minpsf=&maxpsf=&listing_posted=&mintop=&maxtop=&sort=&order=&min_latitude=&max_latitude=&min_longitude=&max_longitude=&submit=
Which property is value for money.
Valuation SGD 640,000 126 sqm
Lease Start Date : 01 Jul 1997
Lease Duration : 99 years
Remaining Lease : 82 years (as at date of enquiry)
Depreciating at SGD 7804.87 per years.
To depreciated at Haig Road my property should be selling at SGD 793,114
Look like my property is value too low or the Haig Rd is value too high. HDB is about the number of year lease balance.
Haig Rd at SGD 590,000/61= 9672.13
Blk 11 Haig Rd S(430011)
Lease Start Date : 01 Jul 1976
Lease Duration : 99 years
Remaining Lease : 61 years (as at date of enquiry)
4R New Generation 06 to 10 92 1976 $590,000 Feb 2014
These metrics you have mentioned are useful, but I feel your decision to purchase any asset should not be based on them.
If it is for investment, what you should be looking at is the potential of this asset over a 5-10 year horizon. ie,1) how much CF will it provide you over this duration , 2) what will the likely selling price of this asset be 10 years down the road.
If it is for own stay, you should predominantly consider how much satisfaction this asset is going to provide you during the time you are going to occupy i....and not worry unnecessarily on the financial implications of this asset. The time you have to live is the most important asset you have, and you want to maximise that value for yourself.
As for considering the HDB property's age, there are two divergent views:
1) All high rise HDBs have so far been replenished via SERS so far by the govt.
2) However the Govt has recently introduced two measures which will impinge on the price appreciation of HDB flats that go beyond 40 years of age.
Which camp you want to belong to, depends on your own read of the situation.
Best of luck!
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