HDB Press Release Statements/Correspondence

[Tarabin]

dun expect to make a big profit on your flat...

Being realistic

Say goodbye to the days of million-dollar HDB flats

Weekend • January 7, 2006

Letter from STEVE K NGO

I refer to the article, "Real estate prices go high-rise" (Jan 4). I disagree that climbing property prices are signalling a recovery. In fact, there is no basis to suggest that Singapore's residential property market has promising prospects.

Two years ago, there were more than 3.48 million citizens and Permanent Residents in Singapore. More than 1.15 million are below 24 years of age — hence likely to be staying with parents and not own property.

The only available housing statistics are for the year 2000 where there were 923,325 units with a population of 3.26 million. That works out to about 3.5 persons per dwelling — not counting the fact that some people may own more than one property.

As such, Singapore is not facing an acute shortage of housing. So, what can propel a hyper growth in the property market? There is no evidence to show that foreign investors are fond of Singapore properties, with the exception of the high-end luxury market.

In fact, Singaporeans are investing in property in Malaysia and Australia. How can property prices increase when there is no shortage, but, in fact, hints of over-supply? There is the negative equity of home-owners and close to 10,000 unsold HDB units.

Last year, the Government allowed a drop in down payment for property purchases from 20 per cent to 10 per cent. The change has not shown much impact so far.

We have come to a stage no different than in the United States, where properties are for our own dwelling, not speculation.

We can say goodbye to the days when people paid nearly a million dollars for a HDB flat in Bishan. It is important that today's property owners be realistic.

[Patbabeth]

Jan 12, 2006
Unsold HDB flats: Questionable to say there's 'little' impact on resale market

I refer to the letter 'HDB resale flats: Little impact on market' by Kee Lay Cheng (ST Jan 10).

Firstly, I am glad that Ms Kee admits that there will be an impact on the resale market. The definition of 'little' in the headline is questionable.

As they say, one death is a tragedy, ten thousand is but a statistic. Where does the line end? When my flat depreciates by $1,000? $10,000? What is the acceptable limit?

Secondly, Ms Kee stated that the 400 flats to be released is but 1.6 per cent of total resale applications recorded. This is extremely skewed. Who uses the entirety of the resale market which encompasses the whole of Singapore to compare with the approximately 200 flats released in totality in the Jurong area?

This is an unfair basis of comparison and I am extremely disappointed that it was used.

Thirdly, based on the HDB website on resale transactions, the total number of five-room and executive flats sold in October 2005 to December 2005 for the Jurong East and Jurong West vicinity is 244.

The 200 unsold flats are to be released over nine months. Doing a simple calculation, that works out to about 67 per quarter. This is not 1.6 per cent. This is a whopping 27.5 per cent extra flats flooded into the market.

Yes, the HDB has the obligation to dispose of unsold flats. Yes, demand has dropped significantly because of the crisis. But this still doesn't give the HDB the right to protect its own interest at the expense of others, especially when property is the main asset of many Singaporeans.

Who would have anticipated the economic crisis? No one. Yet, anyone with prudence would understand that you don't put all your eggs in one basket.

So many flats just in Jurong? If I am not wrong, there are in Punggol and Sengkang as well. Punggol 21 didn't really materialise. Now Jurong is saddled with so many unsold flats.

The HDB has calculated wrongly, so at least admit the mistake.

Mervyn Song Chee Khin

[zing]

wah steady la this mervyn guy!

wooo!

[RN53]

The day when the private and public bodies/organisations/agencies/businesses admitted their mistakes, if any, would be the day Singapore/Singaporeans have matured into a gracious society and a genuine developed country.

But, I don't think it is in the horizon yet.

[Tarabin]

[zing]

hdb should do a bto on those areas la..

[Patbabeth]

[zing]

sengkang and punggol to most pple are also considered far and inconvenient.

but still..it is pretty successful la~ :lol:

[Tarabin]

[Winwin]

[Patbabeth]

environment wise, sengkang and punggol is so much better... more fresh air...

[zing]

got jurong island mah...hehe..

air pollution...and also..if anything happens to jurong island...jurong will be the first to uplorry

[Patbabeth]

Jan 18, 2006
Floor tiles go pop in Premium HDB flats

I HAVE been living in a Premium flat in Punggol for the past 1 1/2 years. On Saturday my wife was frightened by a cracking sound in the middle of the night.

The next morning we found that the floor tiles in the entire living room had popped out. Three units out of the six on the same floor were affected by the same problem.

When we called the Housing Board hotline we were shocked to learn that the problem was very common in our area.

As there are so many cases in the area, shouldn't HDB take the initiative to check the remaining units for the same problem?

I am very disappointed with the quality of the so-called 'premium' flats. To make things worse, Chinese New Year is only two weeks away.

I hope HDB will keep a close watch on the workmanship of its contractors, and when things go wrong it should take the initiative to check the remaining units.

Lim Choon Heng

[zing]

ah yes...thats the article im referring to~

[Patbabeth]