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Thread: Signs of HDB resale market stabilising: Khaw

  1. #1
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    Default HDB resale market improving: Khaw

    http://www.straitstimes.com/premium/...haw-20121115-0

    PARLIAMENT: FROM THE REST OF THE SITTING

    HDB resale market improving: Khaw

    Published on Nov 15, 2012


    NATIONAL Development Minister Khaw Boon Wan said in Parliament yesterday that the overheated housing market is cooling, but it still has some way to go.

    The HDB resale market has shown signs of stabilising, with the pace of the rise in prices slowing since 2010, he said in response to a question from Ms Lee Bee Wah (Nee Soon GRC) on whether the record Resale Price Index (RPI) was a cause for concern.

    Mr Khaw said that growth in the RPI has come down from 14.1 per cent in 2010, to 10.7 per cent last year, and to 3.9 per cent for the first three quarters of this year.

    However, the index rose a further 2 per cent from the second to the third quarter and hit a record high. A resale flat in Queenstown also became the first such flat to cross the $1 million mark.

    Mr Khaw said the continued rise showed that "while things are improving, we still have some way to go".

    The Government last month surprised many by introducing a further round of cooling measures, including a 35-year loan limit. It then announced that it would roll out another 6,400 Build-To-Order flats this month in Bedok, Choa Chu Kang, Queenstown, Sengkang and Toa Payoh, bringing its crop of new flats this year to 27,000.

    But the effects of these will take time.

    "We have implemented a number of measures, but they will take some time to work their way through the market. For example, the global low interest rate will take some time to return to its normal rate and the huge supply of new housing units will only be available over the next two, three years."

    ROBIN CHAN

  2. #2
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    Default Signs of HDB resale market stabilising: Khaw

    http://www.businesstimes.com.sg/prem...-khaw-20121115

    Published November 15, 2012

    Signs of HDB resale market stabilising: Khaw

    By Lee U-wen


    THE HDB resale market has shown signs of stabilising, National Development Minister Khaw Boon Wan said in Parliament yesterday.

    He cited latest figures that showed how the annual Resale Price Index (RPI) growth had fallen from 14.1 per cent in 2010, to 10.7 per cent last year and to 3.9 per cent in the first nine months of 2012.

    He was responding to queries by MP Lee Bee Wah (Nee Soon group representation constituency), who had asked whether there was any cause for concern due to HDB resale prices hitting a high in the third quarter of this year.

    In his reply, Mr Khaw added that while the uptick in quarterly RPI growth to 2 per cent in the third quarter of this year showed that the situation was improving, there was still much more to be done.

    "We have implemented a number of measures but they will take some time to work their way through the market. For example, the huge supply of new housing units will be available only over the next 2-3 years," said Mr Khaw.

    Separately, the minister was also quizzed by MP Lim Biow Chuan (Mountbatten) on the success rate for HDB loans in the last three years.

    Mr Khaw said that just 2 per cent of a total of 178,000 applications - or 3,500 cases - were rejected from January 2010 to September this year.

    They were turned down because the applicants had already taken two or more HDB loans previously.

    "The rejection rate is rather low, but in any case we do exercise discretion and provide sympathy where we can," said Mr Khaw.

    He shared that the success rate for appeals for HDB loans was currently about one in three, or 36 per cent - a figure which he described as "pretty high" and "quite good".

    Mr Khaw later said that while home ownership was a social objective for the government, this had to be "underpinned by prudence" as well.

    "Let's not forget that (there was) a huge problem in the US with the sub- prime (mortgage) crisis. While we will try to make sure everyone can afford to own a home, I think that for everyone to get a loan is a bit unrealistic," said Mr Khaw.

  3. #3
    Join Date
    Apr 2012
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    94

    Angry

    Khaw,

    STOP BULL SHIT US....

    In october, 5rm HDB is 900K at Queenstown...

  4. #4
    Join Date
    Sep 2008
    Posts
    2,660

    Default

    omg... where is my ice-cream??



    Oh wait, I forgot. No bullet to buy

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