HDB caters to 8 out of 10 S’poreans to suit different budgets & needs

HDB caters to 8 out of 10 S’poreans to suit different budgets & needs

By S.Ramesh

SINGAPORE: The topic of the affordability of HDB flats was raised in Parliament on Monday during question time. In his reply, National Development Minister Mah Bow Tan has again emphasised that they remained affordable.

He explained the public housing body caters to eight out of ten Singaporeans earning from S$1,500 a month to S$8,000 a month with different types of flats, needs and tastes.

And the HDB is putting up Executive Condominium sites for sale in the confirmed list next year to offer more housing choices for the higher income group.

However, Members of Parliament said the affordability of HDB flats is an issue of concern among their residents.

Jessica Tan, GPC Chair, Finance and Trade and Industry and MP for East Coast GRC, said: “We know resale flats are rising in prices. How can HDB help to ensure that it stays affordable especially for the young couples who are looking to own their first flats.”

Mr Mah explained that affordability is about the price of the flat and the income levels of the families concerned. Also the type of flat they can buy would depend on ability to service the loan.

Mr Mah said: “HDB has a flat for every budget. At every income level, there are flats available, there is a choice whether it is new or resale, whether it is in the mature estate or non-mature estate.

“But there must be trade offs. The trade off is if you want to be in a mature estate, you have to look for a smaller flat. Therefore, when we say that HDB flats are affordable, we are not talking in abstract, we are talking in real terms.”

MPs added that another area of concern is the cash over valuation for flats.

Dr Lim Wee Kiak, GPC Chair, Transport and MP for Sembawang GRC, said: “The question is that ‘is the cash over valuation system still the best system that we have or can we think of alternative to this cash over valuation system?’ Many people are CPF rich but cash poor when they want to buy a flat.”

Mr Mah explained that cash over valuation was not unique to HDB flats, but part and parcel of today’s property transactions - whether private or public.

He said: “Buyers can choose not to pay a cash over valuation. And in fact, the latest data shows that almost one third of transactions today are transacted at or below the valuation. So cash over valuation is not a forgone conclusion. It’s not evident for all transactions.”

Mr Mah’s advice to flat buyers is not to simply cough up the Cash Over Valuation when asked for by sellers or agents, but shop around and get the best deal for their preferred flat. - CNA/vm

Source : Channel NewsAsia - 15 September 2009

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Manpower Ministry figures confirm Singapore’s job market has stabilised

Manpower Ministry figures confirm Singapore’s job market has stabilised

RE: Job losses have stabilised with significantly fewer workers made redundant in the second quarter of this year.

Latest Manpower Ministry figures released Tuesday also showed that job openings rose after four quarters of decline.

In the second quarter, 5,980 workers were made redundant (5,170 were retrenched and 810 released prematurely from contracts) - a fall by more than half from the peak of 12,760 the quarter before.

After declining by 6,200 in the first quarter, total employment fell for a second consecutive quarter by 7,700.

The fall was moderated by fewer redundancies in manufacturing, and new hires in construction and services.

Job vacancies rose by 17 per cent to 24,500 in June, bringing up the ratio of vacancies to unemployed people from 31 to 33 per 100 job seekers, a first increase after five straight quarters of decline.

The overall unemployment rate stabilised at a seasonally adjusted 3.3 per cent in June, unchanged from the quarter before.

This figure for residents fell from 4.8 to 4.6 per cent, as more people deferred their job searches and took up courses.

- CAN/yb

Source : Channel NewsAsia - 15 September 2009

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HDB to review if target group for Lease Buyback Scheme needs to be expanded

HDB to review if target group for Lease Buyback Scheme needs to be expanded

SINGAPORE: The Housing and Development Board (HDB) will review whether the target group for the Lease Buyback Scheme needs to be expanded.

The Scheme, launched in March this year, allows low-income elderly living in smaller flats (2- and 3-room flats) to sell the remaining leases to the government in return for annuities.

In a written response to a question in Parliament, National Development Minister Mah Bow Tan said the HDB has received more than 2,000 queries, showing good interest in the scheme.

Out of the 409 applications as at end August, 82 have been approved and these applicants have received their upfront payout of S$5,000 and they will receive an average monthly S$570.

Seven per cent of the applications were rejected - most of these applicants had either enjoyed more than one housing subsidy, or had previously owned bigger flats or properties.

Another 17 per cent of applicants have been asked to delay their application till upgrading in their blocks or estates have been completed, to ensure a clear valuation on their flats.

Mr Mah said that in the meantime, the HDB will consider appeals on a case-by-case basis.

- CNA/yb

Source : Channel NewsAsia - 15 September 2009

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Expats happy doing business in S’pore

Expats happy doing business in S’pore
AmCham regional poll finds high level of satisfaction here
By Smita Krishnaswamy

PHOTO: LIANHE ZAOBAO

EXPATRIATES have given Singapore the thumbs up in an annual survey rating regional states on their business-friendly nature.

The American Chamber of Commerce (AmCham) poll surveyed its members across the region, with 369 companies responding, including 83 in Singapore.

Singapore enjoyed the highest satisfaction rates in infrastructure and government-related factors like tax structure.

At the same time, corruption, overwhelmingly identified as a problem in other Asean countries, was not an issue among respondents here.

But for the third year in a row, housing costs and office lease costs were identified as significant concerns.

‘In a way, by being such an attractive place to work, you get the corresponding negative - that you have such a high demand which raises prices,’ said Singapore-based AmCham chairman Steven Okun.

Singapore also scored well on the more intangible area of satisfaction.

Almost all respondents said that expatriates are satisfied with their postings here, with 92 per cent going as far as to say that expatriates try to extend their local assignments.

There is more confidence here as well, with 19 per cent of the Singapore respondents expecting an increase in the expatriate workforce this year, the highest percentage across the region.

Overall, respondents in the region remain lukewarm about the prospects of workforce headcounts increasing.

Most Singapore respondents expect the world economy to perform worse this year than it did last year, in line with the general regional sentiment.

Expectations for profit growth are also not high, although respondents are optimistic about seeing a rebound next year.

The survey, now in its eighth year, also highlighted the significance of the Asean market to American companies in Singapore.

For the fourth consecutive year, most Singapore respondents expected the regional market to increase in importance for their companies’ operations and revenues over the next two years.

Vietnam was the most popular target country for expansion among Asean respondents, followed by Indonesia.

PRICE OF SUCCESS

‘In a way, by being such an attractive place to work, you get the corresponding negative - that you have such a high demand which raises prices.’

Singapore-based AmCham chairman Steven Okun

Singapore’s pros and cons

Positive

Infrastructure; low corruption; laws and regulations; personal security; stable government and political system; sentiment towards the United States; new business incentives by Government;tax structure; availability of trained staff; level of local protectionism.

Neutral

Availability of raw materials; availability of low-cost labour.

Negative

Cost of housing; high cost of leasing offices.

Source : Straits Times - 15 September 2009

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Analysts expect a V-shaped recovery

Analysts expect a V-shaped recovery

Economists here revise forecasts upwards due to strong global data

By Robin Chan

THE ‘V’ is back in fashion, as a wave of optimism sweeps across those who monitor Singapore’s economy.

Research houses Morgan Stanley and United Overseas Bank are among those tipping that the economy will stage a V-shaped rebound from the depths of recession and not stagger along in an ‘L’ or a ‘U’.

The brokerages issued reports on Friday pushing up gross domestic product (GDP) forecasts for this year, with Morgan Stanley forecasting minus 3.5 per cent and UOB minus 3.3 per cent - both a good deal better than earlier tips of a 5per cent contraction.

And a week before that, Credit Suisse economists revised their forecast upwards for just a 2.4 per cent dip.

The bullishness comes as manufacturing and export data - critical components of the Singapore economy - seem to have not only turned the corner, but are firmly on the way up as the country latches on to the global upturn.

The upgrades come on the back of a survey of 21 private sector economists released at the beginning of the month that showed sentiment is quickly turning up among most forecasters.

The Monetary Authority of Singapore (MAS) survey showed an improved consensus for a 3.6 per cent dip from 6.5 per cent when the survey was conducted six months before.

But the Government, so far, is sticking to its official forecast of a 4 per cent to 6 per cent dip. Last week, Finance Minister Tharman Shanmugaratnam warned of a potential double dip - the much feared W-shaped outcome - meaning GDP could still contract further in the months ahead.

Nonetheless, strong global data is forcing the hand of many economists.

Citi’s Mr Kit Wei Zheng has turned from one of the more bearish forecasters to one of the most bullish. He has lifted his full-year estimate from minus 5 per cent to minus 2.7 per cent, and expects a whopping 6.2 per cent expansion next year.

He is convinced of a powerful V-shaped recovery for Singapore, driven by a sustained surge in drugs output and a pickup in the electronics sector, which he believes has bottomed out.

HSBC’s Mr Robert Prior-Wandesforde is also tipping a strong export-led recovery, but he is yet to revise his forecast.

He said many indicators point to a strong rally in Asian domestic demand based on government stimulus packages as well as consumer spending and investment. It could all add up to a timely boost for Singapore’s exports to the region.

‘This is happening before the full impact of the highly synchronised fiscal and monetary stimulus measures have been felt in the region,’ he wrote in a report.

DBS economist Irvin Seah, who has also upgraded his forecast, said that while the reasons for the recovery so far have been due to the manufacturing sector, the positive impact of global recovery will filter down to the services sector and lead a more broad-based rebound.

However, some economists are not jumping on the recovery bandwagon just yet, with those like Standard Chartered’s Mr Alvin Liew waiting for more data.

Mr Liew does not think that manufacturing’s performance in the next two quarters will have as much of a spring in its step as in the second quarter, when output grew 12.4 per cent and helped lift the economy out of a technical recession.

‘We need to see if the manufacturing recovery is more than just a pharma story and a restocking story,’ he said. He is not yet convinced of a tech sector rebound.

Others, like OCBC’s Ms Selena Ling, are still sceptical.

She believes all the positive data and sentiment have already been factored into the numbers, and though full-year GDP may come in better than her minus 4.6 per cent forecast, it is likely to remain close to minus 4 per cent.

‘If there’s any surprise, it will not come from the export side, but would be in the form of services picking up faster than expected,’ she said.

The numbers for next year are even more varied among economists, who see dangers ahead.

Ms Ling cautioned: ‘Going forward, it will be a tricky balance for policymakers to need to nip the (inflationary) bubbles, but not step on the brakes so much that it kills the recovery story.’

Source : Straits Times - 15 September 2009

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Tougher rules for new hotels that offer hourly rates

Tougher rules for new hotels that offer hourly rates

By Kor Kian Beng

THE Government will come down hard on new hotels that rent rooms by the hour, as it tightens the rules for these places which are often seen as hotbeds of prostitution.

Newcomers applying for an operating licence have to justify why they are offering such rates. In addition, they have to install closed-circuit television systems, and hire guards to preserve the safety of their guests and look out for possible illegal activities.

Hoteliers with an eye on offering such rooms in residential areas will face an even harder time.

They are required ‘to engage the community and respond to concerns of residents’, said Mr S. Iswaran, Senior Minister of State for Trade and Industry, without elaborating.

He announced the new measures in Parliament yesterday.

When contacted, the Singapore Tourism Board’s director of resource development, Ms Rebecca Lim, said the new rules take effect immediately but apply only to new hotels.

Existing hotels that rent rooms by the hour are exempted from these stricter measures when they renew their licences, which must be done every year.

The latest changes follow initial deterrent steps taken by the Hotels Licensing Board (HLB).

In January, it banned all hotels in Joo Chiat from offering hourly rates, in a bid to stop vice activities in the area well-known for its rich Peranakan heritage.

Residents there, as well as those in Duxton Road in Tanjong Pagar, have been complaining long and loud that such hotels often encouraged vice activities.

Their cause had been championed in Parliament by Mr Christopher de Souza (Holland-Bukit Timah GRC), who had continually urged the authorities to rein in prostitution to within the boundaries of the red-light areas in Geylang.

In yesterday’s sitting, he wanted to know if there were plans to issue these hotels with special licences. He also asked for the number of hourly-rate hotels beyond Geylang and measures, if any, to curb them from mushrooming outside Geylang, especially in residential areas.

Hotels that rent rooms by the hour or for part of a day are also known as transit hotels, and they can be in business districts, at or near airports.

Mr Iswaran estimates that almost half of the 250 hotels here are transit hotels and they are not given a special licence.

The reason: Singapore adopts a pro-enterprise approach that gives hotels ‘the flexibility to set their operating model, including their room pricing’, he said.

It is a model adopted in major cities, such as Hong Kong, London and New York, he added.

Hence, the HLB does not track the number of transit hotels.

But he assured the House that the Board works closely with enforcement agencies to monitor the activities of hotels here.

He warned that hotels that are guilty of illegal activities can lose their licence.

Mr de Souza, when contacted, said he welcomed the stricter rules, which showed the Government was aware of the concerns that such hotels could lead to vice and other social problems.

‘The new measures are a step in the right direction because now the authorities can vet the kind of activities that might occur at these places.’

He also urged residents to do their part: ‘Now is the time for residents to be vigilant and voice their concerns.’

New Bill to make tax laws more pro-business
A BILL was introduced in the House yesterday that will give effect to pro-business tax measures announced during the Budget speech in January.

If passed, the Income Tax (Amendment) Bill will, among other things, exempt companies from paying tax on foreign-sourced income for one year and allow businesses to claim losses against three previous years of income instead of just one.

It will also cut the corporate tax rate from 18 per cent to 17 per cent, a move estimated to cost the Government between $400 million and $500 million a year.

The cut brings the rate closer to Hong Kong’s rate of 16.5 per cent, which tax experts say will make Singapore more attractive to companies.

Three other Bills were introduced yesterday - a second one related to income tax, and one each on statutory boards and international arbitration.

The Income Tax (Amendment) (Exchange of Information) Bill seeks to bring local tax laws in line with new international standards set out by the Organisation for Economic Co-operation and Development.

The Finance Ministry said the changes will enhance the level of assistance Singapore can provide to foreign jurisdictions under Avoidance of Double Taxation Agreements.

The new Bill also lays out documentary requirements to ensure that requests for information are ‘clear, specific, relevant and consistent’ with internationally agreed standards.

The Quorums of Statutory Boards (Miscellaneous Amendments) Bill updates the quorums required for meetings of the various statutory boards while the International Arbitration (Amendment) Bill aligns Singapore’s International Arbitration Act with those of other countries.

For instance, a proposed change modernises the definition of arbitration agreements to include e-mail exchanges.

Source : Straits Times - 15 September 2009

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HDB flats: Prices and quantity

HDB flats: Prices and quantity

The affordability and availability of HDB flats were concerns raised by several MPs. This is an edited excerpt of the replies from National Development Minister Mah Bow Tan.

Cash over valuation

•MP Lim Wee Kiak (Sembawang GRC): Is the practice of cash over valuation - the additional amount that buyers are willing to pay in cash above the bank value of a flat - a barrier to cash-poor Singaporeans buying resale HDB flats? Can a loan be provided?

Cash over valuation is not an HDB invention or imposed by the Government, but part and parcel of any property transaction. The additional amount has to be paid in cash because the banks and HDB lend up to only 90 per cent of the valuation.

Buyers can choose not to pay cash over valuation. Latest data shows that almost one-third of transactions are transacted at or below valuation.

Be prepared to shop around, do your homework and remember that not all cash over valuations that buyers ask for are realistic ones.

The Government will not ban cash over valuations, but leave it to the market of willing buyers and sellers.

Providing a loan is not prudent as it will cause flat prices to go up further, such that when they fall, buyers will get seriously hurt.

Supply of new flats

•MP Liang Eng Hwa (Holland-Bukit Timah GRC): Are there enough new flats to meet the demand of first-time buyers? Is the current waiting time acceptable? Are there ready-made flats that HDB can sell to soon-to-be married couples?

HDB factors in the number of people who will buy resale flats when building new flats, to avoid over-building. It also takes into account such factors as marriage and immigration rates, and population growth.

Most new flats are on the Build-To-Order system, in which the flats are built in about three years after people commit to buying them.

Couples unable to wait so long can book a flat under the Fiance/Fiancee Scheme first, and submit their marriage certificate within three months of taking possession of the flat.

If they cannot afford to pay the 10 per cent down-payment in cash, they can tap on a scheme where they pay 5 per cent first and the other 5 per cent when they take possession of the flat.

But do not expect HDB to provide a flat in a mature estate at a comfortable price, as there is not enough land in the mature estates to build the number of flats that people want.

Under-building of flats?

•MP Low Thia Khiang (Hougang): From the minister’s answer, it seems that HDB is under-building flats to meet the demand of new flat buyers. Will it not push up the price of resale flats?

There is no basis to say that the HDB is under-building.

The Build-To-Order system is responsive to demand. In 2007, HDB built about 2,400 flats because there were still flats available. Last year, it built 8,000 flats when demand increased. This year, it will build about 8,000 flats as well.

Affordability

•MP Lim Biow Chuan (Marine Parade GRC): Prices of HDB flats today are much more expensive compared with previous generations, and have risen more quickly compared with increases in income. How would today’s generation be able to afford that dream home?

New flats are affordable. While HDB flat prices have been going up much faster than incomes over the years and are much higher than those a generation ago, the flats today in Punggol, Sengkang and Bishan are different.

First-generation HDB flats had to be built quick and cheap, so there were no lifts on every floor, no facilities and no MRT.

Homes have also appreciated in value over the years in tandem with the growth of Singapore.

Source : Straits Times - 15 September 2009

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HDB flats still affordable, says Mah

HDB flats still affordable, says Mah

8 in 10 households qualify for grants; first-timers use less than 30% of household income to service loans

By Goh Chin Lian, Senior Political Correspondent

AMID concerns about escalating prices of resale flats, National Development Minister Mah Bow Tan yesterday assured Singaporeans that HDB flats remain affordable to most.

HDB FLATS: PRICES AND QUANTITY
The affordability and availability of HDB flats were concerns raised by several MPs. This is an edited excerpt of the replies from National Development Minister Mah Bow Tan.

He said first-time households use on average less than 30 per cent of their household income to service their housing loans, which is within the yardstick the Government uses to measure affordability.

Also, eight in 10 Singaporean households qualify for the various housing grants the Government gives to home buyers, even those who buy resale flats.

He was responding to four MPs who queried the affordability of HDB flats, including Ms Jessica Tan (East Coast GRC), who was worried that young couples could not qualify for housing grants. She wanted the $8,000 income ceiling to qualify for a new HDB flat, or to be eligible for a grant to buy a resale flat, to be raised.

Mr Mah rejected the request, saying: ‘There must be a limit to the number who can qualify.’

For households whose incomes just exceed the $8,000 cap, he said the Government would put up more executive condominium sites for sale next year. First-time buyers whose incomes are under $10,000 can get a $30,000 grant.

Mr Mah also pointed to two other measures that make HDB flats affordable: One is the additional housing grant given to households earning less than $5,000, to help them own their first homes.

The other is the income ceilings imposed on buyers of new two-room and three-room flats, at $2,000 and $3,000 respectively.

‘This ensures that the higher-income households do not compete with lower-income households for the smaller flat types, thus enhancing their affordability,’ he said.

To further allay MPs’ concerns, he produced a chart showing the prices of new flats in non-mature estates and how these compare to the incomes of their buyers.

For example, those who applied for a new $150,000 three-room flat had a median household income of $2,000 and enjoyed an additional grant of $35,000.

Their monthly instalment of $460 worked out to 23per cent of their household income, within the 30per cent limit.

But even as he stressed the affordability of HDB flats, Mr Mah conceded that households have to make trade-offs between price and location.

For a household that earns $4,000 a month, the options are: a new five-room flat in Punggol or Woodlands, a resale five-room flat in Woodlands, a four-room flat in a popular estate like Tampines, or a three-room flat in a mature estate like Toa Payoh.

Mr Mah also replied to Dr Lim Wee Kiak (Sembawang GRC) who wanted the minister to rethink what he called the ‘cash over valuation system’ in the purchase of resale flats.

Cash over valuation is the amount that a buyer has to pay in cash, over and above the bank’s valuation of the property.

In his reply, Mr Mah said cash over valuation is not unique to HDB purchases but ‘part and parcel of any property transaction, whether private or public’.

About a third of HDB resale transactions are at prices at or below valuation, he noted.

Source : Straits Times - 15 September 2009

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Govt reins in property market

Govt reins in property market

Interest absorption scheme stopped, regular land sales to resume

By Joyce Teo

THE Government has moved to rein in the fast-rising private property market, banning a popular scheme that allowed cash-poor buyers to defer paying the bulk of their purchase price until the property was completed.

With immediate effect, the interest absorption scheme (IAS) can no longer be offered with new properties for sale, National Development Minister Mah Bow Tan said in Parliament yesterday.

He added that the Government is also resuming land sales next year, a move that will increase the supply of new sites and further cool rising prices.

It is doing this by re-introducing a confirmed list of sites that will be put up for sale according to a pre-determined schedule, regardless of developers’ interest.

The Government also announced it will not extend measures introduced in January’s Budget to aid developers in the recession. These included deferring property tax and allowing developers more time to complete their housing projects.

These measures come after weeks of speculation over how the Government would react to an unexpected property boom that has resulted in record sales volumes and a dramatic run-up in prices.

Developers sold 10,000 units in the first seven months of this year, more than the 4,300 units sold in the whole of last year. In July alone, they sold 2,767 units - the highest monthly tally on record.

Private home prices are now about 10 per cent to 20per cent above the lows in the first quarter of the year. At selected projects, prices have rocketed 30per cent.

Experts said the immediate impact of the measures would likely be private home prices stabilising, or even slipping, for the rest of the year.

‘The moves will certainly take some wind out of the property market, but they will not kill it,’ said Cushman & Wakefield managing director Donald Han.

‘The Government wants to keep the momentum going, but at a slower rate, as we are indeed in a recession.’

Buyers have been flocking back to property for a lack of what they see as safer investment alternatives.

Yesterday, Mr Mah said the Government was seeing ’signs of heightened speculative activity’ that, if unchecked, could lead to excessive speculation and to a bubble that would eventually burst.

Low interest rates have encouraged buying, but this could lead to a rising spiral of higher demand and prices. This would make the property market vulnerable to the continuing risks in the global economy, said Mr Mah.

‘Should growth turn out weaker than expected, property buyers and speculators could face capital losses as the market corrects,’ he said.

‘Conversely, if the recovery stays on course, interest rates will eventually rise and drive up financing costs, with severe implications for those who overextended themselves.’

The IAS is popular with property speculators because it allows them to fork out a downpayment of only 10 per cent or 20 per cent when buying a unit, and nothing more until the property is completed about two years later. In between, they try to sell it off for a profit.

A sample survey of recently launched projects by the Urban Redevelopment Authority showed the take-up rate of the IAS was about 20 per cent to 25 per cent.

The Government is also disallowing a close relative of the IAS - interest-only housing loans - with immediate effect. These loans are designed so that the buyer pays a very low instalment until the property is completed.

The removal of the two schemes applies across the board to all private residential developments, the Ministry of National Development said yesterday.

The only exemption is for uncompleted private residential projects in which the units had already been offered for sale under the IAS before yesterday.

Jones Lang LaSalle head of research for South-east Asia Chua Yang Liang said the removal of these schemes would cool sentiment and remove inflated demand, if any.

Barclays Capital economist Leong Wai Ho warned that there could be more curbs in the pipeline if the authorities were adopting an incremental approach to deflating house prices.

Still, developers chose to view the move positively.

The Real Estate Developers’ Association of Singapore said yesterday the changes were unlikely to have any significant impact on developers’ future launches. It added that the need for the two schemes had diminished now that the market was ‘relatively firmer’.

Potential buyers such as retired civil servant Karen Lee, 55, are happy.

‘With speculation, prices go too high, and that makes it hard for the younger generation to buy houses,’ she said.

Source : Straits Times - 15 September 2009

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EAST COAST PARKWAY For Sale
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Property Type: Office
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No of storeys: 6
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