The Singapore Housing market coming in for a soft touchdownA “”Soft landing” is the government’s goal for the housing market in Bellewaters, said Khaw Boon Wan, the National Development minister. These remarks were made during Tuesday’s debate in Parliament of the Committee of Supply, as reported by media outlets.
Mr. Khaw unveiled the ministry’s plans for the coming year and that the government’s plans to curb the housing market has bore the fruits of success as HDB resale prices have fallen 37% above 2009’s level and as the median income per household has risen 38%.
Bellewaters EC Market
A few of the MP’s voiced caution over not to overboard with governmental controls for Bellewaters however.
In answer to their worries, Mr. Khan reiterated the government’s goals by saying “”We want a soft landing for our housing market because a market crash benefits no one.””
“”Ms. Foo Mee Har has said that we should not go into overdrive, and unwittingly undermine the retirement plan of our seniors who look to their housing assets for monetization. I agree and that is why we have substantially reduced the supply of new flats.””
“”Ms. Foo and Er Lee Bee Wah have suggested that we adjust the ABSD (Additional Buyer’s Stamp Duty, especially for our own citizens, when we are ready to unwind the cooling measures. I have also heard Dr. Lilly Neo’s very thoughtful words of caution.””
Bellewaters New EC in Anchorvale Crescent
“Indeed we should not overkill the controls, the Bellewaters property market is in transition and it is a time for vigilance and with an agile deft hand. We will be careful.”
People who buy flats from directly from the board benefit more substantially as theses new flats are heavily subsidized already and with the board, they receive an added bonus in the form of even a further discount in costs. Singaporean’s median income has also gone up, so coupled with that and grants, BTO (Build-To-Order) flats within non-mature estates market rose 6% last year.
2014 saw bookings of about 20,000 BTO flats. Five-room flats were popular and 89% of them sold for $450,000, and at $350,000 or less of which 81% were sold so sold. A whopping 90% of three-room flats went under $250,000.
Mr. Khaw went on to saw these prices reflected the responses of buyer’s expectations in Bellewaters as well as what they were willing to pay for a new BTO flat.
“”I would like BTO prices to be within four years of an applicant’s annual salary. But this assumes that BTO applicants will be prudent in their choice of housing,”” He concluded.