Too early to roll back cooling measures

Cut in state land sales, Fed stance on low interest rates could mean private home prices more likely to rise

THE Ministry of National Development's decision to cut state land sales for private housing development for the first half of next year reflects official caution about an oversupply building up. Not only has MND chopped supply on both the confirmed and reserve lists but it will be pushing out mostly not-so-hot sites on the confirmed list to prevent benchmark bids from being set and hence pushing up prices of other sites.

The industry is bracing itself for record numbers of private housing completions. And with the introduction of the total debt servicing ratio (TDSR) framework in late June, developers' private housing sales have, on the whole, slowed. CBRE estimates that 2013 will end with around 15,000 units (excluding executive condominiums) sold - down from last year's record of 22,197. Next year, the figure is likely to shrink further to 10,000-12,000.

With sales down, some developers have started trimming prices. The goal is to launch projects as soon as possible - on fears of worsening sentiment as a housing glut builds up. In the public housing market too, prices of HDB resale flats have begun to soften. If the trend continues, that will clip HDB flat owners' capacity to upgrade to a mass-market private condo.

Against this backdrop, there have been suggestions from some quarters that the government may begin to roll back some of the property cooling measures in 2014. However, that may be overlooking some factors that could potentially spark a resurgence in private residential property prices.

Firstly, there is no sign that the price of land - the most vital factor of production in property development - is coming down. New market entrants and even some local players hungry for replacement land have been stoking up land bids at government land sale (GLS) tenders. If developers pay higher land prices, they will obviously do their best to sell the projects at higher prices.

No doubt, MND will be launching mostly "inferior" sites on the confirmed list of the first-half 2014 GLS Programme, but there are many plum ones on the reserve list that may be triggered and which could result in benchmark prices being set at tender.

Savills Singapore research head Alan Cheong highlights that three projects that have done well post-TDSR due to relatively attractive pricing - The Inflora in Upper Changi, The Tembusu in Tampines Road, and Duo in Ophir Road - are coming up on sites that have low historical land cost. These will be exceptions.

Most developers have paid top dollar for mass-market condo sites at state tenders and would be loath to price projects below market as this could entail a loss.

Another reason prices will be sticky going south is that developers mostly have strong financial reserves. Mr Cheong argues that by now, they have probably realised that they can afford to hold prices of mass-market and mid-tier projects, and still finish developing and selling them out within the five-year timeline from the date of award of the site (to qualify for upfront remission of the 15 per cent additional buyer's stamp duty or ABSD).

"If project sales simmer down - after the initial launch hype - to a rate of 2-2.5 per cent of the number of units in a development per month, developers will still be able to sell out their inventory over a reasonable time without resorting to price cuts," Mr Cheong said.

He based his prognosis on monthly sales patterns of projects launched following the introduction of TDSR.

In any case, developers may be constrained from slashing prices because of covenants stipulated by lenders in their project financing agreements.

As for the HDB market, the government has already stated that it will begin tapering supply of new build-to-order (BTO) flats from next year. That should mitigate a potential glut and downward price pressure on the HDB resale market. In turn, this should provide stable support for mass-market private condos.

On the demand side, sentiment towards real estate is likely to improve following the United States Federal Reserve's recent pronouncement that short-term interest rates will stay near-zero for a longer time.

Taking into account all these factors, along with the cut in the H1 2014 GLS Programme, one could argue that there is a higher likelihood of prices going up than plunging. Of course, there may be some unknown factor(s) that could rock confidence in Singapore's property market. If that happens, price cuts may no longer be met with buyers quickly mopping up supply.

For now, however, it may be a little early to roll back the property cooling measures.

The Business Times - December 27, 2013 
By: Kalpana Rashiwala

Source: STProperty

2014 likely quiet for HDB resale market

The HDB resale market is expected to slow down next year on the back of the government’s measures on permanent residents (PRs), according to analysts quoted in a media report.

Newly-minted PRs now have to wait three years before they can purchase a resale flat. There was no such requirement previous to when this regulation came into effect on 27 August.

The housing board revealed that PR households purchased an average of 323 units per month during the first eight months of the year. However, this fell to an average of 176 units per month since the introduction of the new ruling.

“Based on these preliminary figures from the HDB, the drop in demand from PRs will reduce the (overall) demand for resale flats by about 10 percent in 2014,” said Nicholas Mak, Research Head at SLP International Property Consultants.

Moreover, first-time buyers can easily purchase new flats currently, while the government is expected to raise the quota of new flats for second-timers.

This means that fewer buyers are expected to turn to the resale market.

While next year’s figure will likely be similar to 2013 – which saw “one of the lowest in years” with estimates at around 17,200 to 18,500 compared to more than 24,000 to 37,000 in annual resale volumes over the last five years – activity is expected to pick up in the second half of the year as buyers get drawn back to the market by lower prices.

The real estate agency is also “quietly optimistic that resale HDB volumes will pick up in 2014” as HDB slows down the launch of Build-to-Order (BTO) flats.

As such, resale volumes will likely be “a shade better than this year” at over 20,000 but less than the 25,000 or so recorded in 2011 and 2012.

Source: Dec 26, 2013 - PropertyGuru.com.sg

Refining the Executive Condominium Housing Scheme

The Government will implement three measures for Executive Condominium (EC) developments to bring the terms for ECs closer to that for public housing, and help support a stable and sustainable EC market. This follows a review by MND on the EC Housing Scheme, taking into account feedback from the Our Singapore Conversation on Housing. 

I. Reduce EC Cancellation Fees 
2   First, we will reduce the cancellation fees for ECs from 20% to 5% of the purchase price. This will relieve the financial burden of buyers who have to cancel their EC bookings after signing the Sale & Purchase Agreement. The new cancellation fee will be applied to EC land sales which are launched on or after 9 Dec 2013, including those where the tenders have not closed. 

3   The cancellation fee for ECs is currently set at 20% of the purchase price, similar to those for private housing. However, unlike buyers of private housing, buyers of EC units cannot sub-sell their units if they cannot complete their purchase, and have to pay the cancellation fee. This has especially imposed significant financial burden on young couples who subsequently are not able to proceed with their marriage and hence the EC purchase. 

4   We will therefore align the cancellation fees for EC units with that for HDB Build-to-Order (BTO) flats, and reduce them from 20% to 5% of the purchase price. 

II. Resale Levy for Second-Timer Applicants 
5   Second, we will now require second-timer applicants who buy EC units directly from property developers to pay a resale levy, similar to second-timer applicants who buy BTO flats. The new requirement will be applied to EC land sales which are launched on or after 9 Dec 2013, including those where the tenders have not closed. 

6   Currently, second-timer applicants who buy EC units directly from property developers benefit from the lower EC prices arising from the initial eligibility and ownership restrictions imposed on EC purchases. However, they do not need to pay a resale levy. The alignment of treatment with second-timer applicants who buy BTO flats will ensure greater parity. 

III. Revision of Mortgage Loan Terms 
7   Third, the Monetary Authority of Singapore (MAS) will cap the Mortgage Servicing Ratio (MSR) for housing loans granted by financial institutions for EC units bought directly from property developers at 30% of a borrower’s gross monthly income. This is in line with earlier measures introduced by the HDB and MAS to encourage financial prudence among buyers of public housing. It discourages EC buyers from over-stretching their finances and supports an affordable and sustainable EC market. 

8   The 30% MSR cap will apply to EC purchases where the Option to Purchase is granted on or after 10 Dec 2013.1
Enquiries 
9   For further enquiries on any of the above measures, the public can contact the HDB Sales Customer Service Line: 1800-866-3066. 

Issued by: Ministry of National Development
Date 9 Dec 2013 

Source: MND

Sluggish home loan growth as property sales weaken

Home loan growth is tipped to slow further this quarter amid slumping residential property sales. 

Analysts said the loan growth slowdown is to be expected in the wake of tough loan curbs imposed in June under a total debt servicing ratio (TDSR) framework. The TDSR stops banks from issuing a loan that pushes a borrower's debt repayments above 60% of his gross monthly income. 

The credit profile of housing loans had improved, and cited a smaller share of new housing loans with a loan-to-value ratio above 70%. This ratio is the proportion of a home's value that a buyer can borrow. Experts attribute the improved loan statistics as a reflection of the effectiveness of the TDSR in limiting debt exposure. Furthermore, loan growth could moderate even further this quarter owing to declining sales volumes.

Experts expect overall home sales volumes to fall about 30% this year from last year. While the overall price index is expected to rise by up to 2% this year from last year, the index may fall by 5% to 10% next year. 

A statement from MAS stated that momentum has varied across different market segments. It noted that while private home prices in suburban areas have climbed 2.5% very quarter on average this year, prices on the city fringe and in the city centre have started to show some weakness, turning negative in the third quarter. While suburban private home prices will fall at some point, any drop would probably be seen only around mid-next year as developers need time to adjust their prices, unit layouts and marketing strategies.

Source: Dec 05, 2013 - By: iProperty.com Singapore

Slowing BTO supply won't affect resale flat market

After three years of ramped-up construction, reducing the supply of Build-to-Order (BTO) flats makes perfect sense considering reduced buyer demand. But the move will not affect resale prices, revealed media reports quoting analysts.

This is because given that pent-up demand for new flats has now been addressed, “the profile of buyers going for resale flats and BTO flats is generally different”, said R'ST Research Director Ong Kah Seng.

Analysts were responding to comments made by National Development Minister Khaw Boon Wan that the housing board will taper off its “massive construction programme” from 2014.

The three years of ramped-up BTO supply means that first-time buyers can purchase a new flat instead of a resale flat. This exercise along with the introduction of various cooling measures has helped ease demand for resale flats. As a result, cash premiums and resale prices have fallen.

Meanwhile, analysts doubt that the tapering will move buyers back to the resale market.

This is because tapering is the result of reduced buyer demand, Ong said. The excess demand, which dates back to the period of severe shortage of more affordable flats, has already been satisfied.

In addition, sellers of resale flats are not expected to raise prices since the cooling measures have curbed the ability of buyers to purchase pricey flats.

Chris Koh, Director of property consultancy Chris International, noted that some demand may return to the resale market, but only if supply falls such that it becomes difficult to acquire a BTO flat.

But he does not expect this to happen and is maintaining his earlier forecast that resale prices will drop five to 10 percent in 2014.

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg

Source: Dec 5, 2013 - PropertyGuru.com.sg

More flats sold below valuation

As stricter home loan rules weaken demand, the volume of HDB flats being sold below their appraisal value has also increased, media reports said.

In October, 105 flats were sold below valuation, or seven percent of the total volume, based on data from the housing board. This is significantly down from the average 0.3 percent for every month of the first half of the year.

This also implies that the number of flats sold below valuation increased fourfold in October alone compared to the entire period of January to June, when an average of five such transactions were recorded each month.

As such, sellers have been forced to adjust their expectations.

For instance, Assistant Manager Raymond Koh asked for cash-over-valuation (COV) of S$20,000 for his second floor five-room flat in Punggol earlier this year. When he found no buyers, Koh lowered his COV to “S$10,000, then S$5,000, then zero”, he said. After which, “I started going negative”.

Currently his nine-year-old flat is priced S$20,000 below valuation. “Any lower and I might as well continue living here,” said Koh, who wants to upgrade to an executive apartment or condominium in Sengkang, close to his preferred school for his five-year-old son.

Meanwhile, National Development Minister Khaw Boon Wan revealed that the government will begin tapering off its “massive construction programme from 2014”.

“We will do so in a measured way, to allow the market to gradually adjust, just like what we had done to cool the property market earlier,” he said in his blog on Monday.

He noted that three years of increased supply helped to restore balance in the housing market, as indicated by the lower COV trend in the HDB resale market and the decline in average Build-to-Order (BTO) application rates – from 5.3 in 2010 to 2.9 this year.

The November BTO and balance flats exercise saw the release of 8,952 flats in a single launch, making it the largest in HDB’s history.

“With this, we have delivered over 25,000 BTO flats this year and over 77,000 BTO flats in the last three years,” said Mr Khaw.

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg

Source: Dec 5, 2013 - PropertyGuru.com.sg

MAS says banks need to monitor exposure to cross-border lending

For the household sector, housing loans were a potential risk, the central bank said.

"Housing loans account for about three-quarters of total household liabilities, and could be a significant source of risk for households. The credit profile for certain housing loans was a source of concern," it said.

The household debt-to-income ratio has risen from a low of 1.9 times in 2008 during the Lehman crisis to 2.1 times in 2012, and household debt has grown more quickly than household assets since Q2 2011, MAS noted.

The central bank said close monitoring of Singapore's property market is needed, even after a series of policy steps led to a moderation in property market transactions and housing loan growth.

"However, developer bids for land parcels remain firm. The current uncertain environment warrants continued caution and vigilance."

- See more at: http://business.asiaone.com/news/mas-says-banks-need-monitor-exposure-cross-border-lending

Reuters

Tuesday, Dec 03, 2013

Source: AsiaOne

Lower property taxes for 95% owner-occupied homes in 2014

SINGAPORE - Most owner-occupied homes will have to pay less in property tax next year, the Inland Revenue Authority of Singapore (IRAS) said on Tuesday.

Under the new Progressive Property Tax Rates regime announced during Budget 2013, all owner-occupied HDB flats and three quarters of owner-occupied private homes - or 95 per cent of owner-occupied homes - will see lower property tax bills.

Taking into account non-owner-occupied homes as well, 80 per cent of all homes will pay lower property tax in 2014.

With the new property tax structure, the Annual Value (AV) exemption threshold for which no tax applies will be $8,000, up from $6,000 previously. Owners who live in their own homes will not have to pay property tax on the first $8,000 of the Annual Value (AV) of their properties from Jan 1, 2014.

The new property tax structure also increases the progressivity of the property tax structure by taxing properties with higher AVs more.

A property's AV, which Iras reviews annually, is based on the estimated annual market rent of the property if it was to be let out. This is then used as a basis to compute the property tax payable.

The AV of three to five-room HDB flats will be revised next year, as market rents for these flats have increased by about 3 per cent since the last revision in January this year.

There will be no change to the AV of the other types of flats as rents on these flats have remained largely the same.

This means that all one and two-room HDB owner-occupiers will continue to pay no property tax.

Other HDB owner-occupiers will enjoy property tax savings ranging from $28 to $40 in 2014, IRAS added.

In total, 80 per cent of all homes will face lower property tax in 2014.

The property tax payable for HDB owner-occupied flats in 2014 are as follows:

AV and Property Tax for Owner-Occupied Private Residential Property

The market rents of 70 per cent of private residential properties over the past year have remained largely the same since the last AV revision. Only 30 per cent saw an increase in AV. Under the new property tax structure, 74 per cent of private owner-occupiers will pay less tax in 2014.

Property tax rates for non-owner-occupied residential properties with AVs above $30,000 will be increased gradually from January 1.

With this change, 74 per cent of non-owner-occupied private residential properties and HDB flats will have higher property taxes after applying the new tax rates on their 2014 AVs.

Property owners will receive their property tax notices and bills by the end of this year, and are reminded to pay their property tax by January 31.

ljessica@sph.com.sg

Tuesday, Nov 26, 2013

Source: AsiaOne

Can you use your CPF to repay housing loans after 55?

Whether your CPF can be used to repay housing loans after 55, depends on how much CPF savings you have at 55, and how much you have already used for housing. 

When you turn 55, a Retirement Account (RA) is created using savings from first your Special Account, then Ordinary Account (OA) to meet the Minimum Sum (MS) relevant to your cohort. While the MS provides monthly payouts from your draw down age, the balance in your OA can be used for housing loan repayments. 

Members who are able to set aside more than half of the MS, will be able to use the amount in excess of half of the MS for housing loan repayments. 

For example: 

If you continue working after 55, your CPF OA contributions can also be used for housing loan repayments. 

However, housing withdrawal limits may apply. This is to safeguard members from overspending on their housing loan repayments at the expense of their retirement savings.

Source: CPF

Singapore Draft Master Plan 2013

Developed as an inter-agency effort, the Master Plan features a comprehensive and integrated planning approach that ensures our social and economic needs are met, while maintaining a liveable and sustainable environment.

In reviewing the Master Plan, we balance all major land needs in collaboration with relevant government agencies and take into account public feedback gained through our engagement process, before finalising the plans.

PLANNING FOR SINGAPORE’S FUTURE

Singapore is economically vibrant and one of the most liveable cities in the world. This is a result of our comprehensive and long-term approach in land use planning. This integrated approach is needed to optimise the use of Singapore’s limited land, to meet the current and future needs of our people. There are difficult trade-offs, but we try our best to plan ahead for the needs of current and future generations, considering social, economic and environmental factors in a holistic manner.

DRAFT MASTER PLAN 2013

The Draft Master Plan 2013 is driven by the vision of an inclusive, highly liveable, economically vibrant and green home for all Singaporeans. As a small city-state, we have to ensure that sufficient land is available to accommodate a whole range of land uses, including greenery and other critical needs such as housing, schools and employment centres.

We strive to plan for a quality living environment with amenities for all ages within reach, bringing jobs closer to homes, as well as creating green, healthy and connected towns with strong communities united in diversity.

The planning strategies to achieve the vision for Draft Master Plan 2013 are presented through these six key focuses.

The Draft Master Plan 2013 will continue to enhance the liveability of Singapore across all areas. Singaporeans can look forward to good quality living environments and a variety of housing options with supporting amenities to serve residents of all ages.

Government agencies will continue to actively work together to provide public amenities closer to homes, with more co-located facilities for greater convenience. Public facilities and spaces within easy reach also serve as social spaces for community bonding, and enable seniors to continue living in environments they feel at home in. As Singapore develops and older towns are rejuvenated, we will continue to ensure that the character of each town remains special and distinctive.

Land will be set aside to sustain Singapore as a vibrant economy to provide a wide variety of jobs and opportunities that will meet the needs and aspirations of our people. As we strengthen our city area and other employment centres, we will also make a greater effort to decentralise jobs and create new hubs for businesses.

As part of the North Coast Innovation Corridor, we will see the emergence of the Woodlands Regional Centre, the Punggol Learning Corridor and Creative Cluster. New industrial estates such as Jalan Bahar / Wenya / Tengah, Lorong Halus and Seletar West will also be progressively developed.

In future, Singapore residents can look forward to job opportunities in the northern, southern, eastern and western regions of Singapore.

By taking a holistic approach to planning and balancing our needs, we have managed to safeguard land for nature reserves, nature areas and parks. Earlier this year, we have added two new sites to our list of Nature Areas. While we will not be able to conserve every local green space, we have conserved a significant and representative segment of our native ecosystem through conscientious planning.

We will continue to safeguard land for greenery to ensure that parks and green spaces are well distributed so at least 90% of our residents will live within 400m walking distance of a park. More open spaces and local parks have been planned, and residents can also look forward to upgraded green spaces and facilities with fresh recreational options. Efforts to increase accessibility to parks will continue, with the Round Island Route anchoring Singapore’s green network.

Agencies will plan for eco-corridors to strengthen Singapore’s biodiversity and connections between our existing nature areas to sustain our rich natural systems, providing safe environments for nature to flourish as well as green havens where residents can find relief from the intensity of urban life. We will also continue to make creative use of functional water bodies such as reservoirs, canals and drains for recreation.

Under SSC’s Sports Facilities Master Plan, new spaces for sports will be created and existing ones will be enhanced to cater to the community’s needs. A tiered approach of sporting facilities will provide a network of venues for sports and leisure activities for various sporting needs at the national, regional, town and neighbourhood level. There will be more common spaces (e.g. integrated community sports hub and community playfields) for the community to interact and bond through sports.

Within the Draft Master Plan 2013 are initiatives to protect our built heritage and social memory. Existing areas with distinctive identities will be enhanced, while new ones will be nurtured in community-centric ways.

To make Singapore an endearing home for all, we will provide more community spaces to foster social interaction, and integrate local identity and heritage into the development and design of future towns and projects. Our efforts will also be focused on strengthening collaboration with local communities and safeguarding our local identity via conservation efforts and the designation of identity nodes.

As outlined in the Land Transport Master Plan 2013, our transport network will be expanded with an emphasis on green and sustainable transportation modes, such as public transport, cycling and walking. This will bring about greater connectivity for all commuters over the next 10 to 15 years. Agencies will continue to be guided by the vision of a more connected Singapore, with greater accessibility to public transport and a reduced reliance on private cars as a mode of commute.

The rail network will double to about 360km by 2030, so that 80% of all homes are within a 10-minute walk of an MRT station. Bus services will be enhanced with increased fleets, and there will be more integrated transport hubs provided for more convenient journeys. Infrastructure will be put in place to encourage cycling as an alternative mode of transport for both commuting and leisure. Pedestrian connectivity within a 400m radius of MRT stations will be further improved through a network of covered linkways that connect to activity-generating hubs in the vicinity.

With these enhancements to our public transport services, our towns will possess more options for walking and cycling, and ultimately lead to sustainable living environment.

Well-designed public spaces are essential to the enjoyment of city life, and to make Singapore more attractive and liveable for all. More public spaces will be set aside to create and realise new shared community spaces. The successful implementation of these projects will require closely coordinated efforts between government agencies and collaboration with the community.

MOVING FORWARD

The Master Plan supports the needs of current and future generations of Singaporeans. As a city-state, we have a diverse range of land use needs, and we cannot predict the entirety of these needs nor the forms that they will take in future. Thus, we review the Master Plan regularly to refine it and take into account changing developmental needs.

We continue to explore better use of Singapore’s land by consolidating activities that require a large area, such as military training, golf courses and farming in order to release more land for other uses. In addition to land reclamation as a strategy for Singapore to expand our physical capacity, we will also continue to explore innovative ways to use underground space, such as for infrastructural, industrial and commercial developments.

For more info: URA Draft Master Plan 2013, URA Draft Master Plan 2013 Map

Source: URA
Wednesday, Nov 20, 2013

MINIMUM SUM SCHEME 2013

How much is the Minimum Sum (MS)?

The MS was set at $80,000 in 2003 and is being raised gradually until it reaches $120,000 (in 2003 dollars) in 2015. The MS will be adjusted yearly for inflation.

55th birthday on or after	MS (in 2003 dollars)	MS (after adjustment for inflation)
1 July 2003	$80,000	$80,000
1 July 2004	$84,000	$84,500
1 July 2005	$88,000	$90,000
1 July 2006	$92,000	$94,600
1 July 2007	$96,000	$99,600
1 July 2008	$100,000	$106,000
1 July 2009	$104,000	$117,000
1 July 2010	$108,000	$123,000
1 July 2011	$112,000	$131,000
1 July 2012	$113,000	$139,000
1 July 2013	$115,000	$148,000
1 July 2014	To be announced	} To be
1 July 2015	$120,000	} announced

Why do I need to set aside MS?

Setting aside the MS when you reach 55 years old ensures that you have a regular income from your drawdown age (DDA) to support a basic standard of living.

Year of Birth	Drawdown age
1943 and before	60
1944 to 1949	62
1950 and 1951	63
1952 and 1953	64
1954 and after	65

How is MS set aside?

When you reach 55 years old, your Special Account (SA) savings, followed by your Ordinary Account (OA) savings will be transferred to your Retirement Account (RA) to meet your MS.

If the savings in your SA and OA are not enough to make up the MS, your property which was purchased using CPF savings will be automatically pledged, for up to half of your MS, to make up the difference. The pledge amount will be the amount of CPF used for the property or the Minimum Sum shortfall, whichever is lower.

If you sell the property, you will need to refund the CPF that was used to buy it and the accrued interest. The amount refunded will be used to top up to the MS that applies to you, and the current Medisave Required Amount (MRA) of $38,500. The balance of the housing refunds will then be paid to you automatically. Also, if you had withdrawn your RA savings by pledging your property, you need to refund the amount withdrawn from your RA upon the property sale to redeem the pledge.

If there is still a MS shortfall in your RA after pledging your property, a portion of the new inflows like working contributions, voluntary contributions, government top-ups and other refunds received after 55 years old will be used to make up the shortfall upon your subsequent CPF withdrawals.

After setting aside your MS and current MRA, you can choose to withdraw the remaining cash balances in your OA and SA, or continue to keep your savings in CPF to earn interest.

Back to top

For full info: CPF Minimum Sum

Source: CPF

Resale Checklist for Buyers Effect From 1st Dec 2013

The Resale Checklist highlights the important policies and procedures that you should take note of before buying a resale flat. The checklist must be completed before you exercise the Option to Purchase. 

• Guide to Submit the Resale Checklist via the Resale Checklist for Sellers/Buyers (e-Service) New!
• Guide to Submit the Hardcopy Resale Checklist together with the Resale Application To be discontinued on 1 Dec 2013

Guide to Submit the Resale Checklist via the Resale Checklist for Sellers/Buyers e-Service

What’s New? The Resale Checklist has gone ‘e’! From 24 October 2013, you can complete and submit the checklist online via the Resale Checklist for Sellers/Buyers (e-Service). From 1 December 2013, the HDB will only accept Resale Checklists submitted via this e-Service.

For buyers who have not engaged the services of a salesperson

Step 1		You (one of the buyers) may log on to Resale Checklist for Sellers/Buyers (e-Service) using your SingPass and click on the ‘Submit New Checklist’ button.
Step 2		You and all the co-applicants (if any) must go through the items in the Resale Checklist. You will need to provide the particulars of all the buyers and your email address.
Step 3		Upon completing the checklist and reviewing the information click the ‘Submit’ button to submit the checklist to the HDB. An acknowledgement page with a checklist serial number will be generated upon successful submission of the checklist. The acknowledgment page will also be sent to all buyers by e-mail.

Back to top

For buyers who have engaged the services of a salesperson

Step 1	If you have engaged the services of a salesperson, your salesperson is required to go through and complete the checklist with you. The salesperson will first click on the ‘Submit New Checklist’ button on the Resale Checklist for Sellers/Buyers (e-Service) and log in with his/her SingPass.
Step 2	The salesperson will need to provide his particulars and the particulars of all the buyers, including name, NRIC number and email address. The salesperson is required to go through all the items in the checklist with all the buyers.
Step 3	Upon completing the checklist and reviewing the information click the ‘Submit’ button to forward the checklist to one of the buyers for endorsement. The checklist has to be endorsed by the buyer by the next day from the date the salesperson completes the checklist.
Step 4	The buyer who is endorsing the checklist (you) will click on the ‘Retrieve Completed Checklist’ button on the Resale Checklist for Sellers/Buyers (e-Service) and log in with your SingPass. You are required to provide the serial number of the checklist that the salesperson had completed. You will need to review the information provided and confirm that the salesperson has gone through the checklist with you and all co-applicants(if any). You will need to click the ‘Submit’ button to submit the checklist to the HDB. An acknowledgement page with the same checklist serial number will be generated upon successful submission of the checklist. The acknowledgment page will also be sent to you by e-mail.

Back to top

Important Notes:

• Buyers can only exercise the Option to Purchase after completing the checklist.
• The checklist serial number is required when submitting the resale application.
• If you are not able to submit your resale application within 6 months after the date the checklist is completed, you will need to resubmit a new checklist. This is to ensure that buyers are aware of the latest policies on buying an HDB flat.
• All buyers and their salesperson, if any, are required to sign on the completed checklist during the resale First Appointment. The completed checklist will be printed by the HDB for your signing.

Back to top

For full info: Resale Checklist
Source: HDB

HDB Resale Price Index 3Q 2013

The HDB Resale Price Index tracks the overall price movement of the public residential market. The index is calculated using resale transactions registered across various towns, flat types and models, with the fourth quarter of 1998 as the base period (i.e. index has a value of 100 in 4Q98). 

The Index is used by comparing how it changes from one period to another. For example, if the index increases from 100 to 108 in one year, it means that on the whole, HDB resale flat prices increased by about 8% over this period. 

PRICE INDEX OF HDB RESALE FLATS

Source: HDB