View Full Version : Aug Cooling measures worked?
COV for HDB resale flats drop
Dec 7, 2010 - PropertyGuru.com.sg
Singapore’s cooling measures are now taking effect in the property market, with home buyers paying lower cash premiums for HDB resale flats and less resale deals are taking place in the market, said National Development Minister Mah Bow Tan.
Mr. Mah said in an interview with Channel News Asia that the median cash-over-valuation (COV) paid by home buyers for HDB resale flats dropped to $22,000 in November, from $25,000 in October. This was the second straight month that the median COV has declined and a sign that the cooling measures implemented in end-August are now taking effect.
However, he said the full impact of the cooling measures will only be felt in the next two months.
He added that resale transactions have dropped by 30 percent in Q4 this year compared with the previous quarter.
Though there is no need for any additional cooling measures for now, he said the government will implement further measures only if necessary.
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After reading the report, I noticed MBT did not mentioned resales price trend. Out of curiosity, I did a sampling check for realse prices associating to 3 rooms HDB for 5 regions (AMK, Woodland, Tampines, Bt Merah & Jurong) with resales price information from HDB website.
Interestingly, 3 reigions resales prices actually went up between 3.9% to 9.7% :doh: and two regions went up marginally -0.75% & -1.28%:) .
For details, please see attached for information.
Question: Is the cooling measures effective as reported?
Comments from expert are welcome. :)
rattydrama
07-12-10, 13:49
my topic? you wait for 1Q2011 data - more accurate.
The above is not accurate cos I am the contributor for Nov data. Sept transaction is not accurate cos there is some spill over effect after the 30 Aug announcement. So you have to look at deals sealed in Oct & Nov and this will reflect in Jan / Feb 2011 data.
in summary, the nett re-sale price will be lower.
my 2cents.
my topic? you wait for 1Q2011 data - more accurate.
The above is not accurate cos I am the contributor for Nov data. Sept transaction is not accurate cos there is some spill over effect after the 30 Aug announcement. So you have to look at deals sealed in Oct & Nov and this will reflect in Jan / Feb 2011 data.
in summary, the nett re-sale price will be lower.
my 2cents.
have spoke to some agents and they told me while COV is coming down... they noticed the valuation price goes up!
Hence a reduction of 10k in COV was cancelled off with increase in valuation. Not sure total impact becos of this.....:o
rattydrama
07-12-10, 14:41
strange to see valuation price going up since the nett price is lower.....MBT must be fuming.....will be more convinced to see data next month.
devilplate
07-12-10, 14:44
strange to see valuation price going up since the nett price is lower.....MBT must be fuming.....will be more convinced to see data next month.
Itsok if din sell at peak...leave some cream ;)
Itsok if din sell at peak...leave some cream ;)
if hdb resale price drop drastically, u think the other group of ppl who bought the recent bto,dbss, and maybe EC will start to complain(to have bought too high price) or not :D
rattydrama
07-12-10, 14:59
Its ok not to sell at peak but the market sometimes very difficult to time, it turned and suddenly no taker even u sell at huge discount. The next thing you know is that the developer is also fighting with u for the buyers’ pie. This will certainly depress and break the price of the not so good location condo and it will take some time to gain back the losses and that is where one needs to wait long long for the next price hike. Own experience/observation.
With current price which is somehow at peak now, buying "location within a specific location" is most important.
buying "location within a specific location" is most important.
does this mean prime area? or near mrt in central? but these also will be selling at a very high premium.... their prices also can drop leh....
rattydrama
07-12-10, 15:11
does this mean prime area? or near mrt in central? but these also will be selling at a very high premium.... their prices also can drop leh....
depending on your budget. can be OCR, RCR, CCR.....but some may disagree with me as they only believed in CCR. If I ever buy CCR, it wont be for own stay but for investment and that would be MM units.
I have yet to convince myself buying MM units btw.:scared-5:
location within a specific location means only the cream project in a particular region.:spliff:
strange to see valuation price going up since the nett price is lower.....MBT must be fuming.....will be more convinced to see data next month.
I've noticed MBT did not mentioned resales price and he only mentioned COV. IF resales priceshad came down, do you think MBT would left it out and not mentioning at all?
Per my understanding, for each new height in resales prices, it will further push the valuation price up..
Take Woodland average resales data (from my earlier posts) for example, if COV came down from 30k (Aug) to 20k (Nov), then valuation in Aug would be $247k-30k= $217K while Nov Data valuation would be around $263k-$20k = $243k
Comments?:2cents:
rattydrama
07-12-10, 16:37
I've noticed MBT did not mentioned resales price and he only mentioned COV. IF resales priceshad came down, do you think MBT would left it out and not mentioning at all?
Per my understanding, for each new height in resales prices, it will further push the valuation price up..
I am not too sure leh...if less demand how to up & up? What I know is transaction vol. will come down. If volume comes down, what about the price? This will go back to another question which is the demand and supply issue. And I think "new citizen/PR" will be the support for re-sale hdb.
Take Woodland average resales data (from my earlier posts) for example, if COV came down from 30k (Aug) to 20k (Nov), then valuation in Aug would be $247k-30k= $217K while Nov Data valuation would be around $263k-$20k = $243k
Comments?:2cents:
For flats that has been sold in Sept, the valuation report would have been done in Aug or before (you need to wait 2 weeks for the valuation report) and the valuation report is valid for 3 months. Buyer needs valuation report to get loan etc.....:spliff: you have an inquisitive mind......not bad.
so I will have to say better to wait for next quarter data.
I am not too sure leh...if less demand how to up & up? What I know is transaction vol. will come down. If volume comes down, what about the price? This will go back to another question which is the demand and supply issue. And I think "new citizen/PR" will be the support for re-sale hdb.
Partially agreed with you on this. With the lowering of transaction volume in resales market for condo, do we actually see a price down in psf since march? No hard feeling hor. :)
Also, with each scaling of prices, valuation keep going up! I think such situation is happening to HDB too as pplk pay more attention to COV (which is cash) and less attention to total selling prices. it's not too difficult to conclude who will suffered at the end of the day.
I guessed resales prices are advancing with some reduction in COV component.:2cents: :doh:
if hdb resale price drop drastically, u think the other group of ppl who bought the recent bto,dbss, and maybe EC will start to complain(to have bought too high price) or not :D
Yes for sure and the feeling would be damn bad for seeing that happened!:simmering: :simmering: :simmering:
However, the question remained, with COV going down as claimed by report, then how to explain HDB prices are still edging up?:rolleyes: :rolleyes:
I've noticed MBT did not mentioned resales price and he only mentioned COV. IF resales priceshad came down, do you think MBT would left it out and not mentioning at all?
Per my understanding, for each new height in resales prices, it will further push the valuation price up..
Take Woodland average resales data (from my earlier posts) for example, if COV came down from 30k (Aug) to 20k (Nov), then valuation in Aug would be $247k-30k= $217K while Nov Data valuation would be around $263k-$20k = $243k
Comments?:2cents:
How you do your maths?
As long its COV, valuation can only go up not down. Be it 5K or 30K.
Wait for PUV (Purchase under valuation) for prices to go down.
How you do your maths?
As long its COV, valuation can only go up not down. Be it 5K or 30K.
Wait for PUV (Purchase under valuation) for prices to go down.
Somehow, I share the same tot as you that as long as COV rule is in place, valuation can be very defficult to come down...:p
As for the maths, I took the average for all 3 rooms flat transactions for AMK, Tampines, Woodland, Jurong and Bt Merah.
You can refer to my opening post for detail as attached.
For COV, I took the average 20K as reported (which is down from 30k).
;)
Squall8888
07-12-10, 20:05
I notice a rising valuation as well. I mean, just visit www.hdb.gov.sg and do data analysis yourself. I feel it is going up but others might feel differently (disclaimer first).
If COV drops but prices rising, you know what I mean. Using COV as a price comparison factor is rubbish. May mislead a few but many will not take that. It is hard to swallow when the hdb that you want to buy is valued 20k higher 2 months later.
Squall8888
07-12-10, 20:11
Well, it is easy to tweak the COV in my opinion. Just up the valuation and it is done. Sellers achieve the price they want and they sell it. Sweet, simple and effective. Especially when election is coming. HDB just lend more to buyers. People get house, they are happy. Sellers sell house, they are happy too. Perfect scenario? Not really. Wait till price correct and those buyers are in shit. Why? Ask yourself, did hdb over build hdb, just like 1990s. But it is not going to correct in the short term. When those who want to sell, sell their flats, then COV/valuation is going up again.
I've noticed MBT did not mentioned resales price and he only mentioned COV. IF resales priceshad came down, do you think MBT would left it out and not mentioning at all?
Per my understanding, for each new height in resales prices, it will further push the valuation price up..
Take Woodland average resales data (from my earlier posts) for example, if COV came down from 30k (Aug) to 20k (Nov), then valuation in Aug would be $247k-30k= $217K while Nov Data valuation would be around $263k-$20k = $243k
Comments?:2cents:
devilplate
07-12-10, 20:12
some say drop in COV means lower valuation.....beats me too
i tot only sell below valuation den only leads to a drop in valuation....
some say valuation lag 3mths....happy can liao:D
I would say, the cooling measures only worked on HDB resale so far.. but not very much
I notice a rising valuation as well. I mean, just visit www.hdb.gov.sg (http://www.hdb.gov.sg) and do data analysis yourself. I feel it is going up but others might feel differently (disclaimer first).
If COV drops but prices rising, you know what I mean. Using COV as a price comparison factor is rubbish. May mislead a few but many will not take that. It is hard to swallow when the hdb that you want to buy is valued 20k higher 2 months later.
Data as quoted for my previous post here was using HDB data via HDB website and my observation was an increase in selling while at the same time report said COV is droping. Hence, the only conclusion was valuation up!!!
In my opinipon, it's putting back 10k (drop in COV) into your left pocket while at the same time fishing out more than 10K (increase in resale prices) from your right pocket. Since buyers paying less with cash, they might feel less pinch as compare with increase in resale prices.:banghead:
Those folks who invented COV concept are damn clever in my opinion to use COV to play the balancing game with the aids of mainstream medias....:tongue3:
Condo Collector
07-12-10, 21:18
some say drop in COV means lower valuation.....beats me too
i tot only sell below valuation den only leads to a drop in valuation....
some say valuation lag 3mths....happy can liao:D
Today's COV is effecting tomorrow valuation. Valuation form the basic of selling price. If COV trend downward, HDB selling price will also go down.
have spoke to some agents and they told me while COV is coming down... they noticed the valuation price goes up!
Hence a reduction of 10k in COV was cancelled off with increase in valuation. Not sure total impact becos of this.....:o
As long as there is COV in a recent sale, the valuation of the neighbouring units will go up. For example, if Mr X sell his flat at $400k (valuation) with $50k COV, his next door neighbour, Mr Y's flat new valuation will the be $450k (there about).Valuation is about determining the current market value, with comparable sales. So if Mr Y sells his at $25k COV, the actual selling price will be $475k. So unless new transactions are below valuation or no COV, the resale flat prices will continue to go up and up. Lower COV now only means the rate of increase has slowed.
rattydrama
07-12-10, 21:55
My sentiments as well. I guess we are looking at trend.
Today's COV is effecting tomorrow valuation. Valuation form the basic of selling price. If COV trend downward, HDB selling price will also go down.
Condo Collector
07-12-10, 21:57
As long as there is COV in a recent sale, the valuation of the neighbouring units will go up. For example, if Mr X sell his flat at $400k (valuation) with $50k COV, his next door neighbour, Mr Y's flat new valuation will the be $450k (there about).Valuation is about determining the current market value, with comparable sales. So if Mr Y sells his at $25k COV, the actual selling price will be $475k. So unless new transactions are below valuation or no COV, the resale flat prices will continue to go up and up. Lower COV now only means the rate of increase has slowed.
That is not the way how it work. Mr Y's flat is not going to be valued at 450K. His flat will be valued at higher price but never an increase of previous COV.
devilplate
07-12-10, 22:11
That is not the way how it work. Mr Y's flat is not going to be valued at 450K. His flat will be valued at higher price but never an increase of previous COV.
Den how to calculate?
my guess based on my own personal calculations is that HDB price will plateau about 50k higher from here.
IF one or two quaters later, resale prices still hold or edging up even though COV keep heading south, do you think MBT might unleash new cooling measures? :confused:
Condo Collector
07-12-10, 22:21
Den how to calculate?
HDB valuer will base on few recent transactions around the same area + average selling price published by HDB + condition and floor level to value a flat.
In HDB valuation, averaging play an important factor.
As for private, recent transaction has more weight if not 100%.
rattydrama
07-12-10, 22:42
IF one or two quaters later, resale prices still hold or edging up even though COV keep heading south, do you think MBT might unleash new cooling measures? :confused:
How to hold price if the COV keep heading south? the nett selling price should come down. The stoppage will be the influx of new citizen and PRs but long term price should appreciate like all others.
But if what u say really happens, its not going to be good news for existing property owners, especially those with multiple properties. It means more difficult to off load and if at some point there is cash flow issue erm, catastrophic. The fear is that the whole market might cool down suddenly and overnight. There was a mistake made and hope this wont be repeated.
To build back confidence it requires years of efforts as some could have been burnt so badly and din want to touch property anymore.
That is not the way how it work. Mr Y's flat is not going to be valued at 450K. His flat will be valued at higher price but never an increase of previous COV.
It is just a simplistic example to prove a point. Of course, valuers for HDB are very conservative, they will take into account, whether it is a one off, and taking into account of other recent comparable sales, there is also discount on the renovations, etc. 450k is just there about, and likely lower due to the recent crazy prices. As long as there are COVs, valuation will go up.
This is in line with govt policy. Take note the govt want to cap the COV but not to reduce resale prices. On contrary, the govt promise the pp hdb flats is an appreciating asset over time, hence don't expect resale prices to come down unless the economy is in recession.
How to hold price if the COV keep heading south? the nett selling price should come down. The stoppage will be the influx of new citizen and PRs.
But if what u say really happens, its not going to be good news for existing property owners, especially those with multiple properties. It means more difficult to off load and if at some point there is cash flow issue erm, catastrophic. The fear is that the whole market might cool down suddenly and overnight. There was a mistake made and hope this wont be repeated.
To build back confidence it requires years of efforts as some could have been burnt so badly and din want to touch property anymore.
Bingo! I've exactly the same tot as you and I'm VERY VERY concerned even though I don't own an HDB flat think what's going to happened might have significant impact to private!
I hope I'm severely wrong with the data analysis....:ashamed1:
It is just a simplistic example to prove a point. Of course, valuers for HDB are very conservative, they will take into account, whether it is a one off, and taking into account of other recent comparable sales, there is also discount on the renovations, etc. 450k is just there about, and likely lower due to the recent crazy prices. As long as there are COVs, valuation will go up.
This is in line with govt policy. Take note the govt want to cap the COV but not to reduce resale prices. On contrary, the govt promise the pp hdb flats is an appreciating asset over time, hence don't expect resale prices to come down unless the economy is in recession.
Exactly! Do noticed MBT mentioned only COV droping and ZERO mentioning of resale prices. Paying less cash DOES not mean paying less. Unfortunately, many folks in singapore do not know the game. Don't be surprise as quite a significant measures prices again immediate cash payment and less on repayment of higher loan.:beats-me-man:
Exactly! Do noticed MBT mentioned only COV droping and ZERO mentioning of resale prices. Paying less cash DOES not mean paying less. Unfortunately, many folks in singapore do not know the game. Don't be surprise as quite a significant measures prices again immediate cash payment and less on repayment of higher loan.:beats-me-man:
It is not easy to be the minister of national development. Any unpopular measures on HDB will kill a lot of votes. HDB needs to please and balance existing owners, new recent owners and soon to be owners. Cant be seen to favour any one group.This seems to be the only way. One comfort, is that once u buy HDB, remember the government promise that it should appreciate over time,unless of course u buy at a very high COV, then no one can promise u anything.
It is not easy to be the minister of national development. Any unpopular measures on HDB will kill a lot of votes. HDB needs to please and balance existing owners, new recent owners and soon to be owners. Cant be seen to favour any one group.This seems to be the only way. One comfort, is that once u buy HDB, remember the government promise that it should appreciate over time,unless of course u buy at a very high COV, then no one can promise u anything.
hahaha.. fully agreed.
COV dropped, buyers happy
resale price up, sellers happy
valuation up, potential sellers and current HDB owners happy
when voters happy, garment happy too as votes secured...
While everyone is happy, I wondered whether my children or grandchildren will be happy in the future? :doh:
devilplate
07-12-10, 23:23
While everyone is happy, I wondered whether my children or grandchildren will be happy in the future? :doh:
if u die as a rich man....they will be happy
if u die as a rich man....they will be happy
For sure :banghead: :D
hahaha.. fully agreed.
COV dropped, buyers happy
resale price up, sellers happy
valuation up, potential sellers and current HDB owners happy
when voters happy, garment happy too as votes secured...
While everyone is happy, I wondered whether my children or grandchildren will be happy in the future? :doh:
This is exactly wat the govt wants. Happiness among the HDB heartlanders. Private property owners like us is number 2 priority. Whenever the happiness is real or perceive is debatable.
This is exactly wat the govt wants. Happiness among the HDB heartlanders. Private property owners like us is number 2 priority. Whenever the happiness is real or perceive is debatable.
Hmmm... what would happened after election?
Another round of cooling measures or relaxing rules?
proud owner
08-12-10, 00:50
It is not easy to be the minister of national development. Any unpopular measures on HDB will kill a lot of votes. HDB needs to please and balance existing owners, new recent owners and soon to be owners. Cant be seen to favour any one group.This seems to be the only way. One comfort, is that once u buy HDB, remember the government promise that it should appreciate over time,unless of course u buy at a very high COV, then no one can promise u anything.
well
when he was transport minister .. coe, erp etc etc .. people also not happy .. he still went ahead .. made tonnes of money for the govt ..
his bonus must be damn solid ..
did PAP lose any votes becos we all hated ERP ? which never manage to control traffic congestion ?
well
when he was transport minister .. coe, erp etc etc .. people also not happy .. he still went ahead .. made tonnes of money for the govt ..
his bonus must be damn solid ..
did PAP lose any votes becos we all hated ERP ? which never manage to control traffic congestion ?
Lately, plenty of good news on Housing everyday.
At other forums, people are saying the MSM (ST , CNA) are working overtime to do a rescue act for Mah Bow Tan.
MSM see the need to do a Saving Private Ryan because Mah Bow Tan, HDB, URA and ICA did indeed screw up immigration and housing issues.
Not sure how elections will span out but Mah Bow Tan might not survive this time.
Screwing cost of transportation is small issue, people can still afford.
Screwing the cost of housing is bigger issue, people will not forgive so easily. It could lead to empty CPF , penniless and even bankruptcy.
Housing can result in financial ruin.
People will tend to be more angry.
proud owner
08-12-10, 02:06
Lately, plenty of good news on Housing everyday.
At other forums, people are saying the MSM (ST , CNA) are working overtime to do a rescue act for Mah Bow Tan.
MSM see the need to do a Saving Private Ryan because Mah Bow Tan, HDB, URA and ICA did indeed screw up immigration and housing issues.
Not sure how elections will span out but Mah Bow Tan might not survive this time.
Screwing cost of transportation is small issue, people can still afford.
Screwing the cost of housing is bigger issue, people will not forgive so easily. It could lead to empty CPF , penniless and even bankruptcy.
Housing can result in financial ruin.
People will tend to be more angry.
wapiang you sure or not
he is the Blue eye boy
kingkong1984
08-12-10, 05:05
if u die as a rich man....they will be happy
Defer the problem, cut lease or cut size!!!!
kingkong1984
08-12-10, 06:31
This is exactly wat the govt wants. Happiness among the HDB heartlanders. Private property owners like us is number 2 priority. Whenever the happiness is real or perceive is debatable.
Remember, majority wins. Thereafter, take care of u mah, must be fair, take turns, just like a family right? Afterall, the rich are the majority in power, get it?????
Lately, plenty of good news on Housing everyday.
MSM see the need to do a Saving Private Ryan because Mah Bow Tan, HDB, URA and ICA did indeed screw up immigration and housing issues.
MSM see the need? It think it's somebody else see the needs... since when MSM have their own mind and ball (MSM don't even qualify for ballS) to speak out for others? IMGO, their are just a tool for some.....
MSM , big pages of report even for a Tom, Dick and Harry from PAP in Parliment meeting. On the other hand, when opposition speaks, a small column was given and most often, don't even bother to report....
Sometime, I wondered whether the SINGAPORE NATIONAL PLEDGE really honour by our leaders?
(While typing the following, I'm in standing positon, right arm over my chest and typing with my left fingers only, else people say me no respect and kana sue....:D :D :D )
We, the citizens of Singapore,
pledge ourselves as one united people,
regardless of race, language or religion,
to build a democratic society
based on justice and equality
so as to achieve happiness, prosperity and
progress for our nation.
Justice: For who?:tongue3:
Equality: Got meh?:beats-me-man:
Happiness: MSM reported Singapore is the most happiest place in Earth....are you sure? :rolleyes: :doh:
Prosperity: This is still ok, no violent objection :cool:
Progress : Progress in what and for who? More like progress in paying more $$$:banghead:
Anyway, I salute MBT as his job is not really easy and he is doing so "well" and has make alot of $$$ for garment and yet, he can continue wot win votes!
What more can you say about him?
Ask yourself whether you can do much better than him?
If cannot, vote for him lah as he did a "good job" :D
kingkong1984
08-12-10, 06:46
You petty one..... Haha, made a fool of yourself there. We have moved from 3rd world to first world. Buy books to read lah. Try lee something book and you will find it.
You petty one..... Haha, made a fool of yourself there. We have moved from 3rd world to first world. Buy books to read lah. Try lee something book and you will find it.
Keke... Read liao and not really petty. Haha
One remark: imagine you are the top national scholar during PSLE and yet during GCE O level you failed your exam. Do you think the marker will give you extra marks so as give you a pass just becos you did well 4 years ago?
Also, we have paid for garment cum MP service with world class minister's pay and bonus hence we are even with them.
It's always nice to see those thick skin interviews as given by those Garment folks expressing how noble they are with their world class roles and performance.:tongue3:
kingkong1984
08-12-10, 07:19
Your one and only super doper v ote will not do it lah, take it easy. Imperfect world right? Nothing in this world is fair. Accept it and life is easier.
Your one and only super doper v ote will not do it lah, take it easy. Imperfect world right? Nothing in this world is fair. Accept it and life is easier.
Haha... Well said.:)
Nonetheless, I'm not even sure will I get the chance to vote this round just in case it's a walkover.:)
I believe as long as the COV comes down, all will be happy even if valuation goes up or nett price goes up because lower COV means lesser cash outlay which is the constaint of MOST HDB dwellers.
simple demand n supply reasons. FOr now sure wont drop as demand outstrips supply. For the present demand to be meet, the lastest surge of supply need 3 years to be build. As long as there is COV, how can price drop?
simple demand n supply reasons. FOr now sure wont drop as demand outstrips supply. For the present demand to be meet, the lastest surge of supply need 3 years to be build. As long as there is COV, how can price drop?
IF that going to happen, will it invite more cooling measures to come? :rolleyes:
simple demand n supply reasons. FOr now sure wont drop as demand outstrips supply. For the present demand to be meet, the lastest surge of supply need 3 years to be build. As long as there is COV, how can price drop?
IF that going to happen, will it invite more cooling measures to come? :rolleyes:
http://www.todayonline.com/Singapore/EDC101207-0000204/COV-fell-to-$22,000-last-month (http://www.todayonline.com/Singapore/EDC101207-0000204/COV-fell-to-$22,000-last-month)
COV fell to $22,000 last month
National Development Minister says the market has not yet felt full impact of cooling measures
SINGAPORE - While cash-over-valuation (COV) and the number of transactions in the Housing Board resale market are heading south, National Development Minister Mah Bow Tan believes it will be another one to two months before the full impact of the Government's cooling measures is felt.
In an exclusive interview with MediaCorp, Mr Mah revealed that the median COV last month was $22,000, down $3,000 from that for October. This marks the second month in a row the COV has fallen, a sign property cooling measures set in August are taking effect,
And the number of HDB resale transactions has fallen some 30 per cent in the fourth quarter thus far compared to last quarter.
The COV hit a high of $30,000 for two straight quarters this year, sparking concerns that first-time home-buyers might be priced out of the resale market.
Said Mr Mah: "Now, you are seeing that resale prices and the COV are not only stabilising but are starting to come down. So, I think there's really no need to rush (to buy a flat)."Transaction numbers from property firm Dennis Wee Group (DWG) also reflect the downward trend of COV and sale volume.
DWG director Chris Koh said he expects the COV to drop to $20,000 this month.
He said: "Things usually slow down (in December) because of Christmas, New Year, school holidays ... So, with the measures in place, (and) with new flats coming up, we should see demand ease off a little."
Mr Mah said the Government was comfortable with the current situation and there was no need for further cooling measures for now. More steps would be taken only if necessary, he added.
While prices appeared to have stabilised, Mr Mah acknowledged housing "would probably be more (of) an issue" at the next General Election.
He said: "It's always been an issue at every election as far as I can remember ... The main thing is that in an election, we have to offer - to the residents (and) voters - our platforms, our polices. Whoever can convince the voters they can do a better job in improving their lives will get and deserves to get the vote."
MBT say resale prices start to drop leh, why u guys dun believe ? :D
http://www.todayonline.com/Singapore/EDC101207-0000204/COV-fell-to-$22,000-last-month (http://www.todayonline.com/Singapore/EDC101207-0000204/COV-fell-to-$22,000-last-month)
COV fell to $22,000 last month
National Development Minister says the market has not yet felt full impact of cooling measures
SINGAPORE - While cash-over-valuation (COV) and the number of transactions in the Housing Board resale market are heading south, National Development Minister Mah Bow Tan believes it will be another one to two months before the full impact of the Government's cooling measures is felt.
In an exclusive interview with MediaCorp, Mr Mah revealed that the median COV last month was $22,000, down $3,000 from that for October. This marks the second month in a row the COV has fallen, a sign property cooling measures set in August are taking effect,
And the number of HDB resale transactions has fallen some 30 per cent in the fourth quarter thus far compared to last quarter.
The COV hit a high of $30,000 for two straight quarters this year, sparking concerns that first-time home-buyers might be priced out of the resale market.
Said Mr Mah: "Now, you are seeing that resale prices and the COV are not only stabilising but are starting to come down. So, I think there's really no need to rush (to buy a flat)."Transaction numbers from property firm Dennis Wee Group (DWG) also reflect the downward trend of COV and sale volume.
DWG director Chris Koh said he expects the COV to drop to $20,000 this month.
He said: "Things usually slow down (in December) because of Christmas, New Year, school holidays ... So, with the measures in place, (and) with new flats coming up, we should see demand ease off a little."
Mr Mah said the Government was comfortable with the current situation and there was no need for further cooling measures for now. More steps would be taken only if necessary, he added.
While prices appeared to have stabilised, Mr Mah acknowledged housing "would probably be more (of) an issue" at the next General Election.
He said: "It's always been an issue at every election as far as I can remember ... The main thing is that in an election, we have to offer - to the residents (and) voters - our platforms, our polices. Whoever can convince the voters they can do a better job in improving their lives will get and deserves to get the vote."
MBT say resale prices start to drop leh, why u guys dun believe ? :D
I would be more than happy to believe MBT, but hor, sampling data showed 3 regions up (up 6~9%) and 2 regions down (down 1.5% only)...how to believe?
I would be more than happy to believe MBT, but hor, sampling data showed 3 regions up (up 6~9%) and 2 regions down (down 1.5% only)...how to believe?
he say "are starting" mah :D
maybe started on the day this article is written :p
As long as there is COV in a recent sale, the valuation of the neighbouring units will go up. For example, if Mr X sell his flat at $400k (valuation) with $50k COV, his next door neighbour, Mr Y's flat new valuation will the be $450k (there about).Valuation is about determining the current market value, with comparable sales. So if Mr Y sells his at $25k COV, the actual selling price will be $475k. So unless new transactions are below valuation or no COV, the resale flat prices will continue to go up and up. Lower COV now only means the rate of increase has slowed.
U are the guy who really understood what Mr Mah talked about.
U are the guy who really understood what Mr Mah talked about.
I think what he is saying is that resale prices are not only stabilising, the COV has started to come down. If the resale prices have came down, he can easily provide the percentage dropped to the media.
I don't want to misquote mbt. Please clarify with him if there is an opportunity ( I'm sure there are plenty with many grassroots activities before the election).
MSM see the need? It think it's somebody else see the needs... since when MSM have their own mind and ball (MSM don't even qualify for ballS) to speak out for others? IMGO, their are just a tool for some.....
MSM , big pages of report even for a Tom, Dick and Harry from PAP in Parliment meeting. On the other hand, when opposition speaks, a small column was given and most often, don't even bother to report....
Sometime, I wondered whether the SINGAPORE NATIONAL PLEDGE really honour by our leaders?
(While typing the following, I'm in standing positon, right arm over my chest and typing with my left fingers only, else people say me no respect and kana sue....:D :D :D )
We, the citizens of Singapore,
pledge ourselves as one united people,
regardless of race, language or religion,
to build a democratic society
based on justice and equality
so as to achieve happiness, prosperity and
progress for our nation.
Justice: For who?:tongue3:
Equality: Got meh?:beats-me-man:
Happiness: MSM reported Singapore is the most happiest place in Earth....are you sure? :rolleyes: :doh:
Prosperity: This is still ok, no violent objection :cool:
Progress : Progress in what and for who? More like progress in paying more $$$:banghead:
Anyway, I salute MBT as his job is not really easy and he is doing so "well" and has make alot of $$$ for garment and yet, he can continue wot win votes!
What more can you say about him?
Ask yourself whether you can do much better than him?
If cannot, vote for him lah as he did a "good job" :D
Mah Bow Tan replaced Lim Hng Khiang because Lim was screwing up the housing but Mah now as well.
I guess in the end Singapore is pretty much screwed.
:doh: :doh:
devilplate
09-12-10, 08:47
those can make it will vote for him
those cannot make it will not
very simple:D
those can make it will vote for him
those cannot make it will not
very simple:D
which side got more people ? :rolleyes:
rattydrama
09-12-10, 22:51
http://www.todayonline.com/Singapore/EDC101207-0000204/COV-fell-to-$22,000-last-month (http://www.todayonline.com/Singapore/EDC101207-0000204/COV-fell-to-$22,000-last-month)
COV fell to $22,000 last month
National Development Minister says the market has not yet felt full impact of cooling measures
Said Mr Mah: "Now, you are seeing that resale prices and the COV are not only stabilising but are starting to come down. So, I think there's really no need to rush (to buy a flat)."Transaction numbers from property firm Dennis Wee Group (DWG) also reflect the downward trend of COV and sale volume.
MBT say resale prices start to drop leh, why u guys dun believe ? :D
MBT's one statement but with so many view points. You guys are really amazing!:D
My take is the resale price will drop 5% from peak by 2Q2011. Lets see.
proud owner
10-12-10, 04:13
Mah Bow Tan replaced Lim Hng Khiang because Lim was screwing up the housing but Mah now as well.
I guess in the end Singapore is pretty much screwed.
:doh: :doh:
Lim H K screwed up by NOT making crap loads of money for govt
Mah BT has track records of reaping $$$$$
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