How Many Signed Otp Last Week?

[Everybody 0]

Renting seems like waste of money, since the amount equates to a monthly mortage payment, and any money that can be saved should be saved (did some calculations and reno + furnishings are considerable, esp without grant). Cannot buy HDB/resale since I don't know when I can sell the house overseas - don't even have an agent yet! And I am prohibited from selling to non-citizens, so my buyer market is now smaller. Any >1,000sqft condo seems to be too expensive. And, not sure if should ROM and continue to stay apart? Parents are quite traditional, and I'm definitely not moving in with OH (nightmare PIL, seriously)!

I'm just wondering what happens if I simply buy now and be unable to sell the property? Not sure if there's any form of penalty, especially if it's not within my control. Called HDB to ask, and they simply said "write in".

I'm a sad panda

Yeah, that LKY statement was quite a stinger.

Yes! write in, appeal, HDB will consolidate all your cases and may decide to let you in through the side door.

Of course, they will not officially to the press now.

Mohammed Ismail, CEO of Propnex said, “People who are affected in such a transition, as long as they can write in the HDB, showing the necessary documentary proof, for example, somebody who has paid a deposit of $1,000 and the cheque has been cleared well before the new ruling came into play, HDB will judge the merit of each individual case”

Case appeal reasons :

I’ll lose my deposit and the bank will penalise me a few thousand dollars because we didn’t exercise the contract that we signed. HDB has a rule that says if we do not buy, the seller can resell to the market. So whatever difference, we have to compensate the seller.

You have nothing to lose, even they don't approve, after all, you have decide not to proceed the purchase if your purchase follows the new ruling

[Ely 0]

why should the seller be pissed off, he got 1k just for nothing !?!

anyway this new ruling is suppose to cool the market so u can take your time to re-strategize and look around somemore as prices shouldnt be going up. not sure whether they'll come down though.

I think the seller is also worried about the market cooling effect, and wants to lock us in on the agreed price. He most likely have to get rid of the flat too, since he was renting it out. To him, that 1k is nothing compared to the 50k COV.

But you're right, that's a consolation at least - that prices definitely won't go up. Still sad though.

[liewsc 0]

50K COV is super high, forgo the 1K and the bank a few Ks. As long as you have not exercise the OTP the seller cannot ask for more compensation. Felt sorry for you.

[neubie 2]

HDB will look at those affected by policy changes on case-by-case basis

Posted: 03 September 2010 2213 hrs

SINGAPORE : The Housing and Development Board (HDB) has said it will look at requests of those affected by the new changes to resale flat applications on a case-by-case basis.

It was referring to those who have exercised the Option to Purchase a resale flat and secured a bank loan before August 30, but have not submitted their resale applications to HDB when the policy changes were announced.

HDB added that those affected can write in and produce their supporting documents.

It added that it has received about 4,000 enquiries and about 100 appeals related to the policy changes announced on August 30. That is about 50 per cent more calls than usual.

Anti-speculative measures introduced on August 30 include requiring home buyers with at least one mortgage to pay more cash upfront when buying their next property.

The minimum cash payment has been doubled from five to ten per cent of the home's valuation, while the maximum bank loan amount has been reduced from 80 to 70 per cent.

As for HDB flats, measures included increasing the minimum occupation period for non-subsidised flats to 5 years.

In addition, home owners can no longer own both private property and an HDB flat at the same time during the minimum occupation period. Those who buy a non-subsidised HDB flat must sell off their private property within six months.

Similarly, home owners of non-subsidised HDB flats will not be allowed to own private property before the minimum occupation period is up.

[leechaorui 2]

I think the seller is also worried about the market cooling effect, and wants to lock us in on the agreed price. He most likely have to get rid of the flat too, since he was renting it out. To him, that 1k is nothing compared to the 50k COV.

But you're right, that's a consolation at least - that prices definitely won't go up. Still sad though.

You may want to try those older condo units that are further away from the city like in Woodlands, Sembawang, loyang, Changi etc.. or a very small inter-terrace house (about 700 sq ft but built up to 2 storey along Thomson Road).

[Ely 0]

You may want to try those older condo units that are further away from the city like in Woodlands, Sembawang, loyang, Changi etc.. or a very small inter-terrace house (about 700 sq ft but built up to 2 storey along Thomson Road).

Thanks, I will look into it. But searching on Propertyguru.com hasn't been very uplifting. I'm just going to engage an agent to sell my house overseas

[Jgal 0]

Good that you are in this situation....

Cos' HDB is for Singaporean who intends to stay here for a long period of time.....

Not for ppl who are going to migrate.

And this policy is suppose to weed out people like yourself.

[boffi 0]

Good that you are in this situation....

Cos' HDB is for Singaporean who intends to stay here for a long period of time.....

Not for ppl who are going to migrate.

And this policy is suppose to weed out people like yourself.

COV come down seems to be everybody's guess. In stock mkt, ppl call sell, you buy, when analyst say buy , you SELL. Everybody say COV will drop - juz like during Lehman Time, all scared and miss the boat, I came in late or else now can shang an liao. the lesson to learn is to trust your instincts - must have focus.

In any case, I think those good estate like Tg Pagar, M parade, Holland V, Bishan, Serangoon Central will continue to be key drivers for high COV. PRs will always think of ways to counter, it is almost impossible to check on overseas property in places like India & china, my fren told me he can just use another name in spore and its almost impossible to find out. He say sporeans stupid to believe that this new policy will work.

so yr 50K cov may seem high but you decide if there is value - even Buffet cant gv u answer.

[therat 18]

early last yr, everyone also say HDB price will go down. Private property price will go down.

In the end, by end of Q2 all went up and up and never look back

[Jgal 0]

Anyway, one thing for sure . Rental is going up up and away. Those that have property to rent out will be making the $$. Eventually rental yield justify cost , foreigner that don't even stay here will pick up the slacks.

[Ely 0]

Good that you are in this situation....

Cos' HDB is for Singaporean who intends to stay here for a long period of time.....

Not for ppl who are going to migrate.

And this policy is suppose to weed out people like yourself.

I am a Singaporean citizen and not intending to migrate. I obtained my PR-ship because I qualified after completing my education in Australia and lived/worked there. The house there was bought so I could have my family visit (which was pretty often) while I was living there, and now my brother is living in it as he is also studying there. It has never been rented out, so it has never yielded any form of income, only expenses as I pay for strata, insurance, gardening every year.

I think your views are narrow-minded, as this law is exceptionally unfair to Singapore PRs, who have homes in their home country - they may still have their parents living in them, or simply want to return home sporadially while their lives remain rooted in Singapore. You are completely umempathic towards such predicaments - can you imagine having to kick your parents out of your house just because of this new ruling as a S'pore PR?

I want a house I can live and grow in, have children and pets, so decided that a HDB resale would be the best option for me, given that private property is so ridicuously expensive. My life is here in Singapore, where my family is. Why should I be weeded out because I have a house in Australia where my brother is currently living in? That house has been in the family for 10 years - there are a lot of memories, and I always return to Australia for holidays because accomodation is already "paid for".

[Ely 0]

COV come down seems to be everybody's guess. In stock mkt, ppl call sell, you buy, when analyst say buy , you SELL. Everybody say COV will drop - juz like during Lehman Time, all scared and miss the boat, I came in late or else now can shang an liao. the lesson to learn is to trust your instincts - must have focus.

In any case, I think those good estate like Tg Pagar, M parade, Holland V, Bishan, Serangoon Central will continue to be key drivers for high COV. PRs will always think of ways to counter, it is almost impossible to check on overseas property in places like India & china, my fren told me he can just use another name in spore and its almost impossible to find out. He say sporeans stupid to believe that this new policy will work.

so yr 50K cov may seem high but you decide if there is value - even Buffet cant gv u answer.

I have no idea how the government can actually track your property overseas, regardless, I remain law-abiding and do not want to risk the penalty. If my family still want a property in Australia (and they do, since my brother and his girlfriend still have several years there), they will have to buy a brand new property, or one in the developing stage, or buy a piece of land and erect a new house - and then pay the high tax that will be imposed upon foreigners (aimed at foreign investors, but it's a totally different case for my family).

I did try looking at Marine Parade (I'm an East girl at heart), but I really did not like the "old" layout (long corridors, low ceilings, bathroom in kitchen). I was only looking at the newer condo-layout estates, which was actually quite a dampener because of the distance, but I decided that budget + space to grow in your home was more important.

[Jgal 0]

Why should I be empathetic to u and pr who has house oversea when my fellow Singaporean who does not earn as much as you can't have a house. U know the true victims of this rising housing cost are those that household income is less than 3k a month. They can't migrate like u and is struck in Singapore. Unlike other countries even in hongkong, people can chose to move to the countryside where cost of lving is lower. But these people are struck here.

Edited September 6, 2010 by Jgal

[Jgal 0]

Anyway, I do feel sorry for those who intend to make Singapore home and are affected my these new rules . My statement are solely meant for u. I am also affected by the policies but I know they are to help my fellow Singaporean so I don't complaint , just work around it. Unlike u who take loopholes in the policies to benefit yourself. If u are not wrong why cannot tell hdb.

[Ely 0]

Why should I be empathetic to u and pr who has house oversea when my fellow Singaporean who does not earn as much as you can't have a house. U know the true victims of this rising housing cost are those that household income is less than 3k a month. They can't migrate like u and is struck in Singapore. Unlike other countries even in hongkong, people can chose to move to the countryside where cost of lving is lower. But these people are struck here.

That house wasn't paid by me. If I were that rich, I would have gotten a pretty condo instead of looking at HDBs. I am simply a victim of this ruling because I have a property in my name but have absolutely no ownership of it. My OH and I are not receiving any help from our parents as well, so our plight is exactly the same as the average Joe, EXCEPT I suffer a bit more since we cannot qualify for government grant (like you can) and are not considered first-time owners (even though we are).