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Thread: Resale HDB flat market 'finally turned the corner': Khaw Boon Wan *

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    Default Resale HDB flat market 'finally turned the corner': Khaw Boon Wan *

    The softening resale HDB flat prices is good news for home buyers but it has not yet reached a "steady state" said National Development Minister Khaw Boon Wan.

    However, HDB's fourth quarter resale housing data does suggests that "we have finally turned the corner" with the balance between sellers and buyers is becoming more neutral, said Mr Khaw in a blog-post on Saturday.

    "Over the next three years, 80,000 new HDB flats will be completed, including 30,000 new units within 2014 - more than double the number from last year. "Most of these buyers are getting their first flats," he said. "But some, not a small number, are flat owners who will need to dispose of their existing flats within six months after collecting keys to their new flats."

    Last year, there were 18,100 HDB resale transactions - 2,800 of which came from households who were in the process of moving to their new flats. "We expect this number to double to about 6,000 units each year for the coming three years," added Mr Khaw. "This does not include the number of HDB upgraders moving into newly completed private property and selling their HDB flats... This will no doubt have an impact on the resale HDB market, starting from this year. We will be monitoring closely. I am sure flat hunters and sellers will too."

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    The softening resale HDB flat prices is good news for home buyers but it has not yet reached a "steady state" said National Development Minister Khaw Boon Wan.

    Seems like a significant drop is inevitable.

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    Fighting inflation is a very tough job. Its like mowing lawns with a nail clipper. It grows faster than u can cut.

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    Quote Originally Posted by indomie View Post
    Fighting inflation is a very tough job. Its like mowing lawns with a nail clipper. It grows faster than u can cut.
    But when it grow too fast until it break, then u will have hard time getting it growing again.

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    Just like HK, govt will have effective policy to push price now.

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    This bear cycle will probably last 5 more yrs or more. Those unable to cash out may have to wait another decade.

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    Property prices are correcting too fast. For private property this is fine, but not for HDB. It could negatively impact HDB upgraders over the next 1-2 years. This group is a middle class, which have not been benefiting from most of the carrots handed out.

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    http://www.channelnewsasia.com/news/...medium=twitter

    SINGAPORE: The HDB resale market may have turned the corner, with a more neutral balance between sellers and buyers, but it has not reached its steady state yet.
    National Development Minister Khaw Boon Wan made the remark in his blog on Saturday morning.


    He was referring to the last quarter's resale data that the Housing and Development Board (HDB) released on Friday.
    He noted that over the next three years, 80,000 new HDB flats will be rolled out, and 30,000 of them will be completed in this year alone -- more than doubling last year's figure.
    Most buyers of these new flats will be first-timers.
    "But some, not a small number, are flat owners who will need to dispose of their existing flats within six months after collecting keys to their new flats," Mr Khaw said.
    Of the 18,100 HDB resale transactions, 2,800 units came from households in the process of moving to their new flats.

    The authorities expect the number to double to about 6,000 units each year, in the coming three years.

    The number does not include those selling their HDB flats to move into newly completed private property.

    Mr Khaw said: "This will no doubt have an impact on the resale HDB market, starting from this year. We will be monitoring closely. I am sure flat hunters and sellers will too."

    Data released by the HDB on Friday showed that prices of HDB resale flats registered a 0.6 per cent decline last year -- down from the 6.6 per cent price growth seen in 2012 and the double-digit growth in the two years before that.

    As for the fourth quarter last year, prices fell 1.5 per cent, marking two consecutive quarters of price declines in 2013.


    - CNA/al

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    Just let the hdb price plunge, that is what the people want during hong lim park protest and national conversation feedback. Remove some cm for private condo let condo price move up. PC is a free market. Let rich and foreigers come in to buy condo remove or reduce stamp duty.

    This will make condo people happy, new hdb buyers happy, future children of sg happy, parents happy ( thats wat ppl worry their children can't afford).
    Last edited by star; 25-01-14 at 12:49.

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    Quote Originally Posted by star View Post
    Just let the hdb price plunge, that is what the people want during hong lim park protest and national conversation feedback. Remove some cm for private condo let condo price move up. PC is a free market. Let rich and foreigers come in to buy condo remove or reduce stamp duty.

    This will make condo people happy, new hdb buyers happy, future children of sg happy, parents happy ( thats wat ppl worry their children can't afford).
    Impose more cooling measures -
    Less rich people can come into the market and push up property prices.
    More Singaporeans can upgrade and also LESSER abuse Singaporeans through insulting . 1 recent real case is Anton.C

    Conclusion = HDB + PC = PRICE ALL DROP = MORE HAPPY Singaporeans can afford

    Don't listen to star member rubbish talk as he is still living in his ivory dream tower ! LOL

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    Govt need higher land sale price for private condo so price cannot drop. Only one way that is up. Massive mrt lines need massive fund.

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    Poor ppl don't talk about condo, as long as u give them a cheap hdb shelter they will be happy.

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    Hdb n private housing is link. If able to control from the below, the rest will follow..

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    Quote Originally Posted by oops View Post
    Hdb n private housing is link. If able to control from the below, the rest will follow..
    Very soon HDB will be completely delinked from private housing. .. with slowly increasing MOP, restriction on buyers, restriction on rentals.

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    Khaw reversed what Mah did in 2 years. *clap clap*.

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    Actually.. landed drop..condo drop also no use..
    most people cannot buy coz of the absd .. and esp the loan tenure.. sian.z...

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    Quote Originally Posted by Allthepies View Post
    Very soon HDB will be completely delinked from private housing. .. with slowly increasing MOP, restriction on buyers, restriction on rentals.
    I don't think so.. The whole market is linked together no matter what happen.

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    Quote Originally Posted by oops View Post
    The softening resale HDB flat prices is good news for home buyers but it has not yet reached a "steady state" said National Development Minister Khaw Boon Wan.

    However, HDB's fourth quarter resale housing data does suggests that "we have finally turned the corner" with the balance between sellers and buyers is becoming more neutral, said Mr Khaw in a blog-post on Saturday.

    "Over the next three years, 80,000 new HDB flats will be completed, including 30,000 new units within 2014 - more than double the number from last year. "Most of these buyers are getting their first flats," he said. "But some, not a small number, are flat owners who will need to dispose of their existing flats within six months after collecting keys to their new flats."

    Last year, there were 18,100 HDB resale transactions - 2,800 of which came from households who were in the process of moving to their new flats. "We expect this number to double to about 6,000 units each year for the coming three years," added Mr Khaw. "This does not include the number of HDB upgraders moving into newly completed private property and selling their HDB flats... This will no doubt have an impact on the resale HDB market, starting from this year. We will be monitoring closely. I am sure flat hunters and sellers will too."
    The three year look like I saw it somewhere in the news, anyone can help.

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    Khaw just buying time for housing supply to catch up so he can stop all these interventions that are distoring the market forces ... definitely he is carefully crafting his speech like Bernanke's "forward guidance"

    Already, ABSD + SSD + TDSR are forcing the less investment savvy Singapores to invest in Iskandar instead, this will bring also disastrous consequences later on as everybody knows Iskandar is an empty shell Don't believe me, go to JB and drive around, it is a dead town, Legoland carpark is EMPTY even when the weather is so nice!!!

    Another impact will be for 1st time BTO buyers, if Khaw hinting at further drop, why he is offering Punggol Bayview at 500k? If they buy, they will start to kpkb when a resale HDB @ Ang Mo Kio down to 500k

    The only way to make everybody happy will be to control it such that it reaches a steady state within a 10% band ... a long flight soft landing path
    Last edited by phantom_opera; 26-01-14 at 07:52.
    Ride at your own risk !!!

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    Quote Originally Posted by oops View Post
    This bear cycle will probably last 5 more yrs or more. Those unable to cash out may have to wait another decade.
    You make me laugh.... When did we ever have a bear cycle with no big global or regional crisis lasting more than 2 Years? And you are predicting 5 Years?

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    Quote Originally Posted by phantom_opera View Post
    Khaw just buying time for housing supply to catch up so he can stop all these interventions that are distoring the market forces ... definitely he is carefully crafting his speech like Bernanke's "forward guidance"

    Already, ABSD + SSD + TDSR are forcing the less investment savvy Singapores to invest in Iskandar instead, this will bring also disastrous consequences later on as everybody knows Iskandar is an empty shell Don't believe me, go to JB and drive around, it is a dead town, Legoland carpark is EMPTY even when the weather is so nice!!!

    Another impact will be for 1st time BTO buyers, if Khaw hinting at further drop, why he is offering Punggol Bayview at 500k? If they buy, they will start to kpkb when a resale HDB @ Ang Mo Kio down to 500k

    The only way to make everybody happy will be to control it such that it reaches a steady state within a 10% band ... a long flight soft landing path
    The guru phantom and mr chestnut have spoken.

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    Market Outlook: HDB Resales - What goes up ... …. will eventually come down, and inPropertyGuru’s 2014 Market Outlook*eBook we examine the trend in detail and predict the market movements in 2014.

    Million-dollar HDB units are now relatively rare, with resale prices taking a tumble following the introduction of cooling measures: particularly the cap of 30 percent for MSR and a 25-year limit for HDB mortgage loans.

    In addition, the government reiterated its stance on providing affordable housing to all by ramping up the supply of BTO flats. With low or even no COVs becoming a common occurrence now, a soft landing for the HDB resale market appears imminent.

    Predictions of further declines

    On the back of HDB estimates indicating resale prices falling 1.3 percent in Q4 2013, the major news story in 2014 is likely to be an even quieter year for the resale market, with prices expected to spiral downwards even further.

    Transaction volume figures will follow a similar trend to 2013, which saw one of the lowest in years at around 17,200 to 18,500*resale property*transactions – compared to more than 24,000 to 37,000 over the last five years.

    On one hand, this is due to more home buyers adopting a cautious approach in the market. However, it can also be attributed to new regulations stipulating that newly-minted PRs will have to wait three years before they can purchase a resale flat. As a result, purchasing of resale units by PR households fell by half at an average of 176 units per month, in contrast to an average of 323 units per month prior to the introduction of the new ruling.

    Is now a good time to invest in the*HDB resale market?*The PropertyGuru 2014 Market Outlook*eBook*provides six areas of Singapore that are worth considering for first time buyers and upgraders, and the reasons why.

    Download your free copy of the*PropertyGuru 2014 Market Outlook*eBook now.

    *

    Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories [email protected]

    Recent stories you may have missed:
    MUST READ:*Get the GuruView with PropertyGuru's 2014 Market Outlook eBook
    Singapore government to watch HDB resale market
    HDB resale prices fall for the first time in eight years
    Chinese are now top non-Singapore property buyers


    If you have a property story you want us to publish email:[email protected]

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