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Khaw Boon Wan on $1 million dollar HDB flat: ‘Fantastic’ views will always fetch ‘fantastic’ prices

Posted by temasektimes on September 9, 2012

The shocking news of a HDB flat fetching a record high $1 million dollars has left many Singaporeans dumb-founded, but National Development Minister Khaw Boon Wan seemed to think otherwise and urged Singaporeans not to be ‘traumatized’.

Speaking to queries from the state media, Mr Khaw remarked in a nonchalant manner:

‘There will always be units with fantastic views that fetch fantastic prices….More important is the larger picture.’

Mr Khaw was commentong on the sale of the executive maisonette in Queenstown which was sold to a PRC new citizen for $1 million dollars including a cash over valuation (COV) of $195,000.

News of a Housing Board flat being sold for a record $1 million may be swirling, but National Development Minister Khaw Boon Wan urged Singaporeans not to be “traumatised”.

“Are prices affordable generally for most units? I think we have largely achieved that in the last few months with the pricing of the new Build-to-Order flats,” Mr Khaw added.


38 Responses to “Khaw Boon Wan on $1 million dollar HDB flat: ‘Fantastic’ views will always fetch ‘fantastic’ prices”

  1. TT said

    Khaw, did you see the view? Or you just gave an off the cuff comment?

  2. Sashaqueenie said

    Well that “larger picture” is that sellers would all be upping their COV (cash over valuation) because of this exorbitant selling price of this maisonette. This affects everyone! Admit it! You have no idea how to control this. Or you don’t want to lower the prices. Because lower prices means lower tax revenues for the Govt. And we all know how depleted the National Coffer is. This is a disaster. Nothing to do with the view. It all has to do with the buyer. PRs should not be allowed to own public housing!!!

  3. The younger generation and the younger immigrants ,what is your future live will be ,what do you think ?,,,good luck Singaporean : ) PAP I can bet you have destroyed this country with ur brainless and laziness move .There will be more to happens .China will be the next comfort zone than Singapore .GIC and Temasek is sucking the peoples monies and PAP pump problems and get credits out of the problem they gave to Singaporean ,It is all beautiful Painted picture but shit will starts to flow out ,Pro PAP supported pls dun lie to yourselves if u supported this current situation thats proof that you are a nerd ,if PAP declined you will be the first to jump from your high rise HDB or head on to Bedok Resv. I am still hoping for the best to come.

  4. spotlessleopard said

    He can be non chalant because He is guaranteed hismultimillion $ salary…..wait for 2016….the People will vote him and PaPout of Parliament.

  5. richard said

    In future $2 million for HDB flat.Next answer is sea view with shopping centre below.
    same story.My children ask why like that ,I always told them children or this ,or that lor so easy to solve.

  6. Ken Lee said

    one million only ma! so cheap!

  7. jack said

    nothing is more surprising than the $8 by pass

  8. richard said

    Some place no view cost $800k.How about this issue why cost so much.99 % cannot be cure now HDB prices.If they need heavy profit follow by resale flat market price for new HDB flat were never never go down.More room to increase price for new HDB flat.$1 million resale flat good news.Keep it up.

  9. macquekers said

    i bet he doesn’t even know what storey is the flat on…

  10. Jenny said

    He is the most useless minister Singapore ever produce…and ironically he isn’t even born here.

  11. Amal Coad said

    hahahahaaa ! what a farce!! hahahaaa

  12. Goh Tong Seng said

    What does anyone expect? People will pay top dollar for such a view. Remember that maisonette in Bishan on the 24th floor?

  13. welovesingapore said

    The public housing has a big loophole right in front of his face and he pretent not to see. A new flat requires a couple to have a combine salary of 12K. There is no salary cap for resale. This is still public housing. Even though at resale, the same salary cap should be enforced on the purchaser. If that person can pay 1 million cash or bank loan via bank, they should be buying private housing in the first place. The valuation keep going up and the bank loan term should not be 100% due to the leasehold nature of public housing that has depreciated since 99 years. If all these does not come into consideration, then there is a housing bubble in the making in price. The house if costing at $140k now costing at 1mil. Something is very wrong. Since this is a mature estate, market force has been distorted to skew the cost and thus affect the valuation as a whole. There should be a limit on the resale price of public housing to trigger a capital gain tax on the seller. The explanation to this crazy price only happening in Singapore is that house buyer keep paying inflated public housing price which is rising more than the median income of average wage earner. New public house price would also go up and this is a vicious cycle where new buyer suffer the most. After that rental goes up and Singapore becomes a stagnant economy like Japan. Mr K knows very well that this episode would increase the valuation of new public housing as a whole and did nothing.

    • Angry Bird said

      how could this daft F**ker see with 7 zeros dangling right in front of him, blinded by $$$? let him & his money burn in hell when his time is up….

  14. Sinkaypoh said

    Dun worry, sleep in the Bishan Park, fantastic view of Pinoys & Banglas making out, maybe sometimes X-rated free show oso! And it’s FREE!

  15. RSM said

    1 million for subsidised housing and we are suppose to see the bigger picture? How big is this picture going to get? Does he know what he is saying? Does he know how this is going to affect the housing market i.e the true big picture? What have we done when no one voiced their concerned over him taking over this post of managing public housing.!!!!

  16. B Chan said

    khaw is also a FT. born in malaysia. 1sdg = 2.5 ringgit.

  17. Koyok said

    Can someone ask the seller(s) whether this transaction is a good thing for them or not?

  18. Mark said

    Boon Wan, why you keep mentioning your baby BTO flats like as though it’s going to save us for being ‘traumatised’ by million dollar flats? If ypu can control mickey house apartment from being built in suburb, why you close one eye to recent development? Do you know the psychological price barrier has been broken and it’s going to affect the rest of property transactions?

  19. Ah Pui said

    i wonder which housing agent transact the flat?? He is my hero!!
    I oso want to sell mine..

  20. Commando Pants said

    Move away Singaporeans, this place is silly… HDB is public housing no more for Singapore, for $1 million you can have a great life away from here…. this is sick money – stupid money.. I feel so much for you guys and feel so angry that I have been so rude to Singapore … Sorry..

  21. richard said

    Before 2016 he aready collected much pay chq.In time to retire by than,just delay whatever can and collect more profit and tax.Nothing he can do because he cannot lower the NEW HDB price now,Making New HDB Price down or cheaper will cool all the property market down directly is easy why cannot be done.Because years of collecting pot of gold. this will never end.

  22. Lim said

    Please wake up the 60% and see your future generations unable to afford public housing, unable to drive a car, unable to pay hefty medical bills for surgery or cancer, unable to touch CPF money because they postpone it to 85 and if your children are not clever or connected enough they have to study in common garden schools. Scholarships and University places are 60% foreigners in our Universities and if you are not rich enough to send them overseas then prepare to study in ITE and be another one of the digits under foreign PMETs’ control. The $1 million HDB flat to a new citizen is the start of a bigger picture for your children and future generations.

  23. fnu lnu said

    The last time i check HDB is a government housing project that is aimed to provide each citizen an opportunity to OWN their home.
    By allowing the price “uncontrolled” and let the market dictate by supply and demand this way, it is no longer called public housing but commercial transaction between a willing buyer and a seller.
    So, either HDB go back to the drawing board of assessing their long term goals (to be more commercial eg bank loan etc) or stick with the original objective laid out by the pioneers of HDB.
    Time must change, policy must be updated, citizens have a right to be advised up front….

  24. singaporean deserved said

    this is ridiculous! PUBLIC housing is so damed expensive! is this what the government called PUBLIC housing and is AFFORDABLE???

    • jf said

      Hey I deserve to sell my flat at S$1 million also. So please don’t ask the Minister to change policy. Hail Minister Khaw.
      10,000 years. Make me a millionaire! I want to buy a few units at Iskandar for my retirement. I will live in a unit facing Singapore. Every morning and night I will face Singapore and “give thanks”. Cheers!

  25. jf said

    No big deal. When Singapore economy fall in future, the Sg Dollar value will also fall. Then that flat will cost S$10 million. Then cleaners’ pay will be S$10,000 per month. Tau Huay Chwee? – S$8.00 a cup.

  26. Cher said

    He was brought in to tidy up the mess left by Mah Bow Tan, but he went on to build much more flats selling at a faster rate and reaping much more than Mah. Now and then he is talking up the prices. HDB housing is beyond the reach of most decent Singaporeans. This government is building on dollars and not sense.

  27. Penn said

    Well Done!!!!!!!!!!!!!!!!! Khaw. Well Done!!!!!!!!!!! This is the type comment we are looking for in return for your ministerial salary

  28. Fed up said

    HDB should have a income restriction for resale HDB flats.

  29. Sinkaypoh said

    “fantastic views that fetch fantastic prices”

    like what? pinoy & bangla porn show?
    pandas mating?
    the holy casino, our $$$ machine?
    the super-efficient MRT?
    or KBW torturing his dainty bum riding his Brompton bike?

    I wonder what million $$$ views Spore has?

  30. Ron said

    It may be unwise to let open market dictate the price of HDB prices. The general population of HDB owners suffer as the average price will move up when only a few flats fetch a ridiculous high price. At some point when the bubble burst, the anger from major losses may boomerang.

    HDB was meant to be affordable and not for get-rich schemes. The private market has no upper limit to pricing and hence it is okay to the speculation take place.. The government should consider increasing the tax when re-sale HDB prices exceed a certain level. This will ensure that HDB are meant for the general population.

  31. Shan Shan said


  32. Henry Choo said

    Totally Spastic comment…

  33. kausai said

    The pricing of HDB flats (both re-sell or BTO) should be keep increasing due to the lack of land, population issues and fair to the current buyers. This will make Singapore toward to more prospect in future.

  34. Mr. Fair said

    This world now is no money no talk. You have money you pay for it. No money then you forget it.

  35. Mr. Fair said

    Singapore is a golden land. $1 million dollar HDB flat equal Fantastic land will always fetch fantastic prices!!

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