Sales numbers do not suggest speculation in HDB shops: Khaw

National Development Minister Khaw Boon Wan said recent sales numbers do not suggest a speculative element in Housing and Development Board (HDB) shops, and it will not be tenable for HDB to impose new restrictions like stricter citizenship eligibility.

In a written parliamentary reply to MP Ong Teng Koon, Mr Khaw said Singaporeans and Singaporean-owned companies own about 95 per cent of the sold shops, and the remaining five per cent are owned by permanent residents, foreigners and foreign-owned companies.

Resale transactions over the last five years involving HDB shops made up three to seven per cent of the total stock of 8,700 HDB shops.

From January to August this year, there were 216 such transactions, out of which 14 shops or six per cent were resold within one year of purchase.

These shops are transacted in the market on a willing buyer and willing seller basis, similar to other private commercial properties.

HDB stopped the direct sale of HDB shops in 1998.

Source : Channel NewsAsia – 16 Oct 2012

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