Connect with Us     


Connect with Us               

Developer Sales Enquiry: 9789 8770

New Property Dream News Blog

Be Updated Daily with the New Happenings in the Property Market!
"Hit" the 'Subscribe to blog' on your right for Daily Property News Updates!

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Team Blogs
    Team Blogs Find your favorite team blogs here.
  • Login
    Login Login form

Sudden change affects at least 150 property deals

Posted by on in Uncategorized
  • Font size: Larger Smaller
  • Hits: 31637
  • Subscribe to this entry
  • Print
At least 150 property deals have hit the skids due to a sudden Housing Board policy change which requires new permanent residents (PRs) to wait three years before they can buy a resale flat.

The figure is an early estimate by property agents, who say that similar cases are streaming in, with PRs having been caught out by Tuesday night's surprise announcement, which took effect immediately.

Before then, PRs could buy a resale flat as soon as their residency had been confirmed.

National Development Minister Khaw Boon Wan said the move was part of efforts to stabilise and "restore balance" in the HDB market.

But it has stranded buyers like IT customer service officer Gong Wei.

The 26-year-old Hebei resident, who received his PR status last year, had already paid the $1,000 option fee and was waiting for the bank's letter of offer to signify his finances were healthy before submitting his application.

The bank's letter arrived on his doorstep on Wednesday.

"The new rule is a decision made by the country leaders and it's a policy I can accept," he said in Mandarin.

"But I feel that a grace period for those who are already in the middle of a deal is a fair concession to make."

While it is not known how many PRs have been caught out by Tuesday's move, official figures show that Singapore granted residency to about 30,000 people a year in the last three years.

Mr Tony Du, president of the Tian Fu Club for new Chinese immigrants - mainly from Sichuan province - said new members typically buy a home within the first three years of being granted residency.

"About 90 per cent go for HDB flats because they're cheaper," he noted.

The development has already led to a drop in demand, which has trickled down to affect sellers and agents.

Some agents report that PRs are cancelling viewings altogether, choosing instead to continue their current rental arrangements or opting for comparatively smaller two-bedroom suburban condo units at the prices they would have paid for a large resale flat in a better location.

Purchasing supervisor William Sin had planned to sell his five-room Woodlands flat to Mr Gong Wei for $502,000. He will now have to look for a new buyer.

Mr Sin, 44, had put down $1,000 on a three-room flat and now risks losing both.

Even before Tuesday, he noted that genuine buyers have been few and far between.

The mortgage servicing ratio limit, capped at between 30 per cent and 35 per cent at the start of the year to cool the market, has already led to the lowest number of HDB resale transactions in the first two quarters since 1997.

"I've heeded the Government's call to reduce my debt," said Mr Sin. "But, ironically, holding on to a bigger unit now is not as good an asset as it was a couple of years back."

Bosses at several of Singapore's largest property firms, including ERA Realty, plan to appeal on behalf of buyers affected.

A spokesman for HDB told The Straits Times yesterday that it plans to review the transactions on a case-by-case basis.

Credit from The Straits Times - 30 August 2013

Rate this blog entry:


To all Real Estate Investors and Future Property Owners,

Hello there, this is Sky Chiu, your Singapore Real Estate Advisor, welcome and thank you for reading through to my News Blog! If you would like to be updated with the Property Market Insights, Do Subscribe to my Blog or via RSS on the Top Right of this page!

With 9 years of experience in real estate business, equipped with in-depth property market and new projects knowledge and insights, i committed to give all my valued clients detailed and clearer analysis before they committed to their dream home - whether you are a first time property seller, an experienced property investor, a first time property buyer or a foreigner looking to move into Singapore.

My dedicated services cover my valued clients through the whole process - selling the property at the Highest Possible Price, finding the Right property, negotiating the for the Best Price, to making an Offer and closing the Best Deal. As your Personal Real Estate Consultant, i am here to help you in everything to make the best real estate decision in your life. Your Satisfaction is My First Priority!

Phone Support



We have a group of very experienced property advisors with in-depth property market and new projects knowledge and insights to give our clients a detailed and clearer analysis before they committed to their dream home from us.

We identify our clients' needs, help them to restructure and maximise their property portfolios. We successfully advised and helped our clients on their loan restructuring and financial timeline management on their property investment.

Contact Us for An Non-Obligatory Discussion Today!



Danish candy sesame snaps sugar plum candy canes sweet donut sugar plum



Danish candy sesame snaps sugar plum candy canes sweet donut sugar plum



Danish candy sesame snaps sugar plum candy canes sweet donut sugar plum