Singapore Property Scene Discussion

[Windwaver]

13 hours ago, Windwaver said:

Can see the sea 

https://www.straitstimes.com/singapore/housing/over-700-families-in-rental-flats-bought-homes-in-2022-hdb

Over 700 families in rental flats bought homes in 2022: HDB

SINGAPORE – For the first time in more than a decade, Madam Lee Ah Mui spent Chinese New Year in a home of her own, which she decorated with rabbit-themed festive stickers.

“I can finally invite family and friends over for the new year. When I was living in a rental flat, everything was too messy. Now, I can be proud of my own home as it’s renovated and more beautiful,” she said last Friday.

Madam Lee, 53, moved into a two-room Housing Board flexi flat in Punggol in January, after living for 12 years in a rental flat with her two sons. She bought the unit on a shorter lease of 50 years – paying about $122,000, including a resale levy – under the Fresh Start Housing Scheme.

The scheme made the purchase more affordable for the assistant infantcare teacher, who also received a housing grant of $35,000.

“It’s so comfortable and, when I turn on the air-con, it feels like I’m in a hotel room. I can even see the sea from my living room,” said Madam Lee.

HDB said more than 700 households who lived in public rental flats bought homes in 2022, with some tapping the scheme.

Over the past 10 years, more than 7,800 rental households have bought homes, while another 2,300 households have booked units and are waiting for them to be completed.

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Over 700 families in rental flats bought homes in 2022: HDB

Madam Lee Ah Mui moved into a two-room flexi flat in Punggol this month, after 12 years in a rental flat with her two sons. ST PHOTO: ALPHONSUS CHERN

Isabelle Liew

UPDATED

 

3 HOURS AGO

  

SINGAPORE – For the first time in more than a decade, Madam Lee Ah Mui spent Chinese New Year in a home of her own, which she decorated with rabbit-themed festive stickers.

“I can finally invite family and friends over for the new year. When I was living in a rental flat, everything was too messy. Now, I can be proud of my own home as it’s renovated and more beautiful,” she said last Friday.

Madam Lee, 53, moved into a two-room Housing Board flexi flat in Punggol in January, after living for 12 years in a rental flat with her two sons. She bought the unit on a shorter lease of 50 years – paying about $122,000, including a resale levy – under the Fresh Start Housing Scheme.

The scheme made the purchase more affordable for the assistant infantcare teacher, who also received a housing grant of $35,000.

“It’s so comfortable and, when I turn on the air-con, it feels like I’m in a hotel room. I can even see the sea from my living room,” said Madam Lee.

HDB said more than 700 households who lived in public rental flats bought homes in 2022, with some tapping the scheme.

Over the past 10 years, more than 7,800 rental households have bought homes, while another 2,300 households have booked units and are waiting for them to be completed.

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Of the more than 700 households, seven in 10 bought a flat from HDB, with the rest going for resale units. About two-thirds received grants, such as the Enhanced CPF Housing Grant of up to $80,000.

A majority bought a three- or four-room flat in a non-mature estate, and used a quarter or less of their monthly income to service their mortgage, HDB said.

Beginning with the February Build-To-Order sales exercise, rental households under the Fresh Start Housing Scheme can also buy three-room flats on a shorter lease, on top of the two-room flexi units that are currently offered.

The scheme was launched in 2016 to help families with at least one child below the age of 18 and that had previously bought a subsidised flat. To promote affordability, both the two- and three-room flexi flats will be offered with leases of 45 to 65 years in five-year increments, as long as the lease can cover the youngest applicant up to the age of 95, HDB said.

Flats sold under the scheme have a 20-year minimum occupation period to ensure a stable home for the families and children.

The Fresh Start Housing Grant was also increased from $35,000 to $50,000 from May 2022, with eligible families receiving $35,000 upfront in their Central Provident Fund (CPF) Ordinary Account when they collect their keys. The remaining $15,000 is disbursed into the account in equal tranches over the next five years.

As at December 2022, 95 families have been placed on the enhanced scheme. Of these, 44 have collected the keys to their flats, 48 are waiting to collect their keys, and three are waiting to book a flat.

Minister of State for National Development Muhammad Faishal Ibrahim said many families living in rental flats aspire to own a home and provide a better environment for their children.

“However, their circumstances – such as financial, family, health or employment issues – might make it challenging for them to do so,” he said.

“We hope to connect these residents with the Community Link programme, which can provide them with opportunities to achieve stability in family development, income and more.”

Dr Faishal said many rental flat tenants, especially those with children, are motivated to buy their own homes.

“Some of them also need a bigger space as their children grow older... Now that families will have the option to buy a three-room flat, it will be beneficial to those with bigger families, who need more space and a conducive environment,” he noted.

Madam Lee, who is divorced, said she had hoped to buy a three-room flat, which was not available when she was placed on the scheme in 2019. She is content with her current home, even though she has to share a bedroom with her two school-going sons, aged 19 and 24. 

“At my rental place, high-rise littering was quite common and the public areas were not very clean. I’m glad I can give my sons a better environment now,” she said.

“They were so excited to chip in with their own ideas for the renovation. Almost everything is new, so it really feels like a fresh start.”

Madam Lee said she hopes her flat, which she has fully paid for, provides more stability for her children.

She added: “I don’t have to worry about rent increasing every two years any more. There’s more greenery and fresh air here – I just wish to live happily in my retirement home.”

I think the lease of new public housing may very well be adjusted to 60 years in future to reduce price.

That's what everybody wanted right?

[Theoldjaffa]

12 hours ago, therock said:

Punggol… 🤔 fresh air 🤔 

but I’m glad the teacher has found contentment 👍 

I’m happy for them. I really do.

punggol air beats the stale air of rental anytime. I can see where she’s coming from.

 

[13177]

44 minutes ago, Windwaver said:

I think the lease of new public housing may very well be adjusted to 60 years in future to reduce price.

That's what everybody wanted right?

Next time will have shorter lease of 3 rm flat on resale market. Buyer must be careful when buying. Also also will have some shorter lease flats for the replacement flats from the AMK SERS.

[13177]

11 minutes ago, Theoldjaffa said:

I’m happy for them. I really do.

punggol air beats the stale air of rental anytime. I can see where she’s coming from.

 

But for those newly built rental flat, the flat condition also not that bad. Only those old type of rental flat a bit cannot make it. But if refer to the surrounding environment and neighbours in rental flat, indeed the air might be quite stale no matter it is new or old rental flat. Staying in a new BTO flat of course still better la.

Edited January 25, 2023 by 13177

[Theoldjaffa]

57 minutes ago, 13177 said:

But for those newly built rental flat, the flat condition also not that bad. Only those old type of rental flat a bit cannot make it. But if refer to the surrounding environment and neighbours in rental flat, indeed the air might be quite stale no matter it is new or old rental flat. Staying in a new BTO flat of course still better la.

Stale is a metaphor in my reply.. Not that the actual air is stale 😂

[Windwaver]

3 hours ago, 13177 said:

But for those newly built rental flat, the flat condition also not that bad. Only those old type of rental flat a bit cannot make it. But if refer to the surrounding environment and neighbours in rental flat, indeed the air might be quite stale no matter it is new or old rental flat. Staying in a new BTO flat of course still better la.

The newer rental flats have indeed improved by leaps and bounds.

2 hours ago, Theoldjaffa said:

Stale is a metaphor in my reply.. Not that the actual air is stale 😂

I have to agree the environment might be a little more complicated than usual.

[therock]

https://www.straitstimes.com/opinion/a-home-is-still-affordable-in-singapore-unless-you-expect-a-luxury-house

Quote

Part of our insecurities around housing might stem from a “fear of missing out” created by Covid-19. The pandemic disrupted supply chains and created a severe labour crunch in the construction sector, which caused delays in many public and private housing projects. 

First-time application rates for BTO flats increased from 2.2 in 2018 to 4.1 in 2021 – meaning that for every available BTO flat, there were 4.1 first-time couples applying. Competition has been stiff, with the success rates for first-timers in their first BTO applications hovering between 20 per cent and 24 per cent, Minister for National Development Desmond Lee revealed last November.

Unsuccessful applicants likely looked for substitutes and aggravated demand in the resale HDB and private non-landed markets. 

Plans by the authorities to ramp up the supply to 100,000 new BTO flats between 2021 and 2025, coupled with the change in policy to give first-time applicants a higher chance of securing a BTO flat in non-mature estates, should ease the demand overhang for young couples, though it will not immediately eliminate the BTO queue.

First-time applicants vying only for BTO flats in mature estates will continue to face stiff competition, given their popularity. In the August 2022 BTO exercise, four-room flats at Central Weave @ AMK and at Sun Plaza Spring in Tampines were oversubscribed by 7.9 times and 16.1 times, respectively.

The bottom line

So is housing affordable and accessible? Yes, if you choose an HDB flat that suits your income level. Public housing policy interventions through increasing supply, restricting downgrading private home owners from buying an HDB flat immediately and setting aside more BTO flats for first-timers have insulated HDB buyers against more sharply rising prices in both the BTO and HDB resale markets.

Yet we tend to fixate on the outliers, on million-dollar HDB flats and private condominiums, which comprise a small part of the market.

In fact, these findings beg the question of whether when Singaporeans discuss housing affordability, they already have a type of house in mind – luxurious private residential homes, which remain out of reach for the average household and go against the need to be prudent when housing is a long-term investment.

 

[therock]

HDB vs the Jap versions...

No lift???

 

[therock]

 

[Fcw75]

Govt files motion affirming commitment on affordable public housing; disagrees with suggestion it 'has not done enough'

https://www.todayonline.com/singapore/govt-files-motion-affirms-commitment-affordable-public-housing-2098996?fbclid=IwAR20PUHL5ljB5f1JIM3H02o-fwuRziiGkfaRLYlBSQ8F0rl-QQV4LdD_Qls&mibextid=tejx2t
 

Wah, don’t know the motion will pass thru or not leh…

Edited January 30, 2023 by Fcw75

[inlinesix]

To push HDB price lower means GST going up even faster.

[Windwaver]

https://sg.finance.yahoo.com/news/disillusioned-home-super-rich-chinese-231207484.html

Disillusioned at home, super-rich Chinese set their sights on Singapore

SINGAPORE, (Reuters) - Like many rich Chinese, graduate student Zayn Zhang thinks Singapore could be ideal to park his family's wealth.

He's hoping that studying at a university in the Asian financial hub will lead to permanent residency and while the 26-year-old hits the books, his wife is out looking for a S$5-7 million ($4-5 million) penthouse.

"Singapore is great. It is stable and offers a lot of investment opportunities," Zhang told Reuters at a business and philanthropy forum here late last year. His family might establish a Singapore family office to manage its wealth in the future, he added.

Hosting discussions on topics like family wealth and sustainable investing, the forum at Singapore's Shangri-La hotel was attended by hundreds of wealthy people, many bedecked in designer gear from Hermes belt buckles to monogrammed Gucci shawls and the latest Dior bags. Several Chinese attendees said they had recently relocated to Singapore or were thinking of doing so.

With its tax-friendly regime and seen as politically stable, Singapore has long been a haven for ultra-rich foreigners.

But it has seen a fresh influx of wealth since 2021 after it became one of the first Asian cities to significantly ease pandemic restrictions and as many Chinese became disillusioned with their country's draconian COVID policies.

That disenchantment propelled Zhang, who gained Hong Kong residency in 2021, to look at Singapore.

"We just lost patience over time," he said, describing the lengthy quarantines he had to endure when travelling between Hong Kong and mainland China. Political turmoil in Hong Kong has also been disheartening, he added.

FAMILY OFFICE BOOM

Singapore's number of family offices - which handle investments, taxation, wealth transfer and other financial matters for the super rich - surged to about 700 in 2021 from 400.

Well-known Singapore family offices include those set up by James Dyson of vacuum cleaner fame, hedge fund manager Ray Dalio and Zhang Yong, founder of China's Haidilao hotpot restaurant chain.

Though fresher statistics are not available, those involved in the industry said interest in family offices picked up in 2022 and is expected to continue unabated this year. China's abandonment of zero-COVID policies is not expected to change the trend, given concern among the country's rich about President Xi Jinping's common prosperity drive that aims to reduce inequality, they added.

Chung Ting Fai, a lawyer who helps set up family offices, said in late 2022, he had one enquiry a week from people who want to move at least $20 million into Singapore. That's up from about an enquiry a month in 2021, while in January this year, he received two enquiries a week.

Many are parents looking to obtain permanent residency for their children, he said, noting enquiries also came from Japanese and Malaysian potential clients in addition to Chinese.

Part of Singapore's attraction for the rich is its government-administered global investor programme under which people who invest at least S$2.5 million in a business, a fund or a family office can apply for permanent residency.

Grace Tang, executive director at Phillip Private Equity which operates one of two global investor programme funds in Singapore, said her new year has been filled with meetings with potential investors, most of them Chinese.

While some are setting up family offices, others are setting up business headquarters in Singapore or investing in funds domiciled in Singapore, she said.

WEALTH MANAGEMENT HUB

Singapore's assets under management grew 16% to S$5.4 trillion in 2021 - the latest year for which data is available. More than three-quarters of that originated outside Singapore, with just under a third coming from other Asia-Pacific countries.

The influx of wealth is part of a wider trend of people returning to Singapore after an exodus of ex-patriates during the pandemic. Last year, the city had 30,000 more permanent residents and 97,000 more foreigners on a work or other long-term visa, boosting its population to 5.64 million.

Singapore's new additions sent rents surging 21% in the first nine months of last year. Home prices have also jumped over the past two years with mainland Chinese buyers continuing to be the top foreign buyers of expensive private properties.

Another telling sign of how private wealth is flowing in is skyrocketing golf club memberships. The cost of membership to Singapore's prestigious Sentosa Golf Club has hit S$880,000 for foreigners, more than double 2019 levels, according to club membership brokerage Singolf Services.

Desmond Teo, Asia Pacific family enterprise leader at consulting firm EY said the inflows of money support Singapore's financial services sector and startups, creating a "rich ecosystem" that makes the country more attractive to new stakeholders.

"When you hit a certain critical mass, the critical mass itself is an attraction," he said.

[inlinesix]

I am wondering what's the motive behind this article?

Anyway, Yahoo told it from Reuter

[Theoldjaffa]

20 hours ago, Fcw75 said:

Govt files motion affirming commitment on affordable public housing; disagrees with suggestion it 'has not done enough'

https://www.todayonline.com/singapore/govt-files-motion-affirms-commitment-affordable-public-housing-2098996?fbclid=IwAR20PUHL5ljB5f1JIM3H02o-fwuRziiGkfaRLYlBSQ8F0rl-QQV4LdD_Qls&mibextid=tejx2t
 

Wah, don’t know the motion will pass thru or not leh…

Wow she’s one of those faces I dislike the most. Both her face and demeanour appear to be jin xialan to me.

[Dp26]

9 hours ago, Windwaver said:

Another telling sign of how private wealth is flowing in is skyrocketing golf club memberships. The cost of membership to Singapore's prestigious Sentosa Golf Club has hit S$880,000 for foreigners, more than double 2019 levels, according to club membership brokerage Singolf Services.

880k for Sentosa club membership. 
 

jin atas 

[Wt_know]

taiwan mei mei say sporean not buying property ...

only buying the "eligibility to stay/use" (is it like COE?) ... lol

 

Edited February 4, 2023 by Wt_know

[therock]

Are Taiwanese homes also leasehold?

Whilst a HDB flat is more like a lease than outright ownership, we do have it for that period at a reasonable price. I know Taiwanese prices are really high.. 

[Fcw75]

Want property and COE to drop ah? Wait long long. Who suffer in the end? The peasants.

https://www.channelnewsasia.com/asia/chinas-mega-rich-move-their-wealth-and-partying-singapore-3254251?cid=internal_sharetool_iphone_04022023_cna
 

The presence of recent Chinese arrivals is keenly felt in Singapore, with some relocating to luxury homes with waterfront views on Sentosa Island, which also houses a theme park, a casino and a prestigious golf club.
"You cannot imagine the way they spend money. It's crazy," said Pearce Cheng, CEO of AIMS, a firm providing immigration and relocation services. 

He recalled attending a Chinese client's party where a rare Japanese "Yamazaki 55" whisky, worth around US$800,000 a bottle, was served.
Cheng's firm also helps rich Chinese find luxury condos, hire chauffeurs and enrol kids in private schools. It once even bought US$61,000 worth of cigars.
The new arrivals drive Rolls Royces and Bentleys, and are often spotted at top-tier golf clubs such as the exclusive Sentosa Golf Club, where foreign members pay US$670,000 a year.