Singapore Talking: Episode 1 - MP & Property CEO blah blah blah

[wt_know]

Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah

BTO = Built to Order

developer will only build the flat once the order is fulfilled.
so have to wait at least 3-4 years (super optomistic timeline) as i believe contractually the bto delivery timeline is at least 5 years.

 

[kenntona]

Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah

Which makes new flats purchase a challenging one.

When young couples plan ahead, they will be taking a huge risk on projecting future cash flow - "ordering something they can yet to afford."

When they are financially ready, they have to wait 5 years.

 

[marklee]

Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah

No no no, but I think expectation of upmarket lifestyle is a major worry for younger crowd here.

I have seen many young couples jumping on to condo, instead of a new HDB flat, as their first property purchase. What they have missed, is free subsidy from transitional property from government.

How much is that worth? Well, anything between $50K to $150K at least, I reckoned?

First time buyer is given 30K. If stay near parents additional 10K. There's different levels of additional housing grant (max is 5K) depending on the combined average income over the last one year. The grants can be used to pay the 10% downpayment and offset the loan amount.

OT here. Sorry I don't understand this BTO thingy. You mean the Sporean couple applies to HDB and then HDB builds the flat? I thot HBD works by releasing certain numbers of flats, then you go and ballot for one?

Yup...only when there is enough demand then the BTO flats contract will be tendered and then built.

 

[kenntona]

Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah

First time buyer is given 30K. If stay near parents additional 10K. There's different levels of additional housing grant (max is 5K) depending on the combined average income over the last one year. The grants can be used to pay the 10% downpayment and offset the loan amount.

Over and above that, new flats are sold at "subsidised" price........

 

[wt_know]

Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah

over and above that ... buy low sell high because there is only 1-way to go ... up
there is no way a resale price < hdb subsidised price
let's look at the fact ....
buyer -> become owner -> seller -> buyer other property -> cycle repeats
it depends what role you are now and at what size ... hdb small to hdb big to private small to private big to landed

 

[marklee]

Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah

True...add to the fact that there is no COV to pay, which is a really huge headache for young couples.

 

[longhorn]

Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah

developer will only build the flat once the order is fulfilled.
so have to wait at least 3-4 years (super optomistic timeline) as i believe contractually the bto delivery timeline is at least 5 years.

First time buyer is given 30K. If stay near parents additional 10K. There's different levels of additional housing grant (max is 5K) depending on the combined average income over the last one year. The grants can be used to pay the 10% downpayment and offset the loan amount.

Over and above that, new flats are sold at "subsidised" price........

True...add to the fact that there is no COV to pay, which is a really huge headache for young couples.

Sheeeesh.... and we thought buying a car in Singapore with ARF, PARF, COE, PQP, OMV, ERP was complicated....

 

[jason3s]

Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah

I believe first time buyers getting new flats (not DBSS or EC) from hdb do not enjoy the 30k housing grant, only whichever amount they qualify for under additional housing grant.

 

[wt_know]

Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah

1st timer received $30K grant as long as met hdb criterias like combined income < $8K, buy direct from hdb not resale and even unsold flats that were unoccupied for years (walk in). additional grant depends on specific criteria. learn something from the interview that fresh graduates got addtional $5K ? hmm...

 

[ktnpl]

Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah

I thot HBD works by releasing certain numbers of flats, then you go and ballot for one?

Ballot is mostly for left over units in popular estates after en bloc residents have taken the first bite.

so have to wait at least 3-4 years (super optomistic timeline) as i believe contractually the bto delivery timeline is at least 5 years.

If there is no major hiccup, you will collect the keys a few years ahead of the contractual date. It is the same for both HDB and private. Below is what I experienced:

Legal Completion: Dec 2007
Expected Date: Dec 2004
Actual Date: Dec 2003

1st timer received $30K grant as long as met hdb criterias like combined income < $8K, buy direct from hdb not resale and even unsold flats that were unoccupied for years (walk in). additional grant depends on specific criteria. learn something from the interview that fresh graduates got addtional $5K ? hmm...

CPF Housing Grant is for resale only. If you buy direct from HDB, there is no CPF Housing Grant as the prices are already "subsidised".

Additional Grant is for both new and resale flats if household income is below $5k, so fresh graduates are likely to enjoy this. The Additional Grant starts from 5k to 40k based on your income.

Example: A household with

 

[martmode8850]

Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah

for those who are not in the top tier income bracket, baby goomers got to will their properties to their kids in Gen X... Gen X to Gen Y... and Gen Y to Gen Z... personally, me & my wife are planning to do this for our children, but not telling them lest they become complacent...

i didnt like the way the discussion was held (kind of one way shots)... not really a discussion if you like... the MP was disrupted before he could finish, and then it ended... yah, maybe it would have been plain standard response (ie enough flats were built, income bracket sufficiently set, all this is based on data), but nonetheless, the host could have at least let him finish...

 

[Slater]

Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah

for those who are not in the top tier income bracket, baby goomers got to will their properties to their kids in Gen X... Gen X to Gen Y... and Gen Y to Gen Z... personally, me & my wife are planning to do this for our children, but not telling them lest they become complacent...

i didnt like the way the discussion was held (kind of one way shots)... not really a discussion if you like... the MP was disrupted before he could finish, and then it ended... yah, maybe it would have been plain standard response (ie enough flats were built, income bracket sufficiently set, all this is based on data), but nonetheless, the host could have at least let him finish...

+1000000000 on the host. he is a prick.

 

[marklee]

Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah

I believe first time buyers getting new flats (not DBSS or EC) from hdb do not enjoy the 30k housing grant, only whichever amount they qualify for under additional housing grant.

This is true, they don't receive the 30K grant, HDB says that it is "priced in" already since only first time buyers can buy new BTO flat.

 

[wt_know]

Re: Singapore Talking: Episode 1 - MP & Property CEO blah blah blah

thanks for the details ! i always got confused between grant and subsidised

so, buyers do get additional grant (up to $40K) + subsidised price for new flat

Ballot is mostly for left over units in popular estates after en bloc residents have taken the first bite.



If there is no major hiccup, you will collect the keys a few years ahead of the contractual date. It is the same for both HDB and private. Below is what I experienced:

Legal Completion: Dec 2007
Expected Date: Dec 2004
Actual Date: Dec 2003


CPF Housing Grant is for resale only. If you buy direct from HDB, there is no CPF Housing Grant as the prices are already "subsidised".

Additional Grant is for both new and resale flats if household income is below $5k, so fresh graduates are likely to enjoy this. The Additional Grant starts from 5k to 40k based on your income.

Example: A household with