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Thread: Better balance now between home buyers, sellers: Khaw

  1. #1
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    Default Better balance now between home buyers, sellers: Khaw

    http://www.straitstimes.com/archive/...-khaw-20150221

    Better balance now between home buyers, sellers: Khaw

    Planned increase in number of homes over 4 years has helped prices adjust

    Published on Feb 21, 2015 12:52 AM

    By Nur Asyiqin Mohamad Salleh


    FOUR years of hard work ramping up the construction of new homes has paid off, according to National Development Minister Khaw Boon Wan.

    In a blog post yesterday, he said that the planned increase in number of homes had led to a better balance being struck between buyers and sellers.

    Last year, 51,598 new homes were added, outpacing the projection of 47,505 made last May.

    This has helped property prices adjust with supply better meeting demand.

    "Our residential market has achieved a better balance between sellers and buyers," he said. Last year marked the first full year in which home prices fell, he noted.

    "This was a great relief for home buyers," he said. But as the decline was moderate, "it was also a relief for home sellers and home owners".

    He added that a collapse of the housing market would benefit no one.

    Construction is expected to slow in the coming years, going by the updated figures Mr Khaw provided yesterday.

    Last year, the supply of new homes for 2014 to 2017 was projected to be 200,034 units. But with the adjustment of the Housing Board's supply of Build-To-Order (BTO) flats, the new figure now stands at 195,788.

    There will be 26,000 HDB flats completed this year, 8 per cent fewer than last year's 28,300. The number of new flats is expected to be kept at 25,000 each year from next year to 2018.

    This year, there will be 21,359 new private homes - a 7 per cent rise from last year.

    But in the coming years, there is expected to be a slide to just 9,836 in 2018. That year, the number of new units, including public flats, will be the lowest in recent times - just 38,316.

    Singapore currently has about 1.28 million homes - 960,000 of which are HDB flats. By early 2018, the total is expected to swell 11 per cent to 1.43 million.

    Mr Khaw said home buyers will continue to have plenty of choice.

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    Default Khaw Boon Wan sees Singapore housing supply rising 11% in three years

    http://www.businesstimes.com.sg/gove...in-three-years

    Khaw Boon Wan sees Singapore housing supply rising 11% in three years

    By Malminderjit Singh

    [email protected]@MalminderjitBT

    21 Feb


    The supply of housing in Singapore will increase by about 11 per cent in about three years with the addition of more than 100,000 HDB and 67,000 private units.

    Minister for National Development Khaw Boon Wan revealed in a blog post on Friday that by early 2018, the stock of housing in Singapore would have grown to 1.43 million units and that the residential market in Singapore has achieved a better balance between sellers and buyers.

    This would be an 11 per cent increase from the current stock of about 1.28 million housing units, of which 960,000 are in HDB estates and the remaining 320,000 in the private sector.

    According to a chart posted in Mr Khaw's latest blog entry titled "Shifting the Balance", the projected increase in housing in Singapore in 2015-2018, is 182,506 units. Out of these, 101,000 will be public housing units, 14,220 will be EC (executive condominium) units and the remainder 67,286 will be private units.

    "Four years of hard work, ramping up new home construction, is seeing results. As flats and apartments take three or four years to build, we are enjoying the harvests of the hard labour," Mr Khaw wrote in the Housing Matters blog.

    "As supply-demand rebalances, property prices are adjusting. 2014 was the first full year which saw home prices in decline. This was a great relief for home buyers. As the decline was moderate, it was also a relief for home sellers and home owners. A collapse of housing market benefits no one," he added.

    Mr Khaw explained that as project completion dates vary, the ministry had put up a chart last year to track the pipeline supply of new homes for 2014-2017.

    "A total of 200,034 units were projected. With the tapering of HDB's BTO supply, the new figure stands at 195,788. Home buyers have plenty of choices."

    An analyst that BT spoke to, however, felt that the rate of increase in the stock of housing here over the three years could be too steep.

    "An 11 per cent increase in three years of the number of homes available for occupation is very fast. Our population is not going to grow that fast and therefore a lot of units may go empty," Nicholas Mak, executive director at SLP International, told BT.

    He explained that the impact of this may be most felt on the private residential market, primarily on those units for investment, as the chances of HDB units going empty is less as these are for primary residences.

    "In the private sector, a significant amount of property is bought for investment. This is especially true for shoebox units and those in the downtown areas, which are mostly bought by investors."

    Consequently, he cautioned that there is a risk of a glut in some segments, where investors were buying the units to rent out and added that this could also have a downward drag on rental rates.

  3. #3
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    so now is time to go into infrastructure project.

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