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Thread: 200,000 new homes in the works

  1. #1
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    Default 200,000 new homes in the works

    http://www.businesstimes.com.sg/arch...works-20130119

    Published January 19, 2013

    200,000 new homes in the works

    Boon Wan reminds potential buyers of govt's moves to close demand-supply gap

    By Mindy Tan


    THE large supply of units that will be coming on stream in the coming years, coupled with an inevitable end to the current low interest rate environment, are factors which those contemplating buying a property need to take into account.

    This was the reminder from National Development Minister Khaw Boon Wan in his blog yesterday as he acknowledged that the market was temporarily not in balance because of under-building in the past and high investment demand today.

    "But we have been ramping up supply and in 2, 3, and 4 years' time, supply will have caught up with pent-up demand," stressed Mr Khaw.

    Indeed, some 200,000 new housing units will be constructed - 80,000 private properties, 10,000 ECs and about 110,000 HDB flats - which is the equivalent of building four new Ang Mo Kio towns, by 2016.

    To help buyers track the number of units coming on stream, Mr Khaw said that he would update a chart giving a visual representation of the upcoming housing supply on his Facebook page with each successful sale of a land plot via the Government Land Sales programme, or release of Built-to-Order flats.

    Separately, Mr Khaw maintained that the package of property cooling measures introduced last week is necessary to soften the market.

    "The alternative of doing nothing, allowing the prices to run beyond economic fundamentals, will only invite a large and serious price correction in the future.

    "The package was carefully formulated to protect first-timers. Investors buying additional properties may be disappointed but I hope they will in due course come to accept that the package will also be good for them. In any case, many of the new measures are counter-cyclical in nature, to be lifted when the market regains its balance."

    As part of measures introduced last week, residential property buyers (except for Singapore citizens making their first purchase) are being slapped with steeper additional buyer's stamp duty. In addition, loan-to-value limits are being lowered while minimum cash downpayment on housing loans are being raised.

    In the public housing sphere, measures introduced include tighter loan eligibility for the purchase of HDB flats.

  2. #2
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    Default Nearly 200,000 new homes by 2016: Khaw

    http://www.straitstimes.com/archive/...-khaw-20130119

    Nearly 200,000 new homes by 2016: Khaw

    Published on Jan 19, 2013


    ALMOST 200,000 new homes are expected to hit the market by 2016, Mr Khaw Boon Wan said yesterday, as he gave the assurance that there are enough homes for all.

    In a blog post, the National Development Minister also said that the slew of measures announced last week to cool the property market are intended to protect first-time buyers.

    They are largely exempted from the measures, which include higher stamp duties and down payments, as well as tighter loan-to-value limits.

    Mr Khaw said the current pent-up demand and market imbalance is caused by under-building in the past and the high investment demand today. "But we have been ramping up supply, and in two, three and four years' time, supply will have caught up with pent-up demand."

    In the next three to four years, there will be an additional 80,000 private properties, 10,000 executive condominiums and 110,000 HDB flats - equivalent to building four new Ang Mo Kio towns.

    Mr Khaw also sought the understanding of investors hit by the new rules and hoped they would accept that the package would also be good for them "in due course".

    "In any case, many of the new measures are counter-cyclical in nature, to be lifted when the market regains its balance," he said.

    SLP International research head Nicholas Mak said that while the projected near-200,000 homes is big, "the reality is that many first-timers are still priced out of the market today, although that may change in the next few months if the new measures are effective".

    First-time buyers like advertising executive Jezreel Ow, 25, are hoping for that outcome. "Everything except my career is in limbo and on hold, until I can afford my own place."

    DARYL CHIN

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