HDB considers more options to clear backlog of unsold flats
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By Wong Siew Ying, Channel NewsAsia
SINGAPORE : The Housing and Development Board is considering more options to try and clear its backlog of 9,000 unsold flats.
Most of these surplus units are in outlying areas like Jurong West, Punggol, Bukit Panjang and Seng Kang.
Some of the measures include engaging property agents to sell the units in the resale market, and improving interior fittings to make the flats more attractive.
The launch of show flats, new marketing activities and walk-in-selection exercises have helped clear about 1,000 unsold flats in the past year.
But with 9,000 flats still unsold, HDB could revisit a successful pilot project conducted in May.
Rear Admiral Lui Tuck Yew, CEO of HDB, said: "We actually put up 100 of these flats to be available for sale on the resale market, and we have had very good response rate, we have had 98 of those taken up ... putting it on the market to enlarge the pool of eligible buyers, for example the PRs and the singles."
Property agents said the strong sales could be due to the fact that these are new flats at attractive prices, and buyers could renovate them as desired.
There are also fewer restrictions on resale flats such as the five-year minimum occupation period.
Unlike in May where one agency was appointed to sell the flats, HDB says it might get more agents involved this time round.
While many welcomed the move to clear the backlog, industry players warn about possible repercussions.
Mohamed Ismail, CEO of PropNex, said: "On average there are 30,000 transactions in the resale market, per month it is about 2,500, if you talk about 250 put into the market per month, that's about 10 percent, that should be able to be absorb by the market, but the other factor is the pricing.
"If the pricing varies too far away from current resale market, then it will certainly put pressure on the resale market prices and there may be a concern for owners in that particular estate as it got to do with their asset value."
Chris Koh, Director of Dennis Wee Properties, said: "I am hoping that HDB will do this tactfully, not to do it in one big pool of flats coming into the market at one time, also not to tell the public that it's going to be done every quarter or that it will be done five to six times a year, that will definitely affect the market."
HDB is also thinking of extending an option currently available in its Build To Order scheme to unsold flats rolled out on the resale market.
This allows buyers to add optional fittings like flooring and new fixtures, at an extra cost, to make their units more attractive.
Besides monitoring the number of units and pace at which the unsold flats are offered, the HDB will also continue with its Walk-In Selection as the main avenue to get buyers for the surplus stock. - CNA/de -
lehlong lehlong!
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The stock of unsold flats could be sold to foreigners at higher price in return for citizenship.
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Aiyoo.Dont noe hor why e minster got no foresight ,should kana sack sia.Dat minstry hor productive,allocative and x ineffecient sia.Mus be he nvr learn econs ,haah dont noe abt demand and supply.I think e minster is Engineer by training so not suitable 4 dis job lah...
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2 more years to go and I can officially buy a resale flat ( or a new one? ).
And saving veli hard for the day to come man! -
9000 x $200,000 each = $1.8 billion.
If Singaporeans smart, buy only at half price. Coz in future when want to resell, sure half price!
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The article didn't mention Sembawang. Has building projects in that town ceased or were all units there successfully sold?
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ooi dun say until engineer so useless leh i engineer leh.............Originally posted by no_1_idiot:Aiyoo.Dont noe hor why e minster got no foresight ,should kana sack sia.Dat minstry hor productive,allocative and x ineffecient sia.Mus be he nvr learn econs ,haah dont noe abt demand and supply.I think e minster is Engineer by training so not suitable 4 dis job lah... -
How about letting the asset-rich poor/jobless sell their flats and
rent cheaply these unsold flats from HDB? -
No Engineering, No Econs.Originally posted by no_1_idiot:Aiyoo.Dont noe hor why e minster got no foresight ,should kana sack sia.Dat minstry hor productive,allocative and x ineffecient sia.Mus be he nvr learn econs ,haah dont noe abt demand and supply.I think e minster is Engineer by training so not suitable 4 dis job lah... 
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Dun think so...Originally posted by FireIce:lehlong lehlong!
I think they still wanna earn $$ and sell it off -
Sembawang hardly takers, because of the introduction of NEL to Sengkang and Punggol 21Originally posted by iveco:The article didn't mention Sembawang. Has building projects in that town ceased or were all units there successfully sold? -
I thot Sembawang is quite popular????Originally posted by sbst275:Sembawang hardly takers, because of the introduction of NEL to Sengkang and Punggol 21
Yishun's the best liaoz..... -
It used to beOriginally posted by dcx:I thot Sembawang is quite popular????
Yishun's the best liaoz.....
But aft NEL came, it seems no new project went through, booking never reach 70% -
Convert all those blocks into temperary hostel for foreign workers. Esp. those who work in shipping.
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hMz...what's NEL??Originally posted by sbst275:It used to be
But aft NEL came, it seems no new project went through, booking never reach 70% -
North East MRT LineOriginally posted by dcx:hMz...what's NEL?? -
Oh...okok...Originally posted by sbst275:North East MRT Line -
Just like the way HDB values shop rental revisions, they will not take into account over-supply in the neighbour due to completion of new shops nearby by fixing revised rentals to the highest of similar locality, they will never coordinate with anyone (civil service lacking coordination as mentioned by Dr. Tony Tan many times), they would go on and on and just build until the whole property market collapses.Originally posted by no_1_idiot:Aiyoo.Dont noe hor why e minster got no foresight ,should kana sack sia.Dat minstry hor productive,allocative and x ineffecient sia.Mus be he nvr learn econs ,haah dont noe abt demand and supply.I think e minster is Engineer by training so not suitable 4 dis job lah...
Now minister even says that the HDB will build more and more privately designed flats or studio apartments forgetting that the empty flats they are holding will be posing the biggest problem to return of property values.
This is the kind of ministries we are used to, essentially a problem caused by leaders are always right NKF attitude or top-down unresponsive system. -
Flats in the north are the worst! If you work in town, travelling to work is a big hassle. Drive car kena ERP, Take MRT no place to sit. Walau... Where got good?
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Who else can we blame but SMRT's Iron Lady? Anyway, I hope Sembawang Bus Interchange will start operations ASAP.Originally posted by ndsef:Flats in the north are the worst! If you work in town, travelling to work is a big hassle. Drive car kena ERP, Take MRT no place to sit. Walau... Where got good? -
I think this is sending shivers through buyers.
Thai researcher predicts tsunami hitting Singapore, Malaysia
http://www.sgforums.com/?action=thread_display&thread_id=157583
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Take MRT from Sembawang to CBD longer than from Sengkang alsoOriginally posted by ndsef:Flats in the north are the worst! If you work in town, travelling to work is a big hassle. Drive car kena ERP, Take MRT no place to sit. Walau... Where got good? -
TypicalOriginally posted by iveco:Who else can we blame but SMRT's Iron Lady? Anyway, I hope Sembawang Bus Interchange will start operations ASAP.
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throw in a free COE as part of the frills.