View Full Version : HDB Resale Prices Taken a Worse Hit This Time Round ???
The HDB resale market, being an open market for buying and selling public housing flats, has always been perceived to be a resilient and stable one with minimal downside risks compared to the private residential counterpart.
According to figures published by the Housing Development Board (HDB) and the Urban Redevelopment Authority (URA), even during the height of the Global Financial Crisis, the public housing resale price index only lost 0.8 per cent in a single quarter before the upward momentum was restored, as compared to a 24.9 per cent drop in private residential prices over four consecutive quarters. Similarly, during the Asian Financial Crisis back in the 1990s, private residential prices plummeted by 44.9 per cent, while HDB resale prices only dropped by a much slighter 28.0 per cent.
price indices
However, following the introduction of various rounds of cooling measures, the table seems to be turned around. Flash estimates published by the two government agencies on 1st Oct 2014 indicates that HDB resale prices and private homes prices have softened from their last year’s peaks by 6.8 per cent and 3.8 per cent respectively. Surprisingly, the HDB resale prices have been weighed down more than the private home prices this time round. Besides the large number of Build-to-Order (BTO) flats pulling demand away from the resale market, there are two other primary reasons behind such an abnormal trend.
Exclusive Demand Curbs in the HDB Resale Market
Firstly, the set of measures targeting the HDB resale market is harsher than those on the private side.
In the private residential market, the Additional Buyers’ Stamp Duty is meant to curb excess demand from foreign buyers. However, there is no additional taxation payable by first-time local buyers. Moreover, the duty itself only adds on additional purchasing costs but does not put an absolute bar on buying. Given some discounts offered by developers to offset such additional cash outlay, buyers with real demand are not much worse off compared to before.
In the HDB resale market, however, new permanent resident (PR) couples are pushed onto the waiting list for up to three years with no choices. In fact, before the rule change, approximately 20 per cent of resale flats were sold to PRs, of which about half are new PR families. Effectively, with the drop-outs of new PR families, the overall demand for resale public housing flats was cut by about 10 per cent. So 3 years later the demand increase by 10%
Varied Holding Powers
On the supply side, those HDB upgraders who opted for a new Built-to-Order (BTO) flat, need to sell off their previous flat within six months from the day which they collect keys to their new flats. The Ministry of National Development (MND) expected about 6,000 such “have-to-sell” flats to hit the resale market in each year from now to 2016, up from 2,800 cases in 2013. This is equivalent to the amount of resale transactions for 4.4 months, based on the total number of 8,170 resale transactions that took place in the first half of this year. The demand from PR should fit in for resale increase.
With a disposal deadline to meet, flats sellers have to let go at an increasingly lower price, especially in a market with shrinking buyer pool(How can shrinking when demand is increasing). Worse still, buyers’ affordability has been further limited by the revised Mortgage Servicing Ratio (MSR) framework, which requires buyers to use only up to 30 per cent of their monthly household income to purchase a HDB flat. This spiral of factors has consequently caused the HDB resale prices to take a fast dive.
On the private resale side, the cooling measures have deeper impact on transaction volume rather than prices. Although the Total Debt Servicing Ratio (TDSR) has reduced buyers’ mortgage limits, sellers’ holding powers are still strong in a sustained low-interest environment, and they are not forced to sell within a certain timeframe like what we see in the HDB resale market. While potential private home buyers shop around and wait for further price reductions, the gap between buyers’ expectations and asking prices widens further. In such a tug of price negotiations, transaction volume has fallen to a trough. On a year-on-year basis, private residential resale transaction volume has been on a downtrend for 6 consecutive quarters, while prices remained stagnant.
Fast Price Drops in HDB Resale Market Not Necessarily Bad
A simple conclusion so far is that government interventions have more descent impact on public housing prices, while the private home prices are not easily shaken by factors other than the economic fundamentals. From a positive angle, a faster fall in HDB resale prices may also trigger a sooner relaxation of cooling measures than for that to happen in the private residential market.
http://www.stproperty.sg/articles-property/upload/article/183711__1412899632.jpg
I chose to tell you what I want you to know, look at the graph anything wrong.
http://www.ezproperty.sg/singapore-property-cooling-measures
For more details, please have a look at the official press releases regarding the property cooling measures:
Round 1 (14 September 2009)
Round 2 (20 February 2010)
Round 3 (30 August 2010)
Round 4 (14 January 2011)
Round 5 (7 December 2011)
Round 6 (5 October 2012)
Round 7 (11 January 2013)
Round 8 (28 June 2013)
Interactive charts: Impact of Singapore's property cooling measures on sales and prices - See more at: http://www.straitstimes.com/news/business/more-business-stories/story/interactive-charts-impact-singapores-property-cooling-meas#sthash.lymdrkQb.dpuf
http://www.straitstimes.com/news/business/more-business-stories/story/interactive-charts-impact-singapores-property-cooling-meas
Not true HDB cooling measures more harsh than private lah, because by right HDB flats should be reserved only for Singapore Citizens only (because the land HDB flats sit on had been acquired cheaply from Citizens!), just that in the past the HDB rules have been too lax like:
1) allowing foreigners to buy HDB flats etc!
2) Buyers of HDB flats can loan up to 90% (i.e. their LTV is 90%)!
3) Buyers of HDB flats can drag for >35 years!
4) Buyers of HDB flats can drag their HDB flats' loan tenure for very long until like pay interest only (very little capital payment)...
The HDB resale market, being an open market for buying and selling public housing flats, has always been perceived to be a resilient and stable one with minimal downside risks compared to the private residential counterpart.
According to figures published by the Housing Development Board (HDB) and the Urban Redevelopment Authority (URA), even during the height of the Global Financial Crisis, the public housing resale price index only lost 0.8 per cent in a single quarter before the upward momentum was restored, as compared to a 24.9 per cent drop in private residential prices over four consecutive quarters. Similarly, during the Asian Financial Crisis back in the 1990s, private residential prices plummeted by 44.9 per cent, while HDB resale prices only dropped by a much slighter 28.0 per cent.
price indices
However, following the introduction of various rounds of cooling measures, the table seems to be turned around. Flash estimates published by the two government agencies on 1st Oct 2014 indicates that HDB resale prices and private homes prices have softened from their last year’s peaks by 6.8 per cent and 3.8 per cent respectively. Surprisingly, the HDB resale prices have been weighed down more than the private home prices this time round. Besides the large number of Build-to-Order (BTO) flats pulling demand away from the resale market, there are two other primary reasons behind such an abnormal trend.
Exclusive Demand Curbs in the HDB Resale Market
Firstly, the set of measures targeting the HDB resale market is harsher than those on the private side.
In the private residential market, the Additional Buyers’ Stamp Duty is meant to curb excess demand from foreign buyers. However, there is no additional taxation payable by first-time local buyers. Moreover, the duty itself only adds on additional purchasing costs but does not put an absolute bar on buying. Given some discounts offered by developers to offset such additional cash outlay, buyers with real demand are not much worse off compared to before.
In the HDB resale market, however, new permanent resident (PR) couples are pushed onto the waiting list for up to three years with no choices. In fact, before the rule change, approximately 20 per cent of resale flats were sold to PRs, of which about half are new PR families. Effectively, with the drop-outs of new PR families, the overall demand for resale public housing flats was cut by about 10 per cent. So 3 years later the demand increase by 10%
Varied Holding Powers
On the supply side, those HDB upgraders who opted for a new Built-to-Order (BTO) flat, need to sell off their previous flat within six months from the day which they collect keys to their new flats. The Ministry of National Development (MND) expected about 6,000 such “have-to-sell” flats to hit the resale market in each year from now to 2016, up from 2,800 cases in 2013. This is equivalent to the amount of resale transactions for 4.4 months, based on the total number of 8,170 resale transactions that took place in the first half of this year. The demand from PR should fit in for resale increase.
With a disposal deadline to meet, flats sellers have to let go at an increasingly lower price, especially in a market with shrinking buyer pool(How can shrinking when demand is increasing). Worse still, buyers’ affordability has been further limited by the revised Mortgage Servicing Ratio (MSR) framework, which requires buyers to use only up to 30 per cent of their monthly household income to purchase a HDB flat. This spiral of factors has consequently caused the HDB resale prices to take a fast dive.
On the private resale side, the cooling measures have deeper impact on transaction volume rather than prices. Although the Total Debt Servicing Ratio (TDSR) has reduced buyers’ mortgage limits, sellers’ holding powers are still strong in a sustained low-interest environment, and they are not forced to sell within a certain timeframe like what we see in the HDB resale market. While potential private home buyers shop around and wait for further price reductions, the gap between buyers’ expectations and asking prices widens further. In such a tug of price negotiations, transaction volume has fallen to a trough. On a year-on-year basis, private residential resale transaction volume has been on a downtrend for 6 consecutive quarters, while prices remained stagnant.
Fast Price Drops in HDB Resale Market Not Necessarily Bad
A simple conclusion so far is that government interventions have more descent impact on public housing prices, while the private home prices are not easily shaken by factors other than the economic fundamentals. From a positive angle, a faster fall in HDB resale prices may also trigger a sooner relaxation of cooling measures than for that to happen in the private residential market.
http://www.stproperty.sg/articles-property/upload/article/183711__1412899632.jpg
I chose to tell you what I want you to know, look at the graph anything wrong.
Agree with teddy. HDB is meant for the peasants and should have been cheaper and more affordable. Want a better life for retirement go private!
Agree, that why I buy Terrasse, look like a retirement village.
https://www.youtube.com/watch?v=TGu6u5VOCJA
Not true HDB cooling measures more harsh than private lah, because by right HDB flats should be reserved only for Singapore Citizens only (because the land HDB flats sit on had been acquired cheaply from Citizens!), just that in the past the HDB rules have been too lax like:
1) allowing foreigners to buy HDB flats etc!
2) Buyers of HDB flats can loan up to 90% (i.e. their LTV is 90%)!
3) Buyers of HDB flats can drag for >35 years!
4) Buyers of HDB flats can drag their HDB flats' loan tenure for very long until like pay interest only (very little capital payment)...
1) allowing foreigners to buy HDB flats etc! (only PR not any Tom, Dick or Harry)
2) Buyers of HDB flats can loan up to 90% (i.e. their LTV is 90%)! (only Marbo Tan Time) My Time iron rice bowl don't need deposit.
3) Buyers of HDB flats can drag for >35 years! (Marbo Tan price HDB link to market value, raise so high that he need to give 35 years loan) My Time max 25 years only.
4) Buyers of HDB flats can drag their HDB flats' loan tenure for very long until like pay interest only (very little capital payment) Loan tenure now is no more long........
https://www.youtube.com/watch?v=jISXy4N2CJw&list=UUd5Yg-LHD9gmpiAp0_uIKcA
My uncle's 5 room hdb flat at yishun (next to Khoo tech puat hospital) just got rented out yesterday after almost 6 months of vacancy. Rental has dropped to $1800/mth instead of his last rental income of $2800/mth. This will have impact on those new condos in yishun.
1) allowing foreigners to buy HDB flats etc! (only PR not any Tom, Dick or Harry)
2) Buyers of HDB flats can loan up to 90% (i.e. their LTV is 90%)! (only Marbo Tan Time) My Time iron rice bowl don't need deposit.
3) Buyers of HDB flats can drag for >35 years! (Marbo Tan price HDB link to market value, raise so high that he need to give 35 years loan) My Time max 25 years only.
4) Buyers of HDB flats can drag their HDB flats' loan tenure for very long until like pay interest only (very little capital payment) Loan tenure now is no more long........
thomastansb
16-10-14, 10:17
It will become worse. My friend sold his unit at Buangkok for 630k. Now, a unit sold at 470k. 4 floors lower than his only but difference almost coming to 200k. But should continue to drop more. HDB is public housing, not for profit.
PRs are also FOREIGNERS !!!!!!!!!!!!!!!!
They don't carry Singapore's passports......
They don't serve in Singapore's National Service (ARMY)...........
They have NO OBLIGATION to Singapore, and can always go back to their own country !!!!
1) allowing foreigners to buy HDB flats etc! (only PR not any Tom, Dick or Harry)
2) Buyers of HDB flats can loan up to 90% (i.e. their LTV is 90%)! (only Marbo Tan Time) My Time iron rice bowl don't need deposit.
3) Buyers of HDB flats can drag for >35 years! (Marbo Tan price HDB link to market value, raise so high that he need to give 35 years loan) My Time max 25 years only.
4) Buyers of HDB flats can drag their HDB flats' loan tenure for very long until like pay interest only (very little capital payment) Loan tenure now is no more long........
now Hdb loan or bank loan for Hdb also 25yrs max
Because the COW delink the price of BTO to the resale market. Put in place MSR to prevent people from using HDB as a saving plan for retirement.
Because the COW delink the price of BTO to the resale market. Put in place MSR to prevent people from using HDB as a saving plan for retirement.
whatever itzi, market is real bad. rental 2.2k for 614sqft condo.
making people losing confident.
Because the COW delink the price of BTO to the resale market. Put in place MSR to prevent people from using HDB as a saving plan for retirement.
It is interesting to note that he didn't do that early on...but choose to market to overheat and than slamming the brakes drastically.
With all the intel from the varied sources etc, he knows all along he should have done it early.
But purposely wait and then time these to coincidence with the interest hike so that it would look as if he was the only minister capable to bring down the sky high prices...so as to win votes.
Very scheming indeed.
Who suffer in the end?
PRs are also FOREIGNERS !!!!!!!!!!!!!!!!
They don't carry Singapore's passports......
They don't serve in Singapore's National Service (ARMY)...........
They have NO OBLIGATION to Singapore, and can always go back to their own country !!!!
Lets say if don sell to PRs and foreigners...is the local hdb market big enough to sustain?
whatever itzi, market is real bad. rental 2.2k for 614sqft condo.
making people losing confident.
That is good, isn't this is what most Singaporean is looking forward to. Low rental, Low resale price, Low BTO, Low new launch.
Sustain what?
BTOs means got demand then build, no demand don't build, simple right?
Then there are those SERS, supply will be reduced, so sustainable right? :victorious:
Cannot sell HDB flats to PRs is a right step to take if the govt is genuinely concerned about the welfare of the old folks and to allow old folks to be able to rent out their HDB flats for income for retirement....... the way they are doing now is to pump up the prices and then implement policies to crash the prices is to make many of these old folks suffer!
Lets say if don sell to PRs and foreigners...is the local hdb market big enough to sustain?
PR or no PR, so long as they contribute to Singapore we should welcome them to buy HDB.
Only a few bad apples make the PR look bad.
The present policy is good enough, 3 years than can buy, buy then cannot rent out, make or lost money depends on when they end and exit HDB.
If they really contribute a lot of Singapore, they will be earning high salary, why would they need to buy HDB?
Unless these are people have low income, come to compete for jobs with the layman Singapore citizens, and depressing their low wages, so cannot afford private and can only afford HDB flats?
All the more we and the govt need to ensure that PRs cannot buy HDB flats so that companies have no choice but to bring in only GENUINE foreign talents (and not "fake" foreign talents)!
PR or no PR, so long as they contribute to Singapore we should welcome them to buy HDB.
Only a few bad apples make the PR look bad.
The present policy is good enough, 3 years than can buy, buy then cannot rent out, make or lost money depends on when they end and exit HDB.
Patrickstar
17-10-14, 00:45
PRs should not be allowed to own an HDB flat indefinitely without converting to Singapore citizenship. In fact, it is already a flaw in the govt's policy to allow foreigners to own public housing. PRs should be be paying 20% higher than market valuation for any resale flat so that they do not compete on a level playing field with Singaporeans in the open market.
PR or no PR, so long as they contribute to Singapore we should welcome them to buy HDB.
Only a few bad apples make the PR look bad.
The present policy is good enough, 3 years than can buy, buy then cannot rent out, make or lost money depends on when they end and exit HDB.
If they really contribute a lot of Singapore, they will be earning high salary, why would they need to buy HDB?
Unless these are people have low income, come to compete for jobs with the layman Singapore citizens, and depressing their low wages, so cannot afford private and can only afford HDB flats?
All the more we and the govt need to ensure that PRs cannot buy HDB flats so that companies have no choice but to bring in only GENUINE foreign talents (and not "fake" foreign talents)!
Well on the other hand you don't want all the high paying jobs only going to foreigners do you? There is no ratio quota for hiring foreigners who are here on employment pass. There is also no need for a company to prove that the job cannot be carried out by a local before they hire a foreigner.
It's only in the recent year that the government is saying they are issuing lesser employment passes a year.
Isn't it the case that many highest paying jobs in Singapore are going to foreigners?
Who is DBS CEO? Is he a Singapore citizen?
Who is Standard Chartered Singapore CEO? Is he a Singapore citizen?
Who is Citibank Singapore CEO? Is he a Singapore citizen?
Who is Shell Singapore CEO? Is he a Singapore citizen?
All the above are proofs that nobody, not even the govt, can prevent highest paying jobs from going to foreigners.
However, they can prevent mid- and low-paying jobs from going to Foreigners, by making sure that low-paying foreigners have no access to cheap housing (e.g. HDB flats, dormitories etc) and hence companies won't be able to get them to work in Singapore!
Well on the other hand you don't want all the high paying jobs only going to foreigners do you? There is no ratio quota for hiring foreigners who are here on employment pass. There is also no need for a company to prove that the job cannot be carried out by a local before they hire a foreigner.
It's only in the recent year that the government is saying they are issuing lesser employment passes a year.
Zzz... Do u know that the income base for EP holder is SGD4500 and above a month? I said high not highest. So reality is the foreigners are taking many mid to high level jobs which can often be fulfilled by locals.
PR or no PR, so long as they contribute to Singapore we should welcome them to buy HDB.
Only a few bad apples make the PR look bad.
The present policy is good enough, 3 years than can buy, buy then cannot rent out, make or lost money depends on when they end and exit HDB.
Ya agree. Dun see a problem of them buying since they are buying only resale and also with the newer rules put in.
PR or no PR, so long as they contribute to Singapore we should welcome them to buy HDB.
Only a few bad apples make the PR look bad.
The present policy is good enough, 3 years than can buy, buy then cannot rent out, make or lost money depends on when they end and exit HDB.
Define 'contribute'.
Long long time ago, there was this small little island.
The people was happy living in the island but don't like to give birth to baby thus their population start to decrease.
They start to get people to stay in their island.
One of them say only the doctor, lawyer, teacher, musician, etc which can contribute to the island can come and stay.
Guess what happen when you have an island with lots of professional and no general worker.
They should only allow 2 kind of foreigners to work in Singapore:
1) domestic workers & construction workers
2) all other foreigners doing other jobs must earn >$20k per month otherwise EP not approved!
EP holder income must be >$4500 pm, but this is rather low if company start adding medical benefits, other bonuses and OT etc and take the gross monthly pay!
Zzz... Do u know that the income base for EP holder is SGD4500 and above a month? I said high not highest. So reality is the foreigners are taking many mid to high level jobs which can often be fulfilled by locals.
They should only allow 2 kind of foreigners to work in Singapore:
1) domestic workers & construction workers
2) all other foreigners doing other jobs must earn >$20k per month otherwise EP not approved!
EP holder income must be >$4500 pm, but this is rather low if company start adding medical benefits, other bonuses and OT etc and take the gross monthly pay!
I could be wrong but I understand $4500 is minimum base pay for EP holders.
I could be wrong but I understand $4500 is minimum base pay for EP holders.
Is $3300.
I know, it is laughable.
Competition make your blood boil, no competition make you Boleh.
Is $3300.
I know, it is laughable.
Thanks for the correction on the amount. You are right and this is worse. So with a basic degree and 2 years working experience anyone earning 3300 can be a foreign talent. It's good to have competition but with no quota restrictions unlike the s pass holders this group of foreigners are the real people who r snatching away our real jobs.
Though the government has said they will issue lesser employment passes not sure how that can be validated.
My understanding is that fresh graduate already earning $3300 pm basic!
Thanks for the correction on the amount. You are right and this is worse. So with a basic degree and 2 years working experience anyone earning 3300 can be a foreign talent. It's good to have competition but with no quota restrictions unlike the s pass holders this group of foreigners are the real people who r snatching away our real jobs.
Though the government has said they will issue lesser employment passes not sure how that can be validated.
Thanks for the correction on the amount. You are right and this is worse. So with a basic degree and 2 years working experience anyone earning 3300 can be a foreign talent. It's good to have competition but with no quota restrictions unlike the s pass holders this group of foreigners are the real people who r snatching away our real jobs.
Though the government has said they will issue lesser employment passes not sure how that can be validated.
Have a classmate/friend in parliament, maybe I can ask her....she is higher post than MP though not yet a Minister but prob being groomed into one....I had facebooked her about Min sum increment not to be pegged to inflation that includes housing and transport as retirees do not change cars and houses that much and then after that PM Lee did say they will not increase it so much so maybe it is effective to talk to her..but then I think I also asked her not to let in so much FT before...
On a separate issue, I wonder if HDB resale prices dropping will mean many condo upgraders will want to sell instead of renting out their HDB flats....hmm....that will mean lesser HDB competition for condo rentals...which is good for some like me...
IMF says Singapore’s foreign worker curbs could hurt competitiveness, growth - See more at: http://business.asiaone.com/news/imf-says-singapore%E2%80%99s-foreign-worker-curbs-could-hurt-competitiveness-growth#sthash.g3zDNMUH.dpuf
Reuters
Saturday, Oct 18, 2014
SINGAPORE - Singapore's plans to cut reliance on foreign workers could reduce its competitiveness and growth potential while keeping core inflation elevated, the International Monetary Fund said in a report on Saturday.
The IMF said Singapore's plans to restructure its economy by trying to boost productivity and curb use of cheap foreign labour could eventually set the stage for a long period of sustainable growth.
"However, productivity improvements might take some time to materialise and may not fully offset the effects of declining labour force growth," the fund said in its annual review of economic developments and policies in the country.
Singapore's measures have led to a tight labour market and wage growth that have helped fuel core inflation.
The Monetary Authority of Singapore this week maintained its stance of allowing a gradual appreciation of the currency to try and keep core price pressures in check.
The Fund said Singapore's strong external trade position - its current account surplus was 18.3 per cent of GDP in 2013 - seemed to be stronger than fundamentals justify and the government needed to keep up efforts to boost consumption.
The IMF's executive board of directors said the country's dependence on trade flows left it particularly vulnerable to a slowdown in the growth of trading partners as well as to global financial market volatility. "They stressed the need for continued vigilance to risks and spillovers in the financial and housing sectors, and further efforts to promote external rebalancing, address demographic challenges, and reduce inequality," the report said, referring to the IMF board.
The report forecast real GDP growth for Singapore of 3.0 per cent in both 2014 and 2015 and saw core inflation rising to 2.4 per cent by 2015.
- See more at: http://business.asiaone.com/news/imf-says-singapore%E2%80%99s-foreign-worker-curbs-could-hurt-competitiveness-growth#sthash.g3zDNMUH.dpuf
http://www.mom.gov.sg/statistics-publications/others/statistics/Pages/ForeignWorkforceNumbers.aspx
Foreign Workforce Numbers
Pass Type-----------------------------Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Jun 2014
Employment Pass (EP) ---------------114,300 143,300 175,400 173,800 175,100 176,600
S Pass --------------------------82,800 98,700 113,900 142,400 160,900 164,700
Work Permit (Total) 851,200 865,200 901,000 942,800 974,400 980,800
- Work Permit (Foreign Domestic Worker) 196,000 201,400 206,300 209,600 214,500 218,300
- Work Permit (Construction) 245,700 248,000 264,400 293,300 318,900 321,200
Other Work Passes2 5,200 6,000 7,600 9,300 11,300 14,700
Total Foreign Workforce 1,053,500 1,113,200 1,197,900 1,268,300 1,321,600 1,336,700
"Total Foreign Workforce
(excluding Foreign Domestic Workers) " 857,400 911,800 991,600 1,058,700 1,107,100 1,118,400
"Total Foreign Workforce
(excluding Foreign Domestic Workers & Construction) " 588,300 638,900 699,100 731,300 748,100 753,700
Notes:
1. Data may not add up to the total due to rounding.
2. Other Work Passes’ includes Letter of Consent (LOC) holders and Training Work Permit (TWP) previously included in published Work Permit (WP) figures. Training Employment Pass (TEP) was included in 'Other Work Passes' from Mar 2014 onwards.
Yes, it is a fine balance....we need some FT to support the rental market too but not too many that takes away our jobs...
http://www.mom.gov.sg/statistics-publications/others/statistics/Pages/ForeignWorkforceNumbers.aspx
Foreign Workforce Numbers
Pass Type-----------------------------Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Jun 2014
Employment Pass (EP) ---------------114,300 143,300 175,400 173,800 175,100 176,600.
My concern is only the foreign workers under this bracket. We really do need those on work permits to come sustain the service and construction sectors.
http://www.mom.gov.sg/statistics-publications/others/statistics/Pages/ForeignWorkforceNumbers.aspx
Foreign Workforce Numbers
Pass Type-----------------------------Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Jun 2014
Employment Pass (EP) ---------------114,300 143,300 175,400 173,800 175,100 176,600.
My concern is only the foreign workers under this bracket. We really do need those on work permits to come sustain the service and construction sectors.
Back to the thread topic. I think that the rule that both parties must agree to the sale price prior to the seller getting an official valuation also somewhat contributes to the fall in resale HDBs.
foreigners keep complaining about Singaporean n Singapore, n yet they are still here. Fking hopeless.
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