Khaw Boon Wan
Singapore
“Motor vehicle dealerships and showrooms have been closed since the start of the circuit breaker. As COE bidding is done mostly by the motor vehicle dealers on behalf of prospective owners, the Land Transport Authority (LTA) suspended COE bidding for the months of April and May.”
“Though stressed by the financial pain, they press on with the immediate priority of fighting the virus and supporting essential services. Post-pandemic, we will see how public transport evolves. Will demand for public transport services simply return to the pre-pandemic level?”
“Under our rail financing framework, the Government fully pays for the cost of building new rail lines. In other words, we do not recover the cost of building the Cross Island Line (CRL) from commuters through fares. The CRL project is being implemented and the final costs will depend on tender bids.”
“There are around 5,000 private bus operators with a combined fleet of 13,500 private buses. As we do not track the number of private bus trips and passengers, we do not have data on their carbon emissions.”
“There are nursing rooms at 50% of our bus interchanges. We will provide nursing rooms at all new bus interchanges and integrated transport hubs. For the MRT network, we will provide nursing rooms at all new interchange stations. We will also explore providing such facilities when MRT stations undergo upgrading.”
“Over the last three years, Singapore carriers have reported a total of 20 incidents of food allergies on board their flights. None required the use of epinephrine or emergency flight diversions.”
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“Twenty-six Home Improvement Programme (HIP) and 25 Neighbourhood Renewal Programme (NRP) projects are pending polling and consensus gathering respectively. They include one HIP and one NRP project in Hougang SMC. Both were announced on 4 August 2012. Page: 157 For the Hougang HIP project, HDB called a tender in October 2012 and expects to award it soon.Thereafter, the project's Working Committee will conduct straw polls or walkabouts to survey residents' response, prepare the polling brochures, and construct mock-up flats, in preparation for polling. This process typically takes about six months. For the Hougang NRP project, the Working Committee will need to appoint the design consultant and design the improvement items. It will conduct consensus gathering when it is ready.”
“Flats in mature estates typically can command higher prices, as compared to those in non-mature estates. There is stronger demand as buyers are prepared to pay more for the locational and other advantages. Nevertheless, with the market discount and subsidies provided by HDB, first-timers buying BTO flats in mature estates use about 30% of their monthly income to service their housing loans. This is still within the international benchmark on housing affordability. First-timers looking for more affordable homes can opt to buy new flats in the non-mature estates, which is the mainstay of the BTO programme.”
“HDB does provide one-stop housing services to flat owners for CPF-related transactions at HDB Hub, HDB's 21 Branches and four Service Centres island-wide. These services include CPF withdrawal and refunds for mortgage loans, upgrading costs, new/resale flat transactions, and applications for Home Protection Insurance. The transactions are processed directly by HDB without flat owners, prospective buyers and sellers having to shuttle between HDB’s and CPF Board's offices. Customers can check their essential CPF information, such as CPF account balances, at HDB's e-Lobbies. At the recent launch of the Silver Housing Bonus and Enhanced Lease Buyback Scheme, HDB and CPF Board also jointly launched a Call Centre hotline and enquiry counters at the HDB Hub to handle all enquiries pertaining to these schemes. HDB and CPF Board will continue to work closely to streamline their inter-agency processes as part of their service improvement efforts. Page: 156”
“The Home Improvement Programme (HIP) is a massive upgrading programme covering 300,000 flats. It aims to address common maintenance problems in ageing flats, such as spalling concrete and ceiling leakage, in a systematic and comprehensive manner. If budget permits, HDB targets to select up to 28,000 flats in FY2013 and up to 35,000 flats per year in FY2014 and FY2015.”
“HDB rental flats make up 5% of all HDB flats. They are meant to serve deserving needy families who have no viable housing options. As $1,500 per month corresponds to the 20th percentile of household income, we deem the current income ceiling for the Public Rental Scheme Page: 144 appropriate. In practice, HDB will exercise flexibility so that bigger families exceeding the income ceiling can still get a public rental flat, if they have no family support or other housing options.”
“HDB is committed to offering flats of high quality to Singaporean households, and designs its flats to be safe and functional. Among the 19,100 BTO flats completed in the last two years, there were about 13,900 reported defects. This averaged less than one reported defect per dwelling unit. For instance, the most common defects were for doors, sanitary fixtures and windows. They were mostly minor defects that could be rectified easily. BCA's Construction Quality Assessment System (CONQUAS) measures the quality of construction projects. HDB adopts CONQUAS as an independent benchmark. In the past five years, HDB's CONQUAS scores have also been Page: 142 rising, reflecting higher quality of flats built. At every BTO development, HDB sets up a Building Service Centre (BSC) to promptly attend to residents' feedback. HDB also regularly reviews its work processes and the building materials used to improve the quality of its flats. HDB carries out regular surveys to gather residents' feedback on the design of its flats. These feedback are taken into consideration and incorporated into its flat design where practical. Surveys showed that residents are generally satisfied with HDB's design.”
“The Lease Buyback Scheme (LBS) is intended to help lower-income elderly living in 3-room or smaller HDB flats enhance their retirement income. We have no plan to extend the LBS to owners of 4-room or larger HDB flats as they have other monetisation options. Elderly households tend to be small, and those in the larger flat types may have spare rooms to rent out, after their children have moved out. Alternatively, they can choose to right-size to a smaller flat or Studio Apartment under the Silver Housing Bonus Scheme.”
“Singaporean HDB flat owners, including those who own private properties, are allowed to sublet their HDB flats after meeting the Minimum Occupation Period (MOP). Those who do have to pay a higher property tax at 10% of the Annual Value of the flat, as compared to owner-occupiers who pay between 0% and 6%. In addition, their rental income is subject to income tax. The resale HDB market has to be moderated. The comprehensive package of cooling measures introduced last week will help achieve this objective. It includes a measure which disallows Permanent Residents from subletting their whole HDB flat, as the privilege to buy a HDB resale flat is to meet their living needs. Those who no longer need their HDB flat for owner-occupation should sell it. In any case, HDB does not have the legal authority to impose any "special levy" as proposed. Page: 137”
“Last March, we tripled the allocation quota for BTO flats in non-mature estates for second-timers from 5% to 15%. This has reduced the second-timer application rate in non-mature estates and enabled more second-timers to have better chances of getting a BTO flat. We will continue to look into ways to help second-timers, especially those who are downgrading for financial reasons. However, we can only allocate more flats to second-timers if it does not affect the success rate for first-timers who have more urgent needs for housing.”
“We will try to publish the names of the towns in which the BTO projects are likely to be launched in the next 12 months. However, the actual sites and other detailed information cannot be firmed up until about two months before launch. This is because such planning is an evolving process, dependent on the site condition and the level of project readiness. However, allowing the public to register their interest for all proposed sites will not improve planning and matching of demand. This is because such information will not accurately reflect actual demand as there is no commitment to buy. The current system of only allowing one application per BTO exercise is Page: 132 better as it prevents genuine buyers from being crowded out by less-committed buyers.”
“Cash-Over-Valuation (COV) is the difference between the resale price and the market valuation of the flat. The former is determined by the buyer and the seller. The latter is assessed by a professional valuer. To cap the COV as proposed, the Government will have to set the resale price. I think it is not desirable or even feasible.”
“Singles cannot buy new flats from HDB by themselves. They can buy a resale flat if they are at least 35 years of age. Over the past 10 years, 18,000 singles aged between 35 and 40 bought HDB resale flats. Of these, 3,800 (or 21%) got married subsequently. We do not have data on singles who did not purchase an HDB flat or a private apartment. We are finalising our policy to allow singles to buy new HDB flats for the strict purpose of owner-occupation. We aim to get it implemented this year.”
“The HDB market interest rate is the moving average of the long term HDB housing loan rates levied by the three local banks (DBS, OCBC and UOB). It is subject to the floor rate of the HDB concessionary interest rate. The latter is pegged at 0.1%-point above the prevailing CPF interest rate. While these rates are currently above the short term promotional mortgage rates of commercial banks, the promotional rates are unlikely to remain low indefinitely. As housing loan tenures run into years, rate comparisons should be done over the long term. Over the past 20 years, for example, HDB's concessionary interest rate has been, on average, 1.5%-points lower than the banks' market rates. HDB's non-concessionary loans are only offered on an exceptional basis, upon appeal. Page: 118”
“Our public housing policy should support the Government’s pro-family social framework. Singles are part of a family unit, and are encouraged to live with their families for mutual care and support. Page: 117 We allow singles to buy new HDB flats or resale flats from the age of 21, if they form a family nucleus with their parents to do so. If they wish to live on their own and are aged 35 and above, they can buy a resale HDB flat. The minimum age of 35 supports our promotion of marriage and parenthood. We will be revising our policies to allow singles to buy new HDB flats with certain restrictions. However, there are no plans to lower the minimum age, as marriage rates are highest between the ages of 25 and 34.”
“I thank the Member for the feedback. We will take a look.”
“Madam, I have expressed an opinion on ECs before. It is really a wonderful scheme. It protects middle income Singaporeans from competition and ensures a very market-friendly way of allowing them to buy condominiums at affordable prices. If I may give an analogy – it is like offering you a Lexus at Corolla price, but only Singaporeans have this privilege of doing so and they know that, in due course, the price will go up to Lexus and above Lexus level. So, I think it is a very good scheme. We should try to ensure its continuance because it is relevant. As to the abuse or it being taken advantage of by families who can actually afford private properties coming in to take up ECs, such buyers were very much encouraged by these huge EC units, and caused this phenomenon. Even though we have fixed this rule, I will continue to be vigilant. If, the abuse continues, then we may have to think of other ways of fixing this problem. Page: 33 Er Dr Lee Bee Wah: Mdm Speaker, I would like to inform the Minister that I have residents who requested for the reintroduction of these multi-generational flats because they could not afford to buy from the open market. In fact, I think that there is demand because I have residents who came to appeal for it.”
“Madam, all developments are subject to planning approval, and the same applies to ECs. Those earlier plans were approved because those were the planning rules at that point in time. But as soon as we realised that the planning rules were being taken advantage of, we fixed them, and I think such deviations should soon be history.”
“Madam, I think the huge popularity of dual-key units is largely among buyers who are not really multi-generational families. They were taking advantage of this planning rule which we have now fixed.”
“Madam, the selling price of ECs will very much depend on the size of the EC. By capping the size of the EC, I think, automatically, the price will become more sober. Er Dr Lee Bee Wah (Nee Soon): Madam, I would like to ask the Minister, in view of the popularity of the dual-key units in EC, would the Minister consider reintroducing the multi-generational new BTO flats for those who have larger Page: 32 families and cannot afford ECs?”
“Madam, that is why we introduced the four measures that will protect our interest and make sure the scheme returns to its original spirit.”
“This should help moderate EC land bids, as bidders will now have to take a longer term view of the property market and can no longer pass on such market risks to EC buyers soon after securing the land. Taken together, this package of four measures should return ECs to their original intent, and ensure developers build ECs to benefit the intended target buyers.”
“The Executive Condominium (EC) Housing Scheme serves a useful purpose of meeting the aspirations of higher income Singaporeans to own private housing in an affordable way. This is done by imposing on EC buyers certain initial eligibility and ownership restrictions which are similar to those for subsidised HDB flats. As a result of these restrictions, EC developers are able to secure the land cheaper than otherwise. The land cost savings are very substantial, sometimes up to 40%. With further assistance from the CPF Housing Grant, many citizen households have gained access to private condominiums through the EC Scheme. However, some developers have taken to building super-sized ECs and, in some instances, also by taking advantage of some URA planning rules. Last week, we announced two measures to correct this. First, we now impose a size cap of 160 square metres for each EC unit. Second, we now count Private Enclosed Spaces (PES) and roof terraces as gross floor area (GFA), which will be subject to Development Charge or Differential Premium. These GFA cannot exceed 10% of the Master Plan stipulated gross plot ratio. Related to this is the issue of dual-key ECs. We have allowed such design innovation as it supports multi-generational families by offering privacy. However, the concept has now been taken advantage of by some buyers, who buy dual-key units for immediate rental yield. To address this, we now require Page: 31 buyers of dual-key EC units to be multi-generational families. In addition, we have also announced a fourth measure to delay EC developer sales. For new EC land sales, developers will only be allowed to launch units for sale 15 months from the date of award of the sites, or after physical completion of foundation works, whichever is earlier.”
“Mdm Speaker, may I have your permission to take six questions – Question Nos 3 to 8 – together, please?”
“As I have said, while the basic grant, the CPF grant, has stayed put, the total grants have increased. 2.30 pm”
“I thought I replied in my last sentence. We review our policies regularly and update them as necessary. The discount formula was reviewed, but over the years, we have added new HDB housing grants such as Additional Housing Grant, Special Housing Grant which were not there before.”
“Sir, flat owners affected by the Selective En bloc Redevelopment Scheme (SERS) are given a generous package. First, they are fully compensated for their existing flats and they are paid reasonable expenses for their relocation. Second, they are given an assured allocation of new replacement flats with a new 99-year lease, and at subsidised prices. Third, flat owners who are eligible for a subsidised flat in their own right are then given a further 20% price discount off the BTO prices. This further marks down the already subsidised price of the new HDB flat. The price discount, at up to $30,000 for a family, is comparable to the CPF Housing Grant for first-timer families buying a resale flat. The discount cap ensures that the SERS flat owners enjoy consistent benefits, as those with the means to buy the bigger flat types will get the same discount as the other SERS flat owners who buy smaller flat types. In addition, the middle- or low-income first-timer families may apply for the Additional CPF Housing Grant or Special CPF Housing Grant totalling up to $60,000 to help them buy a replacement flat. HDB also provides a concessionary housing loan to eligible SERS flat owners. HDB reviews its policies regularly to ensure that its policies remain relevant and meet the needs of our residents.”
“As I said, when we price BTO flats, we take fully into account the question, "Can buyers afford it?" This is a critical factor. If we judge by the figure that I have given, that is, 23% of their monthly income, I think that is affordable for BTO. A lot of the misunderstanding out there is that they are equating BTO price with resale price. The resale price is beyond my control. That is set by buyer and seller. But for first-timers buying BTO flats, that is within my control. It is my job to ensure that it will be affordable. Please look carefully and study our BTO prices in recent months. If I may quote some figures just to illustrate the point. For non-mature estates – because that is our commitment – there will always be flats which newly-weds, first-timers can afford. Supposing they buy a 4-room flat, say, in Sengkang or Chua Chu Kang, the BTO price is $251,000. It starts from $250,000 and, at the highest floor, which is the maximum price, $310,000. That is a reasonable price. Of course, people would want it even cheaper. But looking at it from a situation that we are facing today, I find these figures very reasonable. That is for a 4-room flat. A 5-room flat starts from $320,000; maximum is $385,000. That is what we have been trying to do in the last few months, stabilising the BTO prices. Over time, I hope that the resale price will further moderate and then we can adjust our BTO prices again. But for the moment, I would regard the achievement that we have been able to bring about this cost increase of just 12% versus the 34% increase as quite an achievement. Not enough credit has been given to my Ministry. [Laughter.] Page: 1449”
“Sir, we have, since May last year, largely stabilised our BTO prices, especially for flats in the non-mature estates. That is why overall BTO prices have increased by 12% since January 2009, despite a larger 34% increase in the HDB Resale Price Index (RPI) over the same period – 12% versus 34%. We take affordability fully into account when pricing BTO flats. New flats enjoy generous discounts off the market price. On top of that, eligible first-timer households can get up to $60,000 of housing grants. HDB also offers housing loans at concessionary interest rates to help eligible households finance their flat purchase. Currently, first-timers buying new flats in non-mature estates use, on average, 23% of their monthly income to pay for their housing loans. They are able to pay for their monthly instalments fully in CPF, with minimal or no cash outlay. Er Dr Lee Bee Wah (Nee Soon): Mr Speaker, Sir, I took note that in the Minister's reply that the increase was only 12%. But to a lot of residents, their salaries did not increase 12% over this period. Would MND consider making new BTO flat prices stable? Page: 1449”
“The mean sea level off Singapore has increased by 45 millimetres over the past 15 years. The Government’s Climate Change Study’s estimate is that it might increase by up to 650 millimetres by the year 2100. Since 1991, all new reclamation projects have been built to at least 1.25 metres above the highest recorded tide level. Last year, we raised this buffer requirement by another 1 metre, to 2.25 metres, to provide additional safeguard. Page: 1431 In addition, we will reinforce existing hard walls and stone embankments to protect our coast from coastal erosion. Page: 1431”
“HDB helps shop owners revitalise their shops and improve their business by co-funding the upgrading of common areas under the Revitalisation of Shops Scheme (ROS). As these upgrading works benefit all shop owners, it is reasonable to expect each of them to co-pay their share of the upgrading costs, and not allow a few non-contributing shop owners to free-ride on the contributions of others. It is, therefore, important that the local Merchant Associations (MAs) lead this collective effort and obtain the support of all the shop owners. Page: 1309”
“Private sector building owners can tap on BCA's $40 million Accessibility Fund to upgrade their buildings with accessibility features. A total of 110 building projects have successfully applied for this fund. This has led to key areas in Singapore, such as Orchard Road, achieving barrier-free accessibility. BCA will continue to work with building owners and other Government agencies to improve the accessibility of our built environment. Page: 1308”
“We have made good progress in making Singapore barrier-free. Within HDB estates, basic barrier-free accessibility is now available in all HDB estates. The outdoor upgrading works included retrofitting existing estates with barrier-free features, such as ramps, railings and levelling of steps, for enhanced accessibility. A total of 7,791 HDB blocks benefited from our Barrier-Free Accessibility (BFA) programme which was finally completed this year. Going forward, the Town Councils may continue to incorporate more BFA features if they wish to do so. For example, through the on-going Neighbourhood Renewal Programme (NRP) and improvement works by the Town Councils, more ramps can be provided, in tandem with new amenities and facilities. Page: 1308 As for new HDB estates, they will all be built with BFA features. They form part of the Universal Design which BCA mandates for all new buildings, both in the public and the private sectors. Universal Design will help make Singapore liveable for all ages, including those with physical disabilities. The BCA Code on Accessibility specifies the minimum standards for barrier-free provision in buildings, as well as outside buildings. This includes public walkways and parks, and ensures better interconnectivity between buildings and amenities, such as MRT stations, bus-stops and taxi-stands. To date, close to 100% of public sector infrastructure which are highly frequented by the general public, such as hospitals, polyclinics, markets and hawker centres, have achieved at least the basic level of barrier-free accessibility. These include ramps to the entrance of the facility, wheelchair accessible lifts and toilets at the ground level.”
“The Bukit Timah Nature Reserve is a gazetted nature reserve. Mountain biking is only allowed at one designated trail which hugs the perimeter of the nature reserve. This trail does not run through the core conservation areas where the richest biodiversity resides. Other trails within the nature reserve are meant for walking, hiking and jogging, but not cycling. The National Parks Board (NParks) has put up "No Cycling" signs at various parts of the Bukit Timah Nature Reserve to inform the public on trails where cycling is prohibited. Enforcement action in the form of summons is taken against those who do so. To encourage responsible cycling behaviour along the designated trail, NParks works closely with the mountain biking community to educate cyclists on proper etiquette when cycling on the designated trail. This includes the proper use of lights and headlamps at night for safety reasons, and taking care not to shine in the direction of the neighbouring residences and the core of the nature reserve. NParks is monitoring the night cycling activity at the designated trail, but see no need to impose stricter measures for night cycling at this juncture. Page: 1307”
“In 2010 and 2011, there were 43,000 bookings for new HDB flats. To date, about 3,000 applicants, or 7%, failed to complete the purchase after they had successfully selected their flats. The three main reasons were (a) financial difficulties following a job loss; (b) break-up in family relationship; and (c) a change in preference for the location. Currently, we require all flat buyers to pay a non-refundable booking fee when selecting a unit. For those who fail to complete the purchase after signing the lease agreement, 5% of the purchase price of the flat will also be forfeited. In addition, flat buyers who fail to complete the purchase after selecting a flat will be debarred for one year from participating in HDB sales exercises, or receiving housing grants for purchase of a resale flat. Page: 1306”
“From 2009 to 2011, HDB received 57 cases of feedback on hoarding in the flats. Upon receiving feedback, HDB will carry out site inspections. Where there has been excessive hoarding, HDB will advise the residents to remove the items that are fire hazards, and to keep their flats tidy. Generally, the residents have been cooperative. For some residents, compulsive hoarding is a behavioural problem. They may require professional help. In such cases, HDB will bring in the local social workers, grassroots leaders and even the Singapore Civil Defence Force to render appropriate counselling. Page: 1306”
“We do not have the equivalent of the Ethnic Integration Policy in the management of the number of foreign workers renting HDB flats or rooms. This is because the renting of a flat or a room is a temporary housing arrangement. However, I am sympathetic to the concerns of an over-concentration of foreign workers in some HDB estates. We are mulling over how best to address such concerns. Page: 1299”
“Nevertheless, we will continue to work closely with owners and developers to enhance the underground pedestrian networks, as we strive to make Singapore pedestrian-friendly. Such underground links can potentially ease the flow of vehicular traffic as more people may choose to take the MRT instead of driving to their destinations along Orchard Road. In addition, there may be less pedestrian crossings and pedestrian-related traffic incidences at Orchard Road. Page: 1296”
“The URA has planned a comprehensive network of underground pedestrian links for the Marina Bay, the Central Business District and the Orchard Road areas. This is for the convenience of pedestrians as such links provide all-weather connectivity. For the Marina Bay and the CBD areas, we have been able to require the developers to implement underground links through land sale conditions imposed on the Government Land Sale sites. For example, developments, such as One Raffles Quay, The Sail and Marina Bay Financial Centre, are all connected to one another as well as to the Raffles Place MRT Station and to the upcoming Downtown MRT Station via underground pedestrian links. Marina Bay Sands Integrated Resort, which is directly connected to the Bayfront MRT Station, is also connected by an underground link to Gardens by the Bay. For the Orchard Road area, progress has been slower because there are existing developments. We were able to realise some critical links to surrounding developments from the Orchard and Somerset MRT stations for ION Orchard and 313 Somerset, as they were former GLS sites. However, it has been more challenging to extend the network to older developments. Understandably, building owners prefer to carry out such works only when they intend to either undertake major works or redevelop their buildings. To encourage such development, URA has introduced a Cash Grant Incentive Scheme. The URA grant is intended to cover a large proportion of the construction costs for the underground links. However, building owners may still have other concerns, for example, the loss of business during the construction period and the loss of lettable space due to space needed for the links. The take-up rate has thus far been low.”
“Sir, the Ethnic Integration Policy (EIP) limits are reviewed from time to time to reflect Singapore's demographic changes. Currently, about 60% of HDB's public rental blocks have reached the EIP block limit of 25% for Malay households. We are in the midst of reviewing the EIP limits for rental flats, to take into account the demand from the various ethnic groups. Applications for a rental flat are assessed and approved on a strict needs basis. As for allocation, rental applicants may prefer certain locations, which are nearer their workplace or their children's school. We allow them the flexibility to choose the location zone, so that we are better able to meet their needs. HDB will advise them on the estimated waiting time for their preferred zone as well as the zone with the shortest waiting time, so that they can make an informed decision. Page: 1194”
“Sir, the HDB resale market has shown signs of stabilising. Yearly Resale Price Index (RPI) growth has come down from 14.1% in 2010 to 10.7% last year and to 3.9% in the first nine months of this year. Nonetheless, the uptick in quarterly RPI growth to 2.0% in the third quarter shows that while things are improving, we still have some way to go. Page: 1194 We have implemented a number of measures but they will take some time to work their way through the market. For example, the global low interest rate environment will take some time before it returns to its normal level, and the huge local supply of new housing units will only be available over the next two, three years. Page: 1194”
“Sir, home ownership as a social objective is something highly desirable, and which we strive to achieve. At the same time, it must be underpinned by prudence. Let us not forget the huge problem created in the US by the sub-prime loan crisis. While we will try to make sure that everyone who can afford it can own a home, the outcome that some Members are hoping for – 100% for everyone who puts up his hand will get a loan – is a little unrealistic because if we push beyond prudence, potentially, we can have a sub-prime crisis, as did the US. Page: 1193”
“Sir, as I said, the rejection rate is rather low – 2%. In any case, we do exercise discretion and respond with sympathy where we can. I have been watching the success rates of appeals. The last I saw, for appeals to HDB for house mortgage matters, the success rate is pretty high – 36%. I think this is quite good.”
“Sir, from January 2010 to September 2012, there were nearly 178,000 applications for HDB loans. Among these, 3,500 applications, or 2%, were rejected because the applicants had previously taken two or more HDB loans. Two HDB loans are generally sufficient to meet the life-cycle needs of each flat buyer. The first loan helps buyers purchase their first home, while the second loan helps them right-size as their needs change. Flat buyers also have the option of taking a bank loan. Nonetheless, for buyers in exceptional circumstances, HDB may assist them by providing them with another HDB loan on a case-by-case basis. Over the past 20 years, HDB's interest rate has been, on average, 1.5%-points lower than the market rates. That is why we need to restrict the number of HDB loans, in order to manage our limited loan subsidies.”
“About 5,000 Permanent Residents and 2,000 foreigners own more than one private residential property in Singapore. Together, they own about 6% of the private housing stock. Page: 1156”
“The numbers (and proportions) of HDB/EC owners who own private residential, commercial and industrial properties in Singapore are 47,118 (3.1%), 13,171 (0.9%) and 4,002 (0.3%) respectively. For HDB/EC authorised occupiers, the corresponding numbers are 15,077 (1.5%), 1,270 (0.1%) and 292 (0.03%). The EC figures given are only for La Casa EC, which is the only EC that is still within the 5-year Minimum Occupation Period (MOP). During the MOP, EC owners and authorised occupiers are not allowed to own private residential properties, but may own commercial and industrial properties. After the MOP, MND does not track the number of EC owners and authorised occupiers who own other types of properties. Page: 1156”
“We have gazetted five Heritage Roads under the Parks and Trees Act. These are Arcadia Road, Lim Chu Kang Road, Mandai Road, Mount Pleasant Road and South Buona Vista Road. They were selected for their lush and mature roadside trees and vegetation. These roads are characterised by mature walls of natural vegetation and/or dominating and mature tree-scape. The gazette protects the green buffer of up to 10 metres on both sides of the Heritage Road. The trees within the gazetted Heritage Road green buffer undergo a rigorous maintenance programme. The trees are pruned regularly to ensure their long-term sustainability. They are inspected at least once a year. Ad-hoc visual inspections after storm events are also carried out to ensure that the trees do not pose a public safety risk. Page: 1155”
“When new lifts are added under the Lift Upgrading Programme (LUP), an existing lift may be upgraded or shut down, taking into account the total number of new lifts added, safety requirements, service levels, and the design of the block. In general, the total number of lifts after LUP will not be less than the number of lifts before LUP. Page: 1151 It is desirable to optimise the number of lifts as it allows the Town Councils to spend less on maintaining and replacing the lifts at the end of their lifespan. This translates into lower service and conservancy charges for the residents. Page: 1152”
“We now have 49,300 units of 1- and 2-room public rental flats. It was 45,500 two years ago. The current waiting time for a public rental flat averages about six months. At the individual level, the waiting time would vary. For some individuals, their waiting time can be long because of their insistence on a particular locality or even a specific block. We are building new rental flats. This will increase the supply eventually to 57,000 by 2015. As we build more rental flats, we must also ensure that they are safeguarded for the poor and needy. These are the vulnerable citizens with no family support or other housing options. That is why we assess each applicant strictly. As a society, we must also address upstream causes as simply expanding rental flat supply cannot be the solution. In particular, we must advise Singaporeans against selling off their HDB flats, with a view to spending the cash proceeds, and an expectation that HDB will provide them with a heavily subsidised rental flat. We must strongly discourage such behaviour. Page: 1150”
“The median price of new private housing in the Central Region is 44% higher than that outside the Central Region. This is based on a per square foot basis. For public housing, the prices of 3-room flats in the Central Region average 40% more than similar flats outside the Central Region. New housing projects, whether public or private, do command a premium if they are in the proximity of MRT stations. The price premium differs from project to project, depending on many factors, such as the precise location and the presence of other amenities, such as schools and shopping centres. Page: 1148”
“I assume the Member is asking about the private housing market, since foreigners are not allowed to buy HDB flats and public housing is largely for owner-occupation. The total number of private residential properties bought was about 19,000 in 1H2011, 17,000 in 2H2011 and 22,000 in 1H2012. Our cooling measures aim to eliminate speculative demand, encourage financial prudence and moderate investment in our housing market. They are complemented with an aggressive supply ramp-up. Over the next five years, about 94,000 housing units will be completed. This is about one-third of the current stock of private housing. The measures have produced results: (1) The increase in the Property Price Index has come down from 18% in 2010, to 6% last year, to just 1% in the first three quarters of this year. (2) The proportion of properties bought by foreigners has fallen from 18% last year to 6% in the first three quarters of this year. Page: 1146 (3) The proportion of sub-sales, which is a proxy of the level of speculation in the housing market, has remained low, at about 6% in the first three quarters of 2012. It was 8% last year. Nonetheless, prices remain firm. So, whilst things are improving, we have not yet restored the equilibrium in the housing market. Ample global liquidity and the current low interest rate environment, which are contributory factors, are likely to persist for a while. As this is a dynamic situation, we remain vigilant, ready to act, if and when necessary. Page: 1146”