mr funny
16-09-10, 07:33
http://www.businesstimes.com.sg/sub/news/story/0,4574,404106,00.html?
Published September 16, 2010
YESTERDAY IN PARLIAMENT
Property rules to help first-timers get homes
Mah says measures designed to dampen demand from those owning homes
By UMA SHANKARI
NATIONAL Development Minister Mah Bow Tan yesterday urged existing home-owners to refrain from competing with first-time home-buyers for new flats.
He was responding to questions from Members of Parliament about new measures that the government introduced on Aug 30 to cool demand for private homes and HDB flats.
'The measures we have put together are designed to dampen demand from those who already own a home and are not in urgent need of housing,' Mr Mah said.
'If you already own a home, then please refrain from competing in this market with those first-timer couples who do not have a home. Let them have the first crack.'
The Ministry of National Development (MND) said last month that it will disallow concurrent ownership of HDB flats and private residential properties within the specified minimum occupation period.
Other policy changes are also aimed at potential buyers of second homes. Those with an existing mortgage can now borrow only up to 70 per cent of a property's value for a second home, down from 80 per cent previously. They must also pay 10 per cent in cash, up from 5 per cent.
The impact of the anti-speculation measures on genuine home buyers and Singaporean investors were raised when Parliament sat yesterday.
In particular, Non-Constituency MP Sylvia Lim brought up a grievance from grassroots level - that Singaporeans close to retirement age who want to rent out their private property - sometimes the only major asset they have - and downgrade to an HDB flat to live in will now be prevented from doing so.
In response, Mr Mah said that the new rules do not prevent investors from selling private properties and moving into HDB flats during retirement.
'There are people who want to have the best of both worlds,' he said. 'They want to keep their private property and stay in HDB flats, so the private property can be rented out for investment. But as I said, we have genuine need from first-timer couples for HDB resale flats and I think we should let them have first crack at it.'
Published September 16, 2010
YESTERDAY IN PARLIAMENT
Property rules to help first-timers get homes
Mah says measures designed to dampen demand from those owning homes
By UMA SHANKARI
NATIONAL Development Minister Mah Bow Tan yesterday urged existing home-owners to refrain from competing with first-time home-buyers for new flats.
He was responding to questions from Members of Parliament about new measures that the government introduced on Aug 30 to cool demand for private homes and HDB flats.
'The measures we have put together are designed to dampen demand from those who already own a home and are not in urgent need of housing,' Mr Mah said.
'If you already own a home, then please refrain from competing in this market with those first-timer couples who do not have a home. Let them have the first crack.'
The Ministry of National Development (MND) said last month that it will disallow concurrent ownership of HDB flats and private residential properties within the specified minimum occupation period.
Other policy changes are also aimed at potential buyers of second homes. Those with an existing mortgage can now borrow only up to 70 per cent of a property's value for a second home, down from 80 per cent previously. They must also pay 10 per cent in cash, up from 5 per cent.
The impact of the anti-speculation measures on genuine home buyers and Singaporean investors were raised when Parliament sat yesterday.
In particular, Non-Constituency MP Sylvia Lim brought up a grievance from grassroots level - that Singaporeans close to retirement age who want to rent out their private property - sometimes the only major asset they have - and downgrade to an HDB flat to live in will now be prevented from doing so.
In response, Mr Mah said that the new rules do not prevent investors from selling private properties and moving into HDB flats during retirement.
'There are people who want to have the best of both worlds,' he said. 'They want to keep their private property and stay in HDB flats, so the private property can be rented out for investment. But as I said, we have genuine need from first-timer couples for HDB resale flats and I think we should let them have first crack at it.'