Property Views

[cherrygal]

Just wanna add, it will be harder to buy a condo that has yet to be built… you gotta sell your place first, then get the proof of sale to qualify for the 80% loan. So if you really cannot squeeze out that extra cash and need to sell first, where are you gonna stay till your new place TOP? Because of this, you gotta rent some place and incur extra costs… sigh


That’s why they say mass market new launch condos are gonne be hit most coz those are usually bought by pple who are not that rich.

[verykiasu2010]

cherrygal:

Just wanna add, it will be harder to buy a condo that has yet to be built... you gotta sell your place first, then get the proof of sale to qualify for the 80% loan. So if you really cannot squeeze out that extra cash and need to sell first, where are you gonna stay till your new place TOP? Because of this, you gotta rent some place and incur extra costs... sigh


That's why they say mass market new launch condos are gonne be hit most coz those are usually bought by pple who are not that rich.

It is my humble opinion that if a family does not have that 10% buffer to be flexible, they should not buy/upgrade. It will be lots of financial hardship if any unexpected thing happens, eg one spouse temporarily unemployed for a while

[sleepy]

cherrygal:

Just wanna add, it will be harder to buy a condo that has yet to be built... you gotta sell your place first, then get the proof of sale to qualify for the 80% loan. So if you really cannot squeeze out that extra cash and need to sell first, where are you gonna stay till your new place TOP? Because of this, you gotta rent some place and incur extra costs... sigh


That's why they say mass market new launch condos are gonne be hit most coz those are usually bought by pple who are not that rich.

That's precisely the intent of this policy. Don't want people to over-stretch their loan. Only those rich enough with sufficient buffer should consider 2nd property.
In the event interest rate increase (SURE will happen, just don't know when), loan recall, property force sale, more bankruptcy cases. It will be a nightmare for government. They are trying to prevent that


What I don't understand is, shouldn't it be obvious to buyers? Common sense, cannot afford then please don't buy, why stretch to the breaking point?
Then no need government to babysit us & come up with a policy. We should have some common sense :idea:

[raynreg]

cherrygal:

That's why they say mass market new launch condos are gonne be hit most coz those are usually bought by pple who are not that rich.

But is mass market private housing going to be hit when prices of public housing are supporting it.

[sleepy]

raynreg:

cherrygal:

That's why they say mass market new launch condos are gonne be hit most coz those are usually bought by pple who are not that rich.

But is mass market private housing going to be hit when prices of public housing are supporting it.

I believe the intent of this policy is to make HDB flats more affordable to general public. Unless HDB miscalculate, I think we can safely assume HDB prices going south?
Then mass market condo prices will go south hand in hand

Wait a few months when dust settle to see the supporting price point. Very interesting indeed

[dunnoleh]

sleepy:

.... What I don't understand is, shouldn't it be obvious to buyers? Common sense, cannot afford then please don't buy, why stretch to the breaking point?

Then no need government to babysit us & come up with a policy. We should have some common sense :idea:

common sense, that's non-existent in the property market for a long long time already. there has been a few wishy washy babysitting policies before, but not enough to deter people taking undue risks. not sure if common sense will prevail this time.

[toddles]

sleepy:

toddles:

Yup, I am quite sure. Besides the terms that sleepy posted, there was also a recent case in the news papers of the Indian PR (?) who bought private and rented out his hdb after fulfilling MOP.

that's the whole point of having an MOP mah...

Can post the newspaper article link here? I don't recall reading it

I can't find the newspaper link but there's the story...

http://www.temasekreview.com/2010/06/26/hdb-clears-ypap-leader-sinha-shekhar-of-any-wrongdoing/

more on HDB's reply on such incidences:

http://www.singsupplies.com/showthread.php?p=492885

HDB flats are primarily for home ownership purpose. However, lessees who have fulfilled their requisite occupation period (5 years for flats purchased directly from HDB or from the open market with a CPF Housing Grant; and 3 years for flats purchased from the open market without a CPF Housing Grant) may apply to sublet their whole flats subject to HDB's written approval and subletting terms and conditions.

Lessees who have illegally sublet their whole flat without HDB's written approval would have infringed our Housing & Development Act. Thorough investigations will be conducted and legal actions will be taken against them.

Yours sincerely,

NEO SAW KIAN (Ms)
EXECUTIVE ESTATES OFFICER
HOUGANG BRANCH OFFICE
HOUSING ADMINISTRATION DEPARTMENT

[sleepy]

toddles:

I can't find the newspaper link but there's the story...


http://www.temasekreview.com/2010/06/26/hdb-clears-ypap-leader-sinha-shekhar-of-any-wrongdoing/

more on HDB's reply on such incidences:

http://www.singsupplies.com/showthread.php?p=492885

HDB flats are primarily for home ownership purpose. However, lessees who have fulfilled their requisite occupation period (5 years for flats purchased directly from HDB or from the open market with a CPF Housing Grant; and 3 years for flats purchased from the open market without a CPF Housing Grant) may apply to sublet their whole flats subject to HDB's written approval and subletting terms and conditions.

Lessees who have illegally sublet their whole flat without HDB's written approval would have infringed our Housing & Development Act. Thorough investigations will be conducted and legal actions will be taken against them.

Yours sincerely,

NEO SAW KIAN (Ms)
EXECUTIVE ESTATES OFFICER
HOUGANG BRANCH OFFICE
HOUSING ADMINISTRATION DEPARTMENT

Thanks for the link. Noticed someone posted this http://www.hdb.gov.sg/fi10/fi10325p.nsf/w/PrivatePtyEligibility?OpenDocument

I cut & paste the relevant paragraph

The lessees and occupiers must continue to stay in their HDB flat after the purchase of the private residential property unless prior approval from HDB is obtained to sublet the whole flat.


Wow! So with this precedent case, HDB has no reason to reject HDB owners from renting out their flat and reside in private?

[limlim]

sleepy:

Thanks for the link. Noticed someone posted this http://www.hdb.gov.sg/fi10/fi10325p.nsf/w/PrivatePtyEligibility?OpenDocument

I cut & paste the relevant paragraph

The lessees and occupiers must continue to stay in their HDB flat after the purchase of the private residential property unless prior approval from HDB is obtained to sublet the whole flat.


Wow! So with this precedent case, HDB has no reason to reject HDB owners from renting out their flat and reside in private?

if they reject you, just write to ST

Title of Letter : Discrimination against S'pore citizen, preference treatment given to PR.

[3Boys]

limlim:

sleepy:

Thanks for the link. Noticed someone posted this http://www.hdb.gov.sg/fi10/fi10325p.nsf/w/PrivatePtyEligibility?OpenDocument

I cut & paste the relevant paragraph

The lessees and occupiers must continue to stay in their HDB flat after the purchase of the private residential property unless prior approval from HDB is obtained to sublet the whole flat.

if they reject you, just write to ST

Title of Letter : Discrimination against S'pore citizen, preference treatment given to PR.

So this was what I thought it was (i.e. must stay in the HDB apartment), and the policy in this case is congruent. Precedent shouldn't bind them. It is case by case and likely will be tightened up in this new environment.

I really don't get this whole issue with PRs and foreigners. Why is there such a reaction, were we all not immigrant families at some point in the not so distant past?