Feb 22, 2010 - PropertyGuru.com.sg
The new property measures introduced by the government to prevent a speculative bubble from forming in the private property market, are not likely to have a significant impact on the public housing sector, where prices have sky-rocketed in the past two years.
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Many home buyers in the private housing sector are foreigners who can afford to pay the excess stamp duty.
Right now, the government appears reluctant to calm the HDB resale market despite unhappiness on the ground.
In 2009, prices continued to increase by 8.2 percent, with median Cash-Over-Valuation (COVs) doubling to $24,000 in Q4 alone.
Some Singaporeans feel that it is necessary for HDB to consider imposing rules to make it harder for PRs to make a profit out of their homes, as PRs make-up quite a high percentage of buyers in the resale market.
However, HDB insists that public housing remains affordable to the masses.
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Reader Comments: (3 comments)
Remain affordable?? Can someone advise me how much cash i need if i wanna buy 4R HDB flat near Pasir Ris MRT? Is 50K enough?
Sigh, at this rate how am I going to be able to afford a flat. And the reason is in part due to foreigners. In Australia there is an Australian 1st policy but in my own country it's foreigner first...how wonderful it is to be a Singaporean.
"HDB insists that public housing remains affordable to the masses"--- then why is it that Singaporeans continue to raise concerns on affordability issues?