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Thread: More residents have trouble selling their flats

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    Default More residents have trouble selling their flats

    Published on Jul 03, 2014

    More residents have trouble selling their flats

    SAMANTHA BOH

    IS THERE an oversupply of flats? This was a question raised by Nee Soon GRC Member of Parliament Lee Bee Wah on Monday, after she noticed that many residents in her ward faced problems selling their homes.

    In a Facebook post, Ms Lee said residents have approached her at Meet-the-People Sessions, saying that their Build-To-Order (BTO) flats are ready but they are unable to find buyers for their current flats.

    "Is this (a) sign of oversupply of flats?" she asked.

    The problem surfaced in the past month. At Ms Lee's Meet-the-People Session on Monday, four residents asked for more time to sell their flats, reported Chinese evening daily Lianhe Wanbao.

    "They are mainly middle-aged and older, mostly looking to downsize their flat, but had been unable to sell their old flat to fund their new flat," Ms Lee was quoted as saying. "Without money, how can they get the keys to their new flats?"

    She said there were residents who did not even have a single prospective buyer view their flat, adding that all she could do is to help them get an extension of time to sell their flat.

    Gan Thiam Poh, MP for Pasir Ris-Punggol GRC, also encountered two to three such cases over the past year and, on most occasions, he had been able to get them a six-month extension, Wanbao reported.

    SLP International research head Nicholas Mak did not think there is an oversupply yet, but noted that demand has definitely softened, with flat prices expected to fall further.

    So, sellers have to price their flats ahead of the market, Mr Mak told My Paper.

    "From the buyer's point of view, he would want to buy at next month's price because by the time he gets hold of the flat, its price would have fallen more," he said.

    Lee Lay Keng, DTZ's regional head of research for South-east Asia, said restrictions placed on permanent residents and allowing singles to buy BTO flats also contributed to the drop in resale demand.

    "Buyers will tend to take their time to shop around, so sellers have to be more flexible with their pricing," said Ms Lee.

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    http://mypaper.sg/top-stories/more-r...flats-20140703

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    Why didn't she ask them to sell it back to hdb?

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    Quote Originally Posted by maisonjai View Post
    Published on Jul 03, 2014

    More residents have trouble selling their flats

    SAMANTHA BOH

    IS THERE an oversupply of flats? This was a question raised by Nee Soon GRC Member of Parliament Lee Bee Wah on Monday, after she noticed that many residents in her ward faced problems selling their homes.

    In a Facebook post, Ms Lee said residents have approached her at Meet-the-People Sessions, saying that their Build-To-Order (BTO) flats are ready but they are unable to find buyers for their current flats.

    "Is this (a) sign of oversupply of flats?" she asked.

    The problem surfaced in the past month. At Ms Lee's Meet-the-People Session on Monday, four residents asked for more time to sell their flats, reported Chinese evening daily Lianhe Wanbao.

    "They are mainly middle-aged and older, mostly looking to downsize their flat, but had been unable to sell their old flat to fund their new flat," Ms Lee was quoted as saying. "Without money, how can they get the keys to their new flats?"

    She said there were residents who did not even have a single prospective buyer view their flat, adding that all she could do is to help them get an extension of time to sell their flat.

    Gan Thiam Poh, MP for Pasir Ris-Punggol GRC, also encountered two to three such cases over the past year and, on most occasions, he had been able to get them a six-month extension, Wanbao reported.

    SLP International research head Nicholas Mak did not think there is an oversupply yet, but noted that demand has definitely softened, with flat prices expected to fall further.

    So, sellers have to price their flats ahead of the market, Mr Mak told My Paper.

    "From the buyer's point of view, he would want to buy at next month's price because by the time he gets hold of the flat, its price would have fallen more," he said.

    Lee Lay Keng, DTZ's regional head of research for South-east Asia, said restrictions placed on permanent residents and allowing singles to buy BTO flats also contributed to the drop in resale demand.

    "Buyers will tend to take their time to shop around, so sellers have to be more flexible with their pricing," said Ms Lee.

    [email protected]

    http://mypaper.sg/top-stories/more-r...flats-20140703
    Reverse the rule and allow pte pty owners to buy re-sale HDBs. Simple.

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    Quote Originally Posted by sporadic View Post
    Reverse the rule and allow pte pty owners to buy re-sale HDBs. Simple.
    With ABSD?

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    Quote Originally Posted by sporadic View Post
    Reverse the rule and allow pte pty owners to buy re-sale HDBs. Simple.
    I will offer them COV $20k.

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    Quote Originally Posted by maisonjai View Post
    Why didn't she ask them to sell it back to hdb?
    Valuation on the affected property will be made and HDB will compensate the owner up to 90 percent of the property. (You know why they control the valuation)


    http://forums.salary.sg/investments-...l#.U7UqLpSSx8E



    http://www.hdb.gov.sg/fi10/fi10321p....ument#Upcoming
    Last edited by Arcachon; 03-07-14 at 18:10.

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    Some MPs might also have difficulties selling their private flats.

    Smells like kelong?
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    teddybear is offline Global recession is coming....
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    Is there any kelong because there is no major cooling measures for commercial properties while there are 9 major cooling measures for residential properties??????????

    Quote Originally Posted by Kelonguni View Post
    Some MPs might also have difficulties selling their private flats.

    Smells like kelong?

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    Quote Originally Posted by Kelonguni View Post
    Some MPs might also have difficulties selling their private flats.

    Smells like kelong?
    Sell, then put the money in the Bank??????

    http://business.asiaone.com/news/aus...ancial-scandal

    SYDNEY - The head of Australia's biggest bank Thursday said he was "truly sorry" for a major financial scandal in which thousands of people lost their life savings.

    Commonwealth Bank chief executive Ian Narev admitted staff at the group's financial arm provided poor advice to customers between 2003 and 2012 that cost many of them dearly.

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    Isn't this the same as those people in Singapore being persuaded to invest in "structured deposits" saying that it is as safe as "deposits" but with higher returns???

    Quote Originally Posted by Arcachon View Post
    Sell, then put the money in the Bank??????

    http://business.asiaone.com/news/aus...ancial-scandal

    SYDNEY - The head of Australia's biggest bank Thursday said he was "truly sorry" for a major financial scandal in which thousands of people lost their life savings.

    Commonwealth Bank chief executive Ian Narev admitted staff at the group's financial arm provided poor advice to customers between 2003 and 2012 that cost many of them dearly.

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    They want 1 million of course cannot sell la. Most people buy around 200k only. The only thing is how much you want to profit. 1 year ago, your neighbour sell 600k and now, price is around 500k and of course you also greedy la and ask for 600k. Try selling at 400k, confirm sell within days. But HDB is not meant for profit. Should sell as low as possible. It is public housing.

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    well said. they will tell the MP ... if my neighbour can sell $600k why should i sell $500k?
    then they will also cry papa cry mama ... they will have shortfall $ for their new EC or PC ... no money for reno no money for furniture ...

    Quote Originally Posted by thomastansb View Post
    They want 1 million of course cannot sell la. Most people buy around 200k only. The only thing is how much you want to profit. 1 year ago, your neighbour sell 600k and now, price is around 500k and of course you also greedy la and ask for 600k. Try selling at 400k, confirm sell within days. But HDB is not meant for profit. Should sell as low as possible. It is public housing.

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    When the whole village are like that and no action taken, Doesn't matter, they can ship the MP out?

    Quote Originally Posted by wt_know View Post
    well said. they will tell the MP ... if my neighbour can sell $600k why should i sell $500k?
    then they will also cry papa cry mama ... they will have shortfall $ for their new EC or PC ... no money for reno no money for furniture ...

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    Quote Originally Posted by thomastansb View Post
    They want 1 million of course cannot sell la. Most people buy around 200k only. The only thing is how much you want to profit. 1 year ago, your neighbour sell 600k and now, price is around 500k and of course you also greedy la and ask for 600k. Try selling at 400k, confirm sell within days. But HDB is not meant for profit. Should sell as low as possible. It is public housing.
    Fully support your idea. HDB is probably one of the main reasons why foreign properties continue to shoot up while SG property is stagnant. When HDB falls to rock bottom, what will happen to private?
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    Quote Originally Posted by Kelonguni View Post
    Fully support your idea. HDB is probably one of the main reasons why foreign properties continue to shoot up while SG property is stagnant. When HDB falls to rock bottom, what will happen to private?
    Sell at rock bottom, then money deposit where, in the Bank ????

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    Quote Originally Posted by wt_know View Post
    well said. they will tell the MP ... if my neighbour can sell $600k why should i sell $500k?
    then they will also cry papa cry mama ... they will have shortfall $ for their new EC or PC ... no money for reno no money for furniture ...
    Can stop loss by selling back to hdb at 90% @ 540k.

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    Prices should come down gradually since the government is targeting for a soft landing. Those who need to sell will eventually sell and at much lower price if they wait even longer.

    Like what the CEO of PropNex said after the introduction of TDSR and the restriction of PR from buying only after 3 years of obtaining PR status. He said "those who need to sell should sell early at lower price instead of waiting". Good advice? I think so for those who need to sell.

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    When the property market is moving up, early buyers will gain more. When the market is moving down, early sellers will gain more.

    However, most average Joe is likely to buy late in an up market and also sell late during a down market. They buy late because they fear prices will go even higher if they do not buy. They sell late because they cannot accept selling lower price, making less profit or cutting losses.

    Recent years BTO prices were still much lower than current resale flat prices. If sellers are prepared to make lower or no profit or small losses with respect to their new BTO flat price, there is no reason why they could not find buyers. - The Average Joe's Syndrome.

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    who is going to buy is the problem , Most citizen can buy nice new unit at a discount under BTO or EC , why buy a resale ? especially now singles can buy bto ... So when the property market picked up there was a mad rush to cash in and book a bto

    Now the problem is when all these speculative BTO were bought up with the Yowetans of the world dreaming of building a family portfolio of HDBs they didnt think what would happen when the tidal wave of supply would hit and the old units were going to be forced to be sold in a market with no new PR and all sorts of restrictions on who can buy them on top of stamp duty hikes ... so the price will go down , the HDB will have to step in and own a lot of the old flats and the banglas can move out of the cramped dorms and share a cheap rental hdb ....

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    There are always people buying resale flats. Those who cannot wait for BTO, those who are not qualify for BTO, up graders and down graders. The market is soft simply due to the market going into the bear cycle.

    Property market goes through various cycles and what we are witnessing now are the events taking shapes. Prices have to come down to sensible level to balance social and economic needs.


    Quote Originally Posted by catsick View Post
    who is going to buy is the problem , Most citizen can buy nice new unit at a discount under BTO or EC , why buy a resale ? especially now singles can buy bto ... So when the property market picked up there was a mad rush to cash in and book a bto

    Now the problem is when all these speculative BTO were bought up with the Yowetans of the world dreaming of building a family portfolio of HDBs they didnt think what would happen when the tidal wave of supply would hit and the old units were going to be forced to be sold in a market with no new PR and all sorts of restrictions on who can buy them on top of stamp duty hikes ... so the price will go down , the HDB will have to step in and own a lot of the old flats and the banglas can move out of the cramped dorms and share a cheap rental hdb ....

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