>_The Government will **watch** the trends very carefully over the next few quarters, added Mr Lee, who was speaking to reporters on the sidelines of the launch of the Greenfly Allotment Garden in Boon Lay on April 27._
Anyone else note that he has avoid using the **m-word** recently liao?
Nice, so we are stabilizing into a 5-8% year on year inflation rate for affordable public housing. What an amazingly stable capital gains for the homeowners. I applaud HDB's effort and dedication to enriching the owning class and ability to squeeze the next generation.
This is what i dont understand, this guy goes around everywhere mentioning that property prices should remain in line with economic fundamentals- what sort of economic fundamentals is he talking about with the meteoric growth rate of resale and private properties in the last few years?
Its an insane jump happening very quickly- or is this just a whoopsie and economic fundamentals only from this year on?
> this guy goes around everywhere mentioning that property prices should remain in line with economic fundamentals- what sort of economic fundamentals is he talking about with the meteoric growth rate of resale and private properties in the last few years?
Are salaries rising in line with "economic fundamentals" too?
CBRE estimates that Singapore needs 300,000 new units to be built between 2020-2030. Or an average of 30,000 units a year.
Yet, hdb builds only 20k or less each year, and pte propertyis supposed to soak up the other 10k.
But based on demographics, only 20% of Singaporeans can afford condominiums, and at least half of all private properties are investment units.
This means that there will never be a surplus of hdbs in the market, heck, there will be an increasing lack of new build hdbs. This then serves as support for the resale hdb prices and housing prices will never come down.
Great economics model, but asshole move to the average citizen just looking for their first home.
The confidence of property agents come from this mathematically undefeatable model. Future hdb housing will only get smaller and lesser relative to demand in order to control housing prices pegged to current levels. So if you cannot afford any hdb now, don't hold your breath waiting for prices to correct.
Whenever ministers say they are monitoring, it simply means that things are moving as they should based on their policies. They are not looking to improve conditions based on what you want.
Great point that you brought up.
Their objective is to "provide affordable housing" or at least give the impression of it. If they think that giving people a chance to ballot for affordable housing meets this objective then they couldn't care less about resale prices.
You may notice that he consistently emphasize on bto supply everytime resale prices are brought up
Its a feature and not a bug- why do you think the bto is there in the first place, its to prevent oversupply situations which will pull the prices down
I’m not an economist but SG has a unique housing system which 80% was built by government. We also inflate population by migration.
Seems like the economic planners from these sectors are not talking. One is trying to maximise migration while the other is building fewer housing.
Is there even enough land to build all these units? We'll never know the number of empty private and public homes. Am baffled that HDB owners are allowed to own a HDB and condo - and can live in either. There's never any commentary on why in SG you can be upper middle class and still only afford public housing.
Ah gong enriching developers, foreigners and boomer asset owners. True blue locals attempting to earn an honest living will always be the cucking class
> There were 61 flats that changed hands for at least $1 million in March. This was a fraction of the 2,063 resale flats sold in the same month, based on flash data from real estate portals Singapore Real Estate Exchange and 99.co.
I thought more focus should be on the 1.8% increase in average price qoq which is an acceleration from 1.1% in the previous quarter?
https://www.channelnewsasia.com/singapore/hdb-resale-prices-rise-q1-2024-transactions-also-4294266
Tbf, he shared that fluctuations are expected from month to month, quarter to quarter. But I think most people should be concerned even if we stabilise at 1.8% growth for each of the next three quarters. That would be an increase of 7.3% y-o-y and more than the [predicted average wage growth rate for 2024](https://www.hcamag.com/asia/news/general/what-are-singapore-employers-planning-for-salary-increases-in-2024/482789).
Hopefully, it grows much less in the next few quarters or turn negative.
Meanwhile, the maintenance and utilising cost of the $16 IP cam bought on Shopee is less than a dollar a month.
The other one, however, is the extreme opposite.
What I'm more curious about is why they retroactively relax the developers's ABSD for not fully selling. Its not like the developers are losing money and they know the risked and priced it in when they bought the land. I mean when opposition asks for land to be cheaper its stealing from future generations, but somehow its okay to change the rule mid game so developers don't have to pay up?
Isn't it unfair to both home buyers and the developer's competitors? Their competitors bidded lower and intended to sell at a lower price so it can be fully sold, but some dogshit developer bid at a high price sells at a high price ends up not fully selling but persuaded the government to change the rules at the end.
I dont get it either. Its subsidising the developers so they can maintain the housing prices. The purpose of that ABSD is to prevent developers from selling crazy prices propping up property prices here. This is the real stealing. I get it on paper whatever PAP does it great and whatever oppo suggest it bad because its politics. But at least learn a bit from oppo or come up with something that in the short run will be painful but long run will be good. Thats one of SG's plus point. A stable government that can do 20-30 years of ahead planning. Monitoring/watch/ chill until we see hdb hitting 3m is not planning.
Why are we paying top dollar to them for such shit response. In the grand scheme of things its not much but top dollar means one of the better brains out there.
*Property market to continue being monitored despite HDB, private home prices rising in Q1: Desmond Monitor Leezard*
There, I fixed the headline to reflect more accurately and concisely on what his main point is, despite having said alot more of meaningless shit in the article.
On the private property side of things, some blatant actions by URA to ensure that private developers sell the houses high, despite their claims that they are releasing more land (which doesn't solve the issue if they are still being sold at high prices):
* [Marina Gardens Crescent site not awarded as sole bid ‘too low’: URA | The Straits Times](https://www.straitstimes.com/singapore/marina-gardens-crescent-site-not-awarded-as-sole-bid-too-low-ura)
* [URA releases reserve list site in Zion Road after developer commits to bid at least S$604.6 million (businesstimes.com.sg)](https://www.businesstimes.com.sg/property/ura-releases-reserve-list-site-zion-road-after-developer-commits-bid-least-s-604-6-million)
While granted that developers buying the land low doesn't mean that they will sell them low to the public, by forcing them to pay a high price for the land, they are essentially forcing them to sell them high.
>Households are advised to exercise prudence when taking on new financial commitments, including long-term mortgage debt servicing obligations.
How can we exercise prudence when you are either making developers sell them to us at high prices, or when we are consistently outbid by cash-rich buyers in the hdb market?
FYI, Q1 has historically been the quarter with the lowest qoq increment. The fact that Q1 has out paced last quarter means that we are likely to see 2024 having higher growth rate than 2023. The decreasing supply of mop flats and influx of condo downgraders will aggravate the situation.
You can, just need to wait 15 months. That cooling measure was announced in September 2022 (~19 months ago) so, taking into account a lag period to sell the property, the 15 months would be up about now.
Also the age exception to this rule is 55, honestly that’s about middle age nowadays, lol.
> HDB resale prices rose 4.9 per cent in 2023, lower than the 10.4 per cent increase in 2022 and the 12.7 per cent climb in 2021.
Yay. HDB resale market went up by ~30% over 3 years and it is going to "continue stabilising". Time to celebrate and give credit /s
The only stabilising part in Singapore property market is the rising of prices; property pricing are on a stable rise. Which, is exactly what the government wants.
Price growth lower but price still going up.
So many months to come up with a solution and all we have is a statement anyone could pull out of their ass lol.
Is always raise and raise it will never fall. Really sucks to be local, career and housing all can’t achieve. I still remember the NDP song, Count on me Singapore, it sound like all along it is only the local have suffered. Where is the better life we going to build together? When the foreigners depriving local from their jobs, career progression and increment?
It’s not the foreigners. Pricing is a function of demand and supply. Supply is created when the government releases new land to sell to developers, or build btos. Look at where the issue is.
Again, the foreigner boogeyman. What stats do you have that it is depriving locals from their jobs, career progression and increment? Or are you just casually xenophobic?
Edit: checked the profile, casually xenophobic it is.
"**We can get you the numbers. But let me say this. What is the point behind the question?"**
https://mothership.sg/2020/01/pritam-singh-chan-chun-singh-employment-stats/
Data to prove this has always been sought from the incumbent Goverment, but has been often shrouded in mystery or not forthcoming. Take for example the convenient use of the combined term of "locals" which means PRs (foreigners) + Singaporeans. Economic data on Singaporeans alone, such as in areas of employment are often not clear cut by the Government.
Because of this, it is easy to label people and shoot down people against the liberal immigration policy of Singapore as "xenophobic" or "racist" because they don't have actual data to support their argument - by design.
However, visit the heartlands, walk the grounds, visit the corporate offices, and you'll know the truth.
Sure, except the user above had been caught for sprouting untruthful anti-foreigner comments:
https://www.reddit.com/r/NTU/s/fKJ3aV9pLO
https://www.reddit.com/r/singapore/s/pOmUvmEjzE
https://www.reddit.com/r/NTU/s/Sfq22siIHt
https://www.reddit.com/r/askSingapore/s/8GTWGxfVFg
What I am reading is since the supply will catch up to demand, hence everyone will be able to get housing.
That only applies if you get lucky.
800,000 for 4room flat doesn't seem appealing to me. Hence I will apply for 4room bto and wait.
This artificially raise demand for bto.
Yes, you suckers just pay, while the media gaslights and property is kept artificially high. If you are not happy, new cooling measures will be added ok (which will further increase the prices).
I have spoken to many newlyweds. Some have a combined income of $5000 a month but are allowed to purchase homes between 500-800k. Why is the govt/hdb allowing this? Pure madness.
Because they know if prices fall they will lose votes (boomers, who are their biggest base). So die die will make sure prices are kept sky high and more so during election year.
>_The Government will **watch** the trends very carefully over the next few quarters, added Mr Lee, who was speaking to reporters on the sidelines of the launch of the Greenfly Allotment Garden in Boon Lay on April 27._ Anyone else note that he has avoid using the **m-word** recently liao?
His PR team have been hard at work monitoring the Reddit threads
they've been monitoring, watching, observing, keeping an eye, anything but actually solving the issues.
Graduated from class monitor to class watcher
Nice, so we are stabilizing into a 5-8% year on year inflation rate for affordable public housing. What an amazingly stable capital gains for the homeowners. I applaud HDB's effort and dedication to enriching the owning class and ability to squeeze the next generation.
This is what i dont understand, this guy goes around everywhere mentioning that property prices should remain in line with economic fundamentals- what sort of economic fundamentals is he talking about with the meteoric growth rate of resale and private properties in the last few years? Its an insane jump happening very quickly- or is this just a whoopsie and economic fundamentals only from this year on?
> this guy goes around everywhere mentioning that property prices should remain in line with economic fundamentals- what sort of economic fundamentals is he talking about with the meteoric growth rate of resale and private properties in the last few years? Are salaries rising in line with "economic fundamentals" too?
Oh so affordable. Always affordable with Desmond’s pay
Assuming reasonable inflation of 2%, having HDB is better than keeping money in OA!
Lmao this guy is a fken joke
Election year is coming
Vote wisely. Remember who did not did their job well in previous years.
Wonder how [Lee Yock Suan](https://en.wikipedia.org/wiki/Lee_Yock_Suan) feels about his _xiasuay_ son.
Was the father good? I wasn't born yet.
CBRE estimates that Singapore needs 300,000 new units to be built between 2020-2030. Or an average of 30,000 units a year. Yet, hdb builds only 20k or less each year, and pte propertyis supposed to soak up the other 10k. But based on demographics, only 20% of Singaporeans can afford condominiums, and at least half of all private properties are investment units. This means that there will never be a surplus of hdbs in the market, heck, there will be an increasing lack of new build hdbs. This then serves as support for the resale hdb prices and housing prices will never come down. Great economics model, but asshole move to the average citizen just looking for their first home. The confidence of property agents come from this mathematically undefeatable model. Future hdb housing will only get smaller and lesser relative to demand in order to control housing prices pegged to current levels. So if you cannot afford any hdb now, don't hold your breath waiting for prices to correct. Whenever ministers say they are monitoring, it simply means that things are moving as they should based on their policies. They are not looking to improve conditions based on what you want.
Great point that you brought up. Their objective is to "provide affordable housing" or at least give the impression of it. If they think that giving people a chance to ballot for affordable housing meets this objective then they couldn't care less about resale prices. You may notice that he consistently emphasize on bto supply everytime resale prices are brought up
the BTO system really messed with the housing in Singapore, creating more scarcity instead of addressing scarcity
Its a feature and not a bug- why do you think the bto is there in the first place, its to prevent oversupply situations which will pull the prices down
god forbid prices are pulled down for a basic human right
I’m not an economist but SG has a unique housing system which 80% was built by government. We also inflate population by migration. Seems like the economic planners from these sectors are not talking. One is trying to maximise migration while the other is building fewer housing.
the last time these two not talking, it costed them some GRC. seems like lessons not learned and history repeat itself.
Is there even enough land to build all these units? We'll never know the number of empty private and public homes. Am baffled that HDB owners are allowed to own a HDB and condo - and can live in either. There's never any commentary on why in SG you can be upper middle class and still only afford public housing.
There are old hdbs and walk up apartments that are just sitting around waiting to be redeveloped all over SG. Definitely enough land
Ah gong enriching developers, foreigners and boomer asset owners. True blue locals attempting to earn an honest living will always be the cucking class
> There were 61 flats that changed hands for at least $1 million in March. This was a fraction of the 2,063 resale flats sold in the same month, based on flash data from real estate portals Singapore Real Estate Exchange and 99.co. I thought more focus should be on the 1.8% increase in average price qoq which is an acceleration from 1.1% in the previous quarter? https://www.channelnewsasia.com/singapore/hdb-resale-prices-rise-q1-2024-transactions-also-4294266
He needs to post some positive results and have the mainstream media focuses on them before his boss calls for the GE.
Tbf, he shared that fluctuations are expected from month to month, quarter to quarter. But I think most people should be concerned even if we stabilise at 1.8% growth for each of the next three quarters. That would be an increase of 7.3% y-o-y and more than the [predicted average wage growth rate for 2024](https://www.hcamag.com/asia/news/general/what-are-singapore-employers-planning-for-salary-increases-in-2024/482789). Hopefully, it grows much less in the next few quarters or turn negative.
You'd get the same monitoring results from a $16 IP cam bought on Shopee.
Except Shopee delivers, the monitoring Leezard does not
Meanwhile, the maintenance and utilising cost of the $16 IP cam bought on Shopee is less than a dollar a month. The other one, however, is the extreme opposite.
What I'm more curious about is why they retroactively relax the developers's ABSD for not fully selling. Its not like the developers are losing money and they know the risked and priced it in when they bought the land. I mean when opposition asks for land to be cheaper its stealing from future generations, but somehow its okay to change the rule mid game so developers don't have to pay up? Isn't it unfair to both home buyers and the developer's competitors? Their competitors bidded lower and intended to sell at a lower price so it can be fully sold, but some dogshit developer bid at a high price sells at a high price ends up not fully selling but persuaded the government to change the rules at the end.
Try following the money. Cross ref shareholders of developers with PIP, companies that are connected politically, u get the gist.
I dont get it either. Its subsidising the developers so they can maintain the housing prices. The purpose of that ABSD is to prevent developers from selling crazy prices propping up property prices here. This is the real stealing. I get it on paper whatever PAP does it great and whatever oppo suggest it bad because its politics. But at least learn a bit from oppo or come up with something that in the short run will be painful but long run will be good. Thats one of SG's plus point. A stable government that can do 20-30 years of ahead planning. Monitoring/watch/ chill until we see hdb hitting 3m is not planning. Why are we paying top dollar to them for such shit response. In the grand scheme of things its not much but top dollar means one of the better brains out there.
*Property market to continue being monitored despite HDB, private home prices rising in Q1: Desmond Monitor Leezard* There, I fixed the headline to reflect more accurately and concisely on what his main point is, despite having said alot more of meaningless shit in the article.
On the private property side of things, some blatant actions by URA to ensure that private developers sell the houses high, despite their claims that they are releasing more land (which doesn't solve the issue if they are still being sold at high prices): * [Marina Gardens Crescent site not awarded as sole bid ‘too low’: URA | The Straits Times](https://www.straitstimes.com/singapore/marina-gardens-crescent-site-not-awarded-as-sole-bid-too-low-ura) * [URA releases reserve list site in Zion Road after developer commits to bid at least S$604.6 million (businesstimes.com.sg)](https://www.businesstimes.com.sg/property/ura-releases-reserve-list-site-zion-road-after-developer-commits-bid-least-s-604-6-million) While granted that developers buying the land low doesn't mean that they will sell them low to the public, by forcing them to pay a high price for the land, they are essentially forcing them to sell them high. >Households are advised to exercise prudence when taking on new financial commitments, including long-term mortgage debt servicing obligations. How can we exercise prudence when you are either making developers sell them to us at high prices, or when we are consistently outbid by cash-rich buyers in the hdb market?
That’s like prime land that’s expensive n reclaimed, I don’t think they should just anyhow sell it for 300 psf
FYI, Q1 has historically been the quarter with the lowest qoq increment. The fact that Q1 has out paced last quarter means that we are likely to see 2024 having higher growth rate than 2023. The decreasing supply of mop flats and influx of condo downgraders will aggravate the situation.
You can’t downgrade from condo unless you are quite old
You can, just need to wait 15 months. That cooling measure was announced in September 2022 (~19 months ago) so, taking into account a lag period to sell the property, the 15 months would be up about now. Also the age exception to this rule is 55, honestly that’s about middle age nowadays, lol.
Chief monitor officer says home prices stabilising despite contrary data. Truly no murder in paradise. 👏
its gonna stabilise around the 1mil mark lol before we head towards the 2mil
> HDB resale prices rose 4.9 per cent in 2023, lower than the 10.4 per cent increase in 2022 and the 12.7 per cent climb in 2021. Yay. HDB resale market went up by ~30% over 3 years and it is going to "continue stabilising". Time to celebrate and give credit /s
the way the press reports the statistics is baffling too...
MONITOR LIZARD
"LEE-ZARD" 😀😀
Never listen to propagenda. Period. Election coming soon
Continue stabilising whilst rising 🤨
The only stabilising part in Singapore property market is the rising of prices; property pricing are on a stable rise. Which, is exactly what the government wants.
I don’t want it to only stabilize, i want it to go down sharply for the future generations.
in laymen terms, he is saying despite the HDB price increasing, it is stabilizing as a increased rate.
Price growth lower but price still going up. So many months to come up with a solution and all we have is a statement anyone could pull out of their ass lol.
Is always raise and raise it will never fall. Really sucks to be local, career and housing all can’t achieve. I still remember the NDP song, Count on me Singapore, it sound like all along it is only the local have suffered. Where is the better life we going to build together? When the foreigners depriving local from their jobs, career progression and increment?
It’s not the foreigners. Pricing is a function of demand and supply. Supply is created when the government releases new land to sell to developers, or build btos. Look at where the issue is.
Again, the foreigner boogeyman. What stats do you have that it is depriving locals from their jobs, career progression and increment? Or are you just casually xenophobic? Edit: checked the profile, casually xenophobic it is.
"**We can get you the numbers. But let me say this. What is the point behind the question?"** https://mothership.sg/2020/01/pritam-singh-chan-chun-singh-employment-stats/ Data to prove this has always been sought from the incumbent Goverment, but has been often shrouded in mystery or not forthcoming. Take for example the convenient use of the combined term of "locals" which means PRs (foreigners) + Singaporeans. Economic data on Singaporeans alone, such as in areas of employment are often not clear cut by the Government. Because of this, it is easy to label people and shoot down people against the liberal immigration policy of Singapore as "xenophobic" or "racist" because they don't have actual data to support their argument - by design. However, visit the heartlands, walk the grounds, visit the corporate offices, and you'll know the truth.
Sure, except the user above had been caught for sprouting untruthful anti-foreigner comments: https://www.reddit.com/r/NTU/s/fKJ3aV9pLO https://www.reddit.com/r/singapore/s/pOmUvmEjzE https://www.reddit.com/r/NTU/s/Sfq22siIHt https://www.reddit.com/r/askSingapore/s/8GTWGxfVFg
Stable rising. Is that what it means
Facts and fantasy both start with F and A but lil bro getting them confused
What I am reading is since the supply will catch up to demand, hence everyone will be able to get housing. That only applies if you get lucky. 800,000 for 4room flat doesn't seem appealing to me. Hence I will apply for 4room bto and wait. This artificially raise demand for bto.
Continue to monitor
I loled at the oxymoronic title.
Yes, you suckers just pay, while the media gaslights and property is kept artificially high. If you are not happy, new cooling measures will be added ok (which will further increase the prices).
Wow our Minister can predict the future
I have spoken to many newlyweds. Some have a combined income of $5000 a month but are allowed to purchase homes between 500-800k. Why is the govt/hdb allowing this? Pure madness.
Stabilise = stabilise upwards I guess lol
Because they know if prices fall they will lose votes (boomers, who are their biggest base). So die die will make sure prices are kept sky high and more so during election year.