According to this report, a correction is expected in the private residential market. However, another report showed that HDB resale price continue to increase by about 3% each quarter.
We the normal citizen will suffer because of the price effect of HDB housing prices. All prices (food, cars, oil, rice, salt...)will continue to increase as a result. It seems like the goverment effort to cool the market is in vain. Stagflation is frightening.
I strongly feel that HDB shouldn't compete with Private property prices.
HDB should stay affordable and for basic housing needs of the public. Puzzling to see low end HDB so high and even some high end HDB housing like 5Room or Executive Apt. being on par or even higher than lower end condos.
Now where is the real benchmark? HDB lack facilities compared to full condo facilities that condo offers.
Furthermore, HDB occupants are Lessees only whereas Condos are "owner occupiers"
You got to look at how the govt is controlling the property market. On one hand they are releasing more lands for sale, but on the other hand, the highest bidder wins. So what do you end up with? Same thing - expensive houses because highest bidder wins and that cost gets transferred to buyers...
Hi Ken, the gov claims that it believes in letting the market decide on the pricing.
But then again the gov sets a minimum bid price and will withdraw land sales if price not met, so the gov is supporting the property market. There is also a cosy relationship between the gov and the developers as we have seen during 2009 downturn the gov came out with a slew of measures to make life easier for developers.
On the upside of the price range, the PAP and gang wants to play it laissez-faire, letting developers, especially the ultra bullish, cash rich and risk-seeking China companies come in and create a mini-China property environment.
On the downside of the price range, the PAP and gang will work their magic to protect their land prices via contriction of land sales.
PAP has forgotten its role as a government. Look at the Australians. Their economy is doing so well and their govt is constantly adjusting their interest rates to peg back housing inflation. What's our PAP doing? Continue with "free market" while knowing that they are artificially pegging our SIBOR rates to USA's.
When the people cry "too expensive", all they will do is disclaim it and say it's "still affordable".
It's already so obvious who all the 21 - 35 yrs age group will vote for. Question now is, who will the 35 - 55 vote for? The retirees bracket is more of a swing vote I feel...
We the normal citizen will suffer because of the price effect of HDB housing prices. All prices (food, cars, oil, rice, salt...)will continue to increase as a result. It seems like the goverment effort to cool the market is in vain. Stagflation is frightening.
ReplyDeleteI strongly feel that HDB shouldn't compete with Private property prices.
ReplyDeleteHDB should stay affordable and for basic housing needs of the public.
Puzzling to see low end HDB so high and even some high end HDB housing like 5Room or Executive Apt. being on par or even higher than lower end condos.
Now where is the real benchmark?
HDB lack facilities compared to full condo facilities that condo offers.
Furthermore, HDB occupants are Lessees only whereas Condos are "owner occupiers"
You got to look at how the govt is controlling the property market. On one hand they are releasing more lands for sale, but on the other hand, the highest bidder wins. So what do you end up with? Same thing - expensive houses because highest bidder wins and that cost gets transferred to buyers...
ReplyDeleteHi Ken, the gov claims that it believes in letting the market decide on the pricing.
ReplyDeleteBut then again the gov sets a minimum bid price and will withdraw land sales if price not met, so the gov is supporting the property market. There is also a cosy relationship between the gov and the developers as we have seen during 2009 downturn the gov came out with a slew of measures to make life easier for developers.
On the upside of the price range, the PAP and gang wants to play it laissez-faire, letting developers, especially the ultra bullish, cash rich and risk-seeking China companies come in and create a mini-China property environment.
ReplyDeleteOn the downside of the price range, the PAP and gang will work their magic to protect their land prices via contriction of land sales.
3%??? In 2007, 5 rooms are around $250k. In 2009, they are asking for $690k for BTO and due to election, prices are revised back to $400k.
ReplyDeletePAP has forgotten its role as a government. Look at the Australians. Their economy is doing so well and their govt is constantly adjusting their interest rates to peg back housing inflation. What's our PAP doing? Continue with "free market" while knowing that they are artificially pegging our SIBOR rates to USA's.
ReplyDeleteWhen the people cry "too expensive", all they will do is disclaim it and say it's "still affordable".
It's already so obvious who all the 21 - 35 yrs age group will vote for. Question now is, who will the 35 - 55 vote for?
The retirees bracket is more of a swing vote I feel...
Thank you for sharing this information. It has helped me to know more about Realtor patrick singapore
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