Discussion About Single & Hdb Flat Ownership + Hdb Loan (Compiled)

[alien]

Well, with the new ruling of Lease Buy Back and able to substitute the half of the Minimum Sum for Retirement with your owned property. I think BTO flat look more promising now.

With a new BTO flat, you can sell back more Lease Years rather than Resale with lesser remaining Lease Years...thus more $$$.   

 

Furthermore, buying BTO wouldn't burn your OA and still set aside balance for your retirement withdrawal with the new ruling.

Agreed. After doing some homework on the resale n also planning on my own financial health check, seems like resale really burn my OA and also may affect daily expenses due to higher hse loan as compared to bto. Unless like i said before, u have lots of hard cash on hand and very rich of money in ur OA, then resale still a better choice. Cos no need to wait 3-4 yrs for the flat. I always feel tis is the downside of getting bto, also getting bto depends 100% on ur luck. It is not a matter of choice u want or dun want.

[Isshin]

Hi all, 

 

Lately, I have been thinking about housing too since I will be eligible in 2 years time. 

 

I am still working out whether to get a 2 bedroom bto or 3 bedroom resale. Each has it pros and cons. I am thinking that if I have a 3 bedroom, I will rent out 1 room to help finance the purchase. 

 

What will be your suggested finances to buy a 3 bedroom at a comfortable finance level. 

[alien]

If u r buying resale 3 rm flat, the only thing u can increase ur finance status is to save a lot of money, hopefully by then u have more hard cash. Or u find or change to a job which pay very high salary, so tht ur cpf OA will have enough money to buy a resale flat. If not, mig have a hard time financing ur 3 rm flat for ur 25 yrs loan. Cos if u want a decent resale 3 rm flat, price sure cost at least 330k or more. Even current resale market so called not much business, the pricing for a decent 3 rm flat still fetch above 320k plus.

[marriedmly]

wow..

not sure about the HDB

 

never live in one before

[alien]

Haha, next round of BTO flat launched today, tis time ther are 3 sites which offered 2 rm flat, bt batok, jurong west n hougang. First time there is 2 rm in hougang for singles to apply, believe the ppl applying shld be super high! I have not read through the offered site exact location, not sure which one is gd?!

The closing date for tis sep BTO is on 30 Sep next tues.

[alien]

Seems like all the site not say very near to mrt, find jurong west is the most ulu site, quite a distance to mrt. Bt batok seems to be the nearest to the mrt. Hougang site actually located in buangkok area, wonder why they called it hougang instead of sengkang? One thing gd abt tis round bto is all 3 sites consider quite high storey, at least 16 storey n more.

Quick check on the status of applicants received, hougang already exceeded the total number of units on offered. The least popular is jurong west as of now. Haha.

Edited September 24, 2014 by alien

[Marineboy]

Hahaha...thnx for your updates.

May the force be with you.

[alien]

Haha, u r welcome. May the force n luck be with everyone who is going to apply tis bto.

[alien]

Haha, a friendly reminder tht the sep bto application will be closed today 30 sep at 2359h. Those who still have not submit their application, rem to do it before the deadline.

Anyway, seems like tis round bto like nobody interested? Meaning all pple here already got their bto flat in previous bto liao? Haha.

[thickhead79]

i got the grant approved at $12.5k

[alien]

i got the grant approved at $12.5k

Then how much u need to pay for ur flat?

[thickhead79]

Then how much u need to pay for ur flat?

before grant $114k

[Marineboy]

Haha, a friendly reminder tht the sep bto application will be closed today 30 sep at 2359h. Those who still have not submit their application, rem to do it before the deadline.

Anyway, seems like tis round bto like nobody interested? Meaning all pple here already got their bto flat in previous bto liao? Haha.

 

Wah betterer for you now

[alien]

Wah betterer for you now

Guess only no pple from here interested lor. The actual application received still humongous, as if like the 2 rm flat no need money lor! The bt batok site have 1366 applicants fighting for 462 units on offered, and hougang site even worse, 2470 applicants fighting for 317 units on offered!

[thickhead79]

do we have a choice?

No we do not have

[keyboard]

any one got figures on at least how much cash is needed if to buy two (the cheapest) properties at the same time nowadays?

[alien]

any one got figures on at least how much cash is needed if to buy two (the cheapest) properties at the same time nowadays?

Two properties? U mean two condo? Confirmed needs lots of cash.

[marriedmly]

confirmed need to be rich...

or at least .. lots of borrowing...

LOL

[keyboard]

any two properties bah. hdb+condo, condo+condo. no one done the sums before?

[alien]

Dun think u can own hdb plus condo at the sametime?!

[bluerunner]

Dun think u can own hdb plus condo at the sametime?!

Own HDB then buy condo. Possible. In fact, there are many ppl in Singapore who owns HDB and condo at the same time.

[marriedmly]

really?

 

cool..

[Guest Guest]

Own HDB then buy condo. Possible. In fact, there are many ppl in Singapore who owns HDB and condo at the same time.

Yes.....you can own HDB when you are younger and later buy a condo. There are conditions to satisfy but doable.

[Marineboy]

Our rules here keep changing or having amendment very confusing living here.

If oversupply..then sure can own as many as you want etc etc

Our masters are excellent at art of confusion. lol

[alien]

Maybe last time rules u can own hdb and condo. But new rules seems cannot have both? I also confused on the ruling liao. Anyway, dun think i can afford to own both lar, so no need to bother so much.

[journey]

If u are a current hdb owner and have stayed in the unit for at least 5 yrs (MOP), then u can buy a condo after the fifth year and still hang on to your hdb.

But if u are a current condo owner, you can still buy a hdb BUT u hv to dispose of your condo within 6 months of buying the hdb.

Hope this clarifies.

[alien]

Means tht no matter how long u stay in ur condo, if u want to buy a hdb, u must sell off ur condo within 6 mths?

[journey]

Means tht no matter how long u stay in ur condo, if u want to buy a hdb, u must sell off ur condo within 6 mths?

Correct. And to add on, the condo need not be in singapore, any overseas property under yr name must also be disposed off within 6mths if u want to buy hdb.

[bluerunner]

Means tht no matter how long u stay in ur condo, if u want to buy a hdb, u must sell off ur condo within 6 mths?

That's right.

If you own a condo first, u cannot own any HDB.

If you first own an HDB, u can buy a condo later. In short, u can upgrade but cannot downgrade.

[alien]

Sep BTO result is out. Those who have applied, rem to check ur mail.

[Guest Guest]

i tot if condo owner wants to downgrade, u need to sell off and remain 'homeless' for 24 mths before u can buy new one?

[thickhead79]

i have make my 10% downpayment

[alien]

Haha, seems like the heat of applying for 2 rm bto from here is over?! Either most pple here already successfully got their bto, or give up until no longer interested to tok liao?

[Guest]

finally got a queue no 101 for bb area

[Guest Raiden Alpha]

How come all the BTO in my area are all fill up by new citizens?

-卖国啊-

[gstc82]

How come all the BTO in my area are all fill up by new citizens?

-卖国啊-

tell us which area u stay. Which block you claimed all fill up by new citizens? Tell us! So that we can confront HDb!

[thickhead79]

How come all the BTO in my area are all fill up by new citizens?

-卖国啊-

totally invalid claim

[alien]

finally got a queue no 101 for bb area

Congrats on getting ur bto flat.

[alien]

Nov bto is open for application, yishun, sembawang n sengkang are the location available. Apply online by 1 dec.

Next round bto will be on Feb 2015. Site are in bt batok n hougang.

[groyn88]

"Meanwhile, there was also a call for more two-room flats for singles. Dr Lee noted that while application rates have come down since the scheme was launched in 2013, they still remain in the double digits"

[alien]

They shld allow singles to buy 3 rm bto as well, then the demand for 2 rm flat will come down?!

[thickhead79]

They shld allow singles to buy 3 rm bto as well, then the demand for 2 rm flat will come down?!

they will but not now

[Guest Guest]

they will but not now

True, maybe they will wait until huge number of leftover 3 rm which no one wants to buy, then they open for singles to buy bto 3 rm n help them clear stock.

[alien]

For those who have applied for nov 2014 BTO, the result is out. Rem to check ur email. Haha.

Next round of newly launched BTO will be in Feb. Location shld be in bt batok n hougang for singles to apply.

[keyboard]

http://www.todayonline.com/business/property/enough-home-supply-2030?singlepage=true

Many property market participants remain in denial about the housing oversupply situation, with investors and real estate agents hoping that the outlook will improve while they ignore the growing difficulties in securing tenants amid stiff competition among landlords.

It should be clear by now that the residential property segment is heavily oversupplied.

 

Vacancies of private homes at 7.1 per cent equate to more than 21,000 empty units at the end of last September, Urban Redevelopment Authority (URA) data showed. Meanwhile, the stock of vacant Executive Condominiums (ECs) rose sharply to 2,375 units, or 16.2 per cent, at the end of September from 1,634 units, or 12.2 per cent at the end of June. And more homes are being built, putting further pressure on the market. We can expect a total residential supply of 150,689 units within three years and possibly another 35,000 units in 2018.

Table 1 shows the expected completion of new residential units — private, EC as well as HDB — from this year to 2017. The figures are compiled from projects currently under way and in various stages of completion, starting from land sales and HDB’s Build-To-Order (BTO) launches. Given that the pace of construction is usually ahead of developers’ planned schedules, we can expect the large supply to come into the market earlier.

Those who deny there is an oversupply of homes point to the Population White Paper published in January 2013 that outlined Singapore’s plans to allow for the population to increase to 6.9 million by 2030. In the same paper, it was stated that “sufficient land has been set aside for an additional 700,000 homes from today, and more in the longer term if there is a need”.

This implies that over the 17-year period from 2013 to 2030, we can expect population growth of 94,000 and an increase of 41,000 residential units per year on average. So those hopeful investors and property agents hold the opinion that while there may be some oversupply in the next few years, the excess supply will be small.

In my opinion, the forecast number of housing units is overestimated — and by a large margin. An increase of 94,000 in the population per year does not require an increase of 41,000 housing units, or about 2.3 persons per residential unit, because:

1. New population growth in the categories of “Dependants of Citizens/PRs/Work Pass Holders”, “Work Permit Holders” and “Foreign Domestic Workers” (which together take up 74 per cent of our non-resident population) does not take up significant additional housing units as the majority have their accommodation provided for by their employers at home or in workers’ dormitories;

2. New foreign students in Singapore (accounting for 6 per cent of non-residents) often choose to stay in hostels.

Furthermore, if we look back to the period with the highest population growth and look at the increase in the total number of homes, we will realise that the 700,000 additional housing units is grossly overestimated.

During the last decade, Singapore’s population growth averaged 130,000 per year, with the peak increase of 251,000 in 2008 (see Table 2). We managed to accommodate 1.3 million more people with an additional 151,475 residential units — or about one additional housing unit per 8.6 new persons in Singapore. This means that the 150,689 units that are expected to be completed from now to 2017 can accommodate another 1.3 million population growth.

Singapore’s population was about 5.4 million at the end of last June. Taken together, it means that if we simply allowed the current residential projects in the pipeline to be completed, we can already accommodate a population of 6.7 million. And if we take into account the current vacancy of 23,375 private residential and EC units (as at end-September last year), we can just about accommodate the 6.9 million planned for 2030.

==========

 

 

I think there should be calculation of govt measures and that singles are now allowed to buy HDB and disposable income of today than yesteryear.

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[groyn88]

This news clip was broadcast over Channel News Asia during their "Singapore Tonight" bulletin at 10pm on Tuesday, 10 March 2015.
http://www.channelnewsasia.com/news/singapore/quota-raised-for-2-room/1707200.html
Quota raised for 2-room flats for singles
By Olivia Siong, Channel NewsAsia
POSTED: 10 Mar 2015 22:00
This year, the Government will launch 4,000 two-room flats, and it will raise the quota for singles to 50 per cent, starting from the next Build-to-Order exercise in May.
File photo of HDB flats. (Photo: TODAY/Ernest Chua)
SINGAPORE: National Development Minister Khaw Boon Wan announced several new housing measures in Parliament on Tuesday (Mar 10). These included increasing the quota of new two-room flats set aside for singles and a review of the Studio Apartment Scheme.
Mr Lim Sio Poh, 46, is getting ready to move into his new two-room flat in Bukit Panjang. He applied for the unit directly from the Housing and Development Board (HDB) - under the singles scheme last year.
Said Mr Lim: "Everyone wants to have a house of their own. It is also a good investment and nearer my workplace." After receiving S$28,000 in housing subsidies, Mr Lim's flat costs S$120,000, which he can fully pay for using his CPF.
It took Mr Lim two tries before he secured the unit. Over 18,000 singles have applied for a two-room flat since the singles scheme began in 2013. But only half have had the chance to book a flat.
Mr Lim said: "I felt that a lot of people were applying and my chances were very low. If I wasn't successful, there is nothing I could do."
To address the pent-up demand, Mr Khaw said 4,000 two-room flats will be launched this year. The quota for singles will also be raised to 50 per cent, starting from the next Build-to-Order (BTO) exercise in May.
Mr Khaw also announced a review of the Studio Apartment Scheme. The scheme had been introduced in 1998 - to allow seniors a smaller flat option, with a 30-year lease. But with two-room flats also being offered by the HDB now, with a 99-year lease, Mr Khaw said the suggestion to offer varying leases for two-room flats could better align both schemes as well as cater to varying needs.
Mr Khaw also announced that the HDB is studying whether more help can be given to those who want to buy a resale flat near their parents. He noted that there are couples who have earlier moved away from their parents, but would like to move back closer after having children, or when their parents need more care.
INCOME CEILING FOR NEW HDB FLATS
Mr Khaw also responded to calls by some Members of Parliament (MPs) to raise or even remove the qualifying income ceiling for new HDB flats.
"We increased it in 2011. I do not think we want to lift the income ceiling completely because HDB flats are heavily subsidised and we should continue to target help at those who need help more. However, as income level rises, we must be prepared to adjust the income ceiling. Anyway, I have noted the MPs’ call and I will mull over it," he said.
Mr Khaw added that the Government is keen to help Singaporeans living in rental flats become home owners.
One example is Madam Koh Lee Heng and her husband. They had been living in a rental flat since 1982. They recently moved into a brand new two-room flat, which they can finally call their own. Said Madam Koh: "At last we have our own home, we bought it. The other flat we were staying at earlier, we rented it - it is different.”
HELPING RENTAL TENANTS
Mr Khaw said the Government is also looking at how it can help other rental tenants who have exhausted their housing privileges and no longer qualify for grants.
He said: "Many wish they can turn back the clock, undo some of their bad decisions, and be able to provide a better home for their kids. Mr Zainal Sapari offered some suggestions. The question is how we can help such families without creating a moral hazard.
“Can we formulate a scheme which requires the family to make a serious commitment towards their children, for example, and in return we provide a small flat with shorter lease? Dr Maliki Osman has been hand-holding such families in his ward and has helped some graduate into homeowners. It requires intensive counselling and nudging.
“The test is how to ensure that they do not end up losing the third flat and returning to apply for another public rental flat again? This requires careful thinking through."
Mr Khaw reiterated his ministry's commitment to not only provide good homes, but also to enable home ownership for Singaporeans.

[alien]

4,000 two rm flat units more? I believe still not able to meet the super strong demand of singles out there?! Haha, but still better than nothing lah.

[Marineboy]

Let singles buy 3room bto see where the demand shifts to.

Keep saying high demand by singles..of course when there is just one choice.

 

Anyway good luck guys n girls

[alien]

HDB will only allow singles to buy 3 rm flat when their bto 3 rm flat have too many left-over units, and only ghost wld stay then they will open up the option to singles.