THE TEMASEK TIMES

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Khaw Boon Wan: Government cannot intervene in HDB resale prices

Posted by temasektimes on October 17, 2012

The government cannot intervene in HDB resale prices as they involve willing buyers and sellers, said National Development Minister Khaw Boon Wan.

Speaking to queries from PAP MP Baey Yam Keng in parliament on the increasing cash-over-valuation figures, Mr Khaw said home buyers are currently paying above the value assessed by professional valuers as it is “a seller’s market”.

He added the basis of valuation for all HDB flats are the same, whether they are resale flats transacted in the open market, flats affected by Selective Enbloc Redevelopment Scheme (SERS), or flats that are compulsorily acquired.

“Their values are assessed by a panel of professional valuers, based on established valuation principles (which comprise factors) such as location, size, storey height and the extent of renovations,” said Mr Khaw.

He stressed that the resale prices are determined solely by the market:

“Resale prices are determined by willing buyers and sellers; the government cannot intervene to determine the transaction prices for buyers and sellers.”

The prices of resale flats have sky-rocketed in recent years due to growing demand in the face of a supply crunch. Only some 30,000 new flats were built between 2006 and 2010 when the influx of immigrants was at its peak.

27 Responses to “Khaw Boon Wan: Government cannot intervene in HDB resale prices”

  1. Nico said

    Surely government can intervene the number of foreigners intake that will determine the amount of willing parties.

    • Me said

      Khaw, you should rephrase it to ” …. The govt choose not to intervene in
      resale prices … cos the trade-off is hdb is filling up our govt revenue,and
      thereby justifying our high salaries …” you really trying to cow or bull us, shame on you to allow yourself to utter such rubbish !

  2. SianzSG said

    Hello you stupid brainless fuck, do you even know the meaning of HDB? It is called, by the very foundation that it was established years ago, HOUSING DEVELOPMENT BOARD. It is not called PDB, PRIVATE DEVELOPMENT BOARD. If it is the latter, then by all means, it is up to the market discretion should the housing prices went rocketted up or bottoms down. However, since HDB is a statutory board to create GOVERNMENT HOUSING for Singaporeans AND NOT FOR PR and Foreign Trashes, the priority MUST GO TO SINGAPOREANS. WE DON’T CARE IF THE HOUSING IS CHEAP OR WE CAN’T SELL AT A PROFIT. IT IS FOR OUR FAMILIES.
    DO YOU SEE THE PICTURE NOW, YOU GODDAMN BRAINLESS FUCK.

    If you want a private housing market, JUST GO AND MAKE ONE. LEAVE THE GOVERNMENT HOUSING TO US ONLY. YOU MOTHERFUCKER!!!

    STUPID MALAYSIAN. YOU YOURSELF IS A FOREIGN TRASH. GO BACK TO YOUR MALAYSIA. FUCK KHAW BOON WAH.

  3. SianzSG said

    Vision

    An outstanding organisation with people committed to
    fulfilling aspirations for homes and communities all are proud of.

    Mission

    We provide affordable homes of quality and value.
    We create vibrant and sustainable towns.
    We promote the building of active and cohesive communities.
    We inspire and enable all staff to give of their best.

  4. SianzSG said

    All fail. F9. By Singaporean’s verdict. Affordable? Please tell me how is a 1 MILLION HDB FLAT affordable by common Singaporean wages?

    TELL ME. FUCK YOU KHAW.

  5. GodBlessSG said

    What if…just thinking out loud, HDB BTO prices are not pegged to Resale HDB Prices – Subsidies?

    Can we have HDB BTO prices based on construction costs? Oh by the way, can revealed the various HDB BTO construction cost?

    Hahaha…

  6. PR CANNOT SELL HDB FLAT FOR PROFIT N SELL HDB FLAT IF OWNS N STAYS IN PRIVATE PROPERTY said

    PRs cant sell their HDB flat for a profit. Must sell HDB flat if one owns and lives in a private property.
    Then prices will drop as more flats in market

  7. Lim said

    Govt can’t intervene in resale market? Of course it won’t intervene as new flat prices are pegged to resale market prices. Why is it a `seller’s market’? Has the govt been sleeping all this while then? Don’t tell us price increases and demand is due to low interest rates or monetary easing, etc Price increase is due to a lack of political will to bring down flat prices, allowing foreigners to buy resale govt flats, policy flop for not building enough flats and making last drop of money from its own citizens.
    Make it owner occupied for ten years, no renting out of HDB rooms or flats, ban all foreigners completely from buying govt flats or limit loan-to-value to 20% for foreigners – this is how govt can intervene in resale market. It is a matter of whether they want or don’t want to do so only. The political will and price for govt to pay is not high enough yet unless they are on the verge of losing majority come 2016.

  8. Andy said

    Seller’s market? Didn’t know we can speculate in HDB. Nice.

  9. Daft Peasant said

    * YAWN *

    blah blah blah……….

  10. Cher said

    Another bull talk from the cow. He cannot influence the price!! He merely pushes up the price of resale flats by pricing new flats at a higher price. He calls it affordable by making buyers work 35 years to repay the loans. It is taxing from HDB dwellers to offset losses in investments. Time will come when we throw out the PAP together with the ‘2 Key’ system. Good luck while the sun shines.

  11. Pink Panty Loong said

    Just stop PRs from buying HDB flats, YOU IDIOT~~~~~~~~

  12. james said

    Root of the problem is supply crunch, increase the supply, restrict the sale only to Singaporeans

  13. Nimal said

    They bloody push their noses where it shouldn’t be but when it comes to their pocket, it’s no no… It’s fine just the way it is… Thank you 60% of selfish zombies for choosing these blood suckers!

  14. Daniel said

    What he said is total marlarky. The reason the “market price” went up and keeps going up is because there is more demand than supply, both of which the esteemed PAP is responsible for, they allowed a relentless inflow and were too slow to built, which is also why their anti-speculation measures have largely failed.
    The fact that they failed simple arithmetic is astounding, for leaders who supposedly have precognition.
    Were they too busy preening ? Or are they not as brilliant as they think ? Because obviously they fell asleep for the last 5 years and we are paying and continue to pay for their ineptitude.

  15. Santi said

    Simpe thing they cant solve. Especially they created the problem. Better step down for good. Let others do a better job

  16. Naivety said

    “Khaw Boon Wan: Government cannot intervene in HDB Resale Prices”

    …But government can put a stop to both Foreigners & PRs from buying resale HDB Flats in the open market, right Cow?

  17. Jaded said

    bloody load of bull! Cannot intervene then why we cannot sell below valuation?

  18. sure or not said

    Who give valuation to resale flats and who control production of new flats?

  19. But still, there are some owners who choose to sell their flats high. Remember the $1m Queenstown flat?

    • Nico said

      Basically, the HDB is just an agent of the agents. They earn whenever there is a transaction. If you ask them to sell below valuation, then how they earn? how they pay the million dollars salaries? to keep it within affordability is to have people selling back to HDB at cost. People who want to buy resale must also buy from HDB at cost. But if they do that, would they be able o pay ministers millions? That is the root cause behind high HDB prices.

  20. dragon said

    From $120K 3 rms to $300K 3 rms,4 rms $200 to $540k++ 4 rms make no different.Ha Ha Ha all singaporean will drop dead if you see the different,only they minister cannot see anything different affordable all singaporean going to be crazy also talk rock rock valuation resale every item under one roof who is the boss?

  21. Lim said

    Khaw said “the (present) rise in resale prices is not at an unacceptable level.” I wonder how much Khaw considers unacceptable? He warned prices could “rise beyond sustainable levels – then is Khaw going to wait until it rises to such levels before acting decisively? I give up!

  22. A G Young said

    NOTHING is IMPOSSIBLE! Only if the Government wants IT to be DONE!

  23. steven theo said

    This clearly show the incompetence of Mr Mah.
    Seem Mr Khaw is following his footsteps

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