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Finding HDB news before purchasing is very useful. Some of the news about Singapore property sale are dented sentiment makes developers to delay the launches. The developers resigned to dented market sentiments due to the stock market correction in January 2008. The Marina Bay suites shelved the pre Chinese New Year launch in Marina Bay area. City developments said that it will consider short term leases for the Lucky tower through the collective sale in May 2006. Other developers said that they will monitor the global markets to check how things will develop before launching any project. One of the units was sold at a price of $874 psf.
About 14,826 new houses were sold in last year. 3,679 homes when compared to previous year. In 2006 the sale was 11,147. 90% of new home deals were done in first three quarters of 2007. Sales were reduced in last quarter of 2007 after US sub-prime mortgage crises. In Ist quarter the sale volume was 4,783, in 2nd quarter the sale volume was 5,129, in 3rd quarter the sale volume was 3,450 and in 4th quarter the sale volume reduced to 1,464. Prices of new houses fell and price gaps for each category of new houses narrowed. About 200 new houses were sold more than the rate of $4,000 per sq ft. This price level was never reached in previous year. A tug-of-war began for several home projects where price gap between what the buyers willing to pay and what developers are asking became unmatchable.
Another 2,700 first timers will be qualified for additional CPF house grant every year the changes was announced by Finance minister Tharman Shanmugaratnam. The government lifted for first time house buyers the income ceiling from $4,000 per month before to $5,000 now. Additionally, the grant’s maximum amount was increased from $30,000 - $40,000. In August 2007 the additional housing grant was raised from $20,000 - $30,000. The eligibility criterion also raised from $3,000 to $4,000. Mr. Tharman said that the number of housing benefits from additional housing grant scheme of HDB will be raised to 8,000 annually. The enhanced scheme aims that public housing is affordable to first time house buyers will be double the estimated cost to about $150 million a year he said.
The market watchers understood that the additional housing grant which aimed at low income group now extended to lower middle income group. Mohamed Ismail the Propnex chief said that this was a positive move because HDB prices have raised about 30% in last two years. ‘With prices increasing the monthly mortgages are also increasing. In this time the grants will definitely help first timers who want a house and start their family’ he said. The head of Marine Parade family centre Mr. Samuel said that the latest HDB initiative will be addressing some newlywed’s centers in this crisis. Mr. Tharman said that the government will spend $1.6 billion to support marriage and parenthood this year and also in next three years.
Buy Sell Rent Invest Singapore Property
Billy Chen 曾庆义
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com ( email me )
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