Doesn’t take a genius to predict that this record high will be broken in 3months time when the numbers for this quarter are registered at HDB. Has anyone conducted a survey to find out how many or what’s the percentage of aingaporean families that remain eligible for new flat applications, or hdb grant?

Its affordable. Raise the price some more.

what they don’t tell you is that flats transacted now are sold around 2-4 months ago. and do not reflect current market conditions.

if ST was keen to actually find out the truth about COV, they can just go thru the papers and collate data by calling property agents.

bulk of the resale units in the market now are easily asking for 20-40k COV.

Let us be fair .It is the seller’s right to ask for a price that is reasonable to him.If you are a seller are you going to sell at valuation?The so call professional valuer may not necessary give a valuation price that is reasonable to the seller.The seller may be selling his flat reluctantly to settle his debt ,child’s education ,etc.,so why are we blaming the seller for asking a price that he want.So whats wrong if he is asking for 50k cov?That is his property.Take it or leave it.

Its not about COV, hdb has pushed prices of new flats up and evaluation prices up, cut down on building new flats to squeeze the supply factor. so now everyone is asking $50k COV bare minimum.

its all manipulated by government, their agencies, banks and property developers.

people, readers, bloggers.
please dun kpkb.
In a democracy, we must respect the decisions made by the MAJORITY.

If they ACCEPT, as they have always done so, what Can you do?

Expensive, so what ?

As long as the Majority ACCEPTS for another 20 years, What can you do?

4) agongkia on October 25th, 2009 1.44 pm
Let us be fair .It is the seller’s right to ask for a price that is reasonable to him.If you are a seller are you going to sell at valuation?The so call professional valuer may not necessary give a valuation price that is reasonable to the seller.The seller may be selling his flat reluctantly to settle his debt ,child’s education ,etc.,so why are we blaming the seller for asking a price that he want.So whats wrong if he is asking for 50k cov?That is his property.Take it or leave it.

my gripe is not about COV actually. It makes sense to have COV so as to have a bidding system of sorts, for the seller to choose a buyer.

My issue is that COV is incorporated back into valuation of the flat. e.g flat is 100k. COV is 10k. The valuation of a similar flat is thus 110k. Of course, the owner of the ’similar’ flat will also want a COV of 10k regardless of the new valuation. It becomes a never ending spiral by having people simply asking for the SAME COV.

In case, pple say I never give suggestions, here is mine. Valuers should freaking do their job and value flats outside of COV. i.e taking into availability of mass transport, amenities, etc. Don’t just use a formula and insert the numbers from recent transactions. A clerk can do that, no need valuers.

Please don’t blame the seller, valuator or the buyer and even the housing agents.
Let us also not blame the HDB or MND at all. It is supply and demand and most importantly the buyer(s) is willing to pay . In the last 2/3 years many people benefitted from en bloc sales and they are now buying hdb flats to stay. Some may even buy 2 or more hdb flats (1 for themselves & 1 by the children) from the vast amount of money they made. Perhaps to demolish all the negative remarks, may HDB publicise how many PRs and how many Citizens bought HDB flats over the last 6 months, please.

That is a slap on MBT’s face – imagine HDB flats spiralling out of control, right after he implied that few transactions carrried COVs.

Just like his big “Golden Period” boss, it seems that everything PAP says has to be interpreted in an opposite way.

Pls Singaporeans, show some brains and balls for a change: V.O.T.E. against P.A.P.

Yes, i agree that the people should not complain about the Majority’s willingness to buy and willingness to accept and support the existing policies, systems and prices.

They are free to not Accept.
The fact that they Accepted makes them Responsible for their actions.

You are given the choice.
You thought about it.
You took out your wallet and you pay and pay.
You signed on the dotted line.
You ACCEPTed.
A Contract is made.
You are bound by it.
You are consciously made the decision.
There is nothing to complain.
You made it happen.
Yes, its you.

Let us see how high can the prices reach. What comes up must go down no matter how high it goes. History shows the destruction caused by greed. People just don’t learn.

there is alot i meant really A LOT of stupid over greedy kiasu singapooreans amon us,..,,. i got so many ill-advise idiots who kept naggin me to sell my handover belated mum hdb flat collect the profits and lived with my younger siblin family… i told them straight..yeah right when you finished the profits..what do you planned next? your siblin will bear with you your ^bad habits^ would your sister-in-law mind? even if after she had a shared in your profit$ dividin factors?
you sell high..when you upgrade or rebuy you pay low? nowadays i got so many ^homeless^ kakis/relatives who asked me ….
can i tongpang in you hdb castle for a ^while^?
i replied.. go to HELL……………….

There is only so much it can rise. Base on the income stats, these people who pay so much can only have a lower quality of life. it has reached the point where my younger colleagues cannot get married cause they have no money to buy a resale flat and even have to calculate the amount needed for BTO flats, like when its ready for booking, if they have enough money for the downpayment.

I’ve seen some of them scrimp and save just for that. To the extent that their other half remarked that they are unromantic, so stingy. And these are not factory workers, they are grads that have worked for slightly more than a year.

The problem is the formulae used to determine valuation of resale flats.

Valuation + COV = new valuation benchmark.

Eg : Flat in estate A is valued at $300k and seller asks for 25K COV.

If transacted, price will be $325k.

Next valuation for flat at estate A will be $325k.

Then seller will ask for $325k + 25k COV (eg)

The cycle goes on and on…..

If they carry on to use this formulae, a lot of us will never be able to afford to buy our basic roof.

14)Lynn
They dun use the formula that you thought.
A flat with a valuation of 312K was sold for 332K(cov 21K).Just months later a similar flat at the same block same floor got his valuation at 300K,when prices were going up.The difference is just a kitchen cabinet.He got a offer but chose not to sell.
So I am sure that they dun use the formula that you thought.

interesting logic by Lynn.
Thanks Lynn!

Lynn,

your suggested formula is wrong.

valuation prices are not just about transacted prices but also dependent on the number of transactions in the area.

if there are very few transactions within a certain cluster, prices will not go up even though the flat was transacted at 40k COV.

Recently valuations have start to gone down slightly. Just FYI HDB valuations are done by private valuers. However the valuation prices are sent to HDB for approval.

The hdb resale market is about willing buyers and willing sellers. That is the nature of the open market. The problem here is the long wait for BTO flats which drive people who are going to get married to join the resale market and HDB selling the flats at market price “subsidy”.

I used to look the prices of flats

Now I look at the rental prices.

What to do? if you can’t afford a pigeon hole in your own country while PRs are speculating, jacking up prices and getting filthy rich at our expense.

Excuse me if I sound bitter. Shouldn’t I be?

at this rate of the rising cost of home ownership, coupled with our Labour Chief’s “cheaper, better, faster”, so what good is GDP growth?

the rich get richer, the poor get poorer… :?

There are lotsa middle income owners who paid fully for their HDB flats and bought another private property, likely a freehold fully paid as well. Most are enjoying life in the private property and renting out the entire fully paid HDB flats for side income. This may be a reason for lack of supply of subsidised flats. My guess is there is a sizeable number of people operating this way now. Is it illegal to do this?

Many of these rich pple who own hdb and pte property and rent out hdb are prs.

My neighbour is PR couple.  Quite well to do, bought the resale HDB flat and rent it out for good rental income (near MRT).  Understand they are staying in condominium now.

Flats no enough for the sudden influx of PR & FW, only hobbit MBT cannot read the sign, and still think his BOT system is doing good job. 

Wake up, MBT! You have been drawing millions but doing a lousy a job, in fact a dis-service to young and/or lower income Singaporeans.

//lynn
Yeah, that formula is flawed.
It only serves PAP when they sell land in developed housing estate.

If we use MBT’s method to plan for our telephone networks, during new year or any festi season, you should expect moments where nobody can call any body.
He will tell you that there are trade offs between calling at 12am and 12.05 am.
He is not doing his work at all.

MBT’s will tell you oh….pai sia I  ’caught off guard’……..that’s all nothing been done…he still happily getting his million dollar salary…..ho  ho… ho