The government has introduced further measures to stabilise the HDB resale market. The maximum tenure for HDB housing loans will be reduced from 30 years to 25 years. It's aimed at ensuring financial prudence in the purchase of public housing and discourage over-consumption. The Mortgage Servicing Ratio will also be reduced from 35 per cent to 30 per cent of the borrower's gross monthly...
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More people are selling their Housing and Development Board (HDB) flats in the resale market without a cash premium. The Singapore Real Estate Exchange (SRX) said transactions involving zero Cash-Over-Valuation (COV) have more than tripled, from 14 in January to 49 in July. The overall median COV dipped to a low of S$20,000 in July, the lowest since 2011. SRX now said it is seeing more people...
Some home buyers Channel NewsAsia spoke with have suggested that the new housing grants announced at Sunday's National Day Rally be extended to those buying from the resale market as well. Home buyers welcomed in particular the extension of the existing Special Housing Grant, which provides up to S$20,000. The grant will soon include not just two and three room flats, but four-room flats as well. The...
Buyers snapped up 76 per cent of the units at City Developments' (CDL) new executive condominium (EC), Lush Acres, over the weekend. CDL said the 380-unit EC project opened for booking on Saturday and 289 units were sold over the weekend. About 37 per cent were eligible first-time buyers. Located in Sengkang, the project consists of three- to five-bedroom apartments of sizes between 915 square...
The government will make sure every Singaporean family who is working can afford a home, said Prime Minister Lee Hsien Loong in his National Day Rally Speech on Sunday. Giving the assurance, he announced new Step-Up Housing Grants and the extension of the current Special Housing Grant to help more low- and middle-income households. "I believe home ownership is still a fundamental principle for...
The much-awaited launch of the Build-To-Order (BTO) two-room Housing and Development Board (HDB) flats for singles saw about 58 applicants vying for each available unit by the close of offer last Monday. In his blog, National Development Minister Khaw Boon Wan said this had silenced the sceptics as the market response was not lukewarm at all. A more apt description of the response would be “sizzling...
National Development Minister Khaw Boon Wan has written about the importance for owners of public flats to take up mortgage reducing insurance (MRI). In his blog post published on Friday, he said such insurance can help pay off the outstanding loan on a flat, should tragedy happen to the breadwinner. He cited the case of a couple who died suddenly, leaving their only child behind. The teenager was...
A bigger grant for Singaporeans hoping to buy three- and four-room flats from the Housing and Development Board (HDB). That's one of the calls from the Government Parliamentary Committee (GPC) for National Development. It says a bigger grant will make public housing more affordable and bring down homebuyers' monthly mortgage and years spent servicing a loan. 24-year-old Kelvin Goh and his wife...
Property market watchers said the HDB resale market is showing signs of cooling. Median cash premiums (cash-over-valuation) for HDB resale flats hit a two and a half year low in July at S$20,000. This is down from a peak of S$35,000 in January 2013. Resale flat prices also recorded a 0.5 per cent rise in the second quarter, the lowest growth since 2009. Analysts said this could be the result of...
Land prices of executive condominium (EC) sites have grown at a faster pace compared with private residential plots in the last three years. SLP International Property Consultants says the cost of 99-year leasehold mass-market sites rose 40 percent, slower than the 50 percent increase in land prices EC sites sold under the Government Land Sales (GLS) programme. EVIA Real Estate, one of the consortium...