Latest news with #Chee Hong Tat
Yahoo
a day ago
- Business
- Yahoo
YAHOO POLL: Would you like the HDB BTO criteria to be reviewed?
The Government is reviewing the income ceiling for couples, and the minimum age requirement of 35 for singles, applying for Build-To-Order (BTO) flats, but any changes will depend on the upcoming supply and demand of public housing, said National Development Minister Chee Hong Tat. Speaking to local media on 5 Aug, Chee outlined some of his ministry's key priorities, emphasising the need to maintain a strong supply of flats before adjusting existing eligibility criteria. Other polls YAHOO POLL: Should citizenship be open to those who love Singapore? YAHOO POLL: What is your favourite National Day song? YAHOO POLL: Should Singapore say yes to Malaysia's request for 4am buses? "I want to assure Singaporeans that we are reviewing both income criteria and also the age requirement for singles, and at an appropriate time, we do intend to make some moves," he said. "But I want to make sure that when we make those moves, we will not end up with a situation where there is insufficient supply." The current eligibility conditions exclude couples who earn above $14,000 per month and singles under the age of 35 from applying for BTO flats. So, we want to hear from you – Would you like the HDB BTO criteria to be reviewed? Related: Singapore one of the few major cities in Asia-Pacific region to offer attainable homes: Report Older HDB flat prices converge – but larger units in prime estates still command a premium First Vers projects for HDB flats likely to be launched in first half of 2030s
Yahoo
a day ago
- Business
- Yahoo
YAHOO POLL: Do you want the HDB BTO eligibility criteria to change?
The Government is reviewing the income ceiling for couples, and the minimum age requirement of 35 for singles, applying for Build-To-Order (BTO) flats, but any changes will depend on the upcoming supply and demand of public housing, said National Development Minister Chee Hong Tat. Speaking to local media on 5 Aug, Chee outlined some of his ministry's key priorities, emphasising the need to maintain a strong supply of flats before adjusting existing eligibility criteria. Other polls YAHOO POLL: Should citizenship be open to those who love Singapore? YAHOO POLL: What is your favourite National Day song? YAHOO POLL: Should Singapore say yes to Malaysia's request for 4am buses? "I want to assure Singaporeans that we are reviewing both income criteria and also the age requirement for singles, and at an appropriate time, we do intend to make some moves," he said. "But I want to make sure that when we make those moves, we will not end up with a situation where there is insufficient supply." The current eligibility conditions exclude couples who earn above $14,000 per month and singles under the age of 35 from applying for BTO flats. So, we want to hear from you – Do you want changes to the HDB BTO eligibility criteria? Related: Singapore one of the few major cities in Asia-Pacific region to offer attainable homes: Report Older HDB flat prices converge – but larger units in prime estates still command a premium First Vers projects for HDB flats likely to be launched in first half of 2030s
Yahoo
2 days ago
- Business
- Yahoo
HDB BTO income ceiling for couples, age floor for singles being reviewed; Telco price war unlikely after Keppel sells M1 to Simba, say analysts: Singapore live news
The Government is reviewing the income ceiling for couples, and the minimum age requirement of 35 for singles, applying for Build-To-Order (BTO) flats, but any changes will depend on the upcoming supply and demand of public housing, said National Development Minister Chee Hong Tat. "I want to assure Singaporeans that we are reviewing both income criteria and also the age requirement for singles, and at an appropriate time, we do intend to make some moves," he said. "But I want to make sure that when we make those moves, we will not end up with a situation where there is insufficient supply." Simba Telecom's acquisition of M1 is unlikely to result in a price war, say analysts. Carmen Lee, head of OCBC Investment Research, told The Straits Times (ST) that current mobile plans are already priced competitively. "In a typical merger, the initial period will entail a relook into understanding the combined entity and the potential synergies. We believe pricing strategy will not be an immediate consideration," said Lee. Read more in our live blog below, including the latest local and international news and updates. Telco price war unlikely after Keppel sells M1 to Simba, say analysts Simba Telecom's acquisition of M1 is unlikely to result in a price war, say analysts. Carmen Lee, head of OCBC Investment Research, told The Straits Times (ST) that current mobile plans are already priced competitively. For instance, Simba's SuperRoam10 plan offers 400GB of data for Singapore, Malaysia, Indonesia and Hong Kong at $10 per month. Meanwhile, M1's Maxx plan comes with 290GB of data for use in Singapore and Malaysia for $7.90 a month. "In a typical merger, the initial period will entail a relook into understanding the combined entity and the potential synergies. We believe pricing strategy will not be an immediate consideration," said Lee. Rival telcos are also unlikely to undercut their prices to attract M1 customers, despite the ease with which consumers can switch providers. Instead, they may use alternative strategies such as bundling mobile and broadband services at promotional rates or leveraging loyalty programmes to win over subscribers, Professor Lawrence Loh from NUS Business School told ST. For more on the effects on the industry from Simba's M1 acquisition, read here. HDB BTO income ceiling for couples, age floor for singles being reviewed The Government is reviewing the income ceiling for couples, and the minimum age requirement of 35 for singles, applying for Build-To-Order (BTO) flats, but any changes will depend on the upcoming supply and demand of public housing, said National Development Minister Chee Hong Tat. Speaking to local media on August 5, Chee outlined some of his ministry's key priorities, emphasising the need to maintain a strong supply of flats before adjusting existing eligibility criteria. "I want to assure Singaporeans that we are reviewing both income criteria and also the age requirement for singles, and at an appropriate time, we do intend to make some moves," he said. "But I want to make sure that when we make those moves, we will not end up with a situation where there is insufficient supply." To that end, 55,000 BTO flats will be launched between 2025 and 2027, which is 10 per cent more than the previously committed 50,000 flats. From 2021 to 2024, 82,710 flats were launched, averaging over 20,600 units annually. In 2025, approximately 19,600 are slated to be launched, with 10,579 flats already launched so far. The current eligibility conditions exclude couples who earn above $14,000 per month and singles under the age of 35 from applying for BTO flats. Chee said any decisions on adjustments are closely tied to the Government's ability to ensure sufficient flat supply in the coming years. Noting that "demand will go up" once the eligibility criteria has been changed, Chee said, "I think it is important for us to create the right conditions to be able to make these policy moves at an appropriate time." For more on Chee Hong Tat's remarks, read here. Telco price war unlikely after Keppel sells M1 to Simba, say analysts Simba Telecom's acquisition of M1 is unlikely to result in a price war, say analysts. Carmen Lee, head of OCBC Investment Research, told The Straits Times (ST) that current mobile plans are already priced competitively. For instance, Simba's SuperRoam10 plan offers 400GB of data for Singapore, Malaysia, Indonesia and Hong Kong at $10 per month. Meanwhile, M1's Maxx plan comes with 290GB of data for use in Singapore and Malaysia for $7.90 a month. "In a typical merger, the initial period will entail a relook into understanding the combined entity and the potential synergies. We believe pricing strategy will not be an immediate consideration," said Lee. Rival telcos are also unlikely to undercut their prices to attract M1 customers, despite the ease with which consumers can switch providers. Instead, they may use alternative strategies such as bundling mobile and broadband services at promotional rates or leveraging loyalty programmes to win over subscribers, Professor Lawrence Loh from NUS Business School told ST. For more on the effects on the industry from Simba's M1 acquisition, read here. Simba Telecom's acquisition of M1 is unlikely to result in a price war, say analysts. Carmen Lee, head of OCBC Investment Research, told The Straits Times (ST) that current mobile plans are already priced competitively. For instance, Simba's SuperRoam10 plan offers 400GB of data for Singapore, Malaysia, Indonesia and Hong Kong at $10 per month. Meanwhile, M1's Maxx plan comes with 290GB of data for use in Singapore and Malaysia for $7.90 a month. "In a typical merger, the initial period will entail a relook into understanding the combined entity and the potential synergies. We believe pricing strategy will not be an immediate consideration," said Lee. Rival telcos are also unlikely to undercut their prices to attract M1 customers, despite the ease with which consumers can switch providers. Instead, they may use alternative strategies such as bundling mobile and broadband services at promotional rates or leveraging loyalty programmes to win over subscribers, Professor Lawrence Loh from NUS Business School told ST. For more on the effects on the industry from Simba's M1 acquisition, read here. HDB BTO income ceiling for couples, age floor for singles being reviewed The Government is reviewing the income ceiling for couples, and the minimum age requirement of 35 for singles, applying for Build-To-Order (BTO) flats, but any changes will depend on the upcoming supply and demand of public housing, said National Development Minister Chee Hong Tat. Speaking to local media on August 5, Chee outlined some of his ministry's key priorities, emphasising the need to maintain a strong supply of flats before adjusting existing eligibility criteria. "I want to assure Singaporeans that we are reviewing both income criteria and also the age requirement for singles, and at an appropriate time, we do intend to make some moves," he said. "But I want to make sure that when we make those moves, we will not end up with a situation where there is insufficient supply." To that end, 55,000 BTO flats will be launched between 2025 and 2027, which is 10 per cent more than the previously committed 50,000 flats. From 2021 to 2024, 82,710 flats were launched, averaging over 20,600 units annually. In 2025, approximately 19,600 are slated to be launched, with 10,579 flats already launched so far. The current eligibility conditions exclude couples who earn above $14,000 per month and singles under the age of 35 from applying for BTO flats. Chee said any decisions on adjustments are closely tied to the Government's ability to ensure sufficient flat supply in the coming years. Noting that "demand will go up" once the eligibility criteria has been changed, Chee said, "I think it is important for us to create the right conditions to be able to make these policy moves at an appropriate time." For more on Chee Hong Tat's remarks, read here. The Government is reviewing the income ceiling for couples, and the minimum age requirement of 35 for singles, applying for Build-To-Order (BTO) flats, but any changes will depend on the upcoming supply and demand of public housing, said National Development Minister Chee Hong Tat. Speaking to local media on August 5, Chee outlined some of his ministry's key priorities, emphasising the need to maintain a strong supply of flats before adjusting existing eligibility criteria. "I want to assure Singaporeans that we are reviewing both income criteria and also the age requirement for singles, and at an appropriate time, we do intend to make some moves," he said. "But I want to make sure that when we make those moves, we will not end up with a situation where there is insufficient supply." To that end, 55,000 BTO flats will be launched between 2025 and 2027, which is 10 per cent more than the previously committed 50,000 flats. From 2021 to 2024, 82,710 flats were launched, averaging over 20,600 units annually. In 2025, approximately 19,600 are slated to be launched, with 10,579 flats already launched so far. The current eligibility conditions exclude couples who earn above $14,000 per month and singles under the age of 35 from applying for BTO flats. Chee said any decisions on adjustments are closely tied to the Government's ability to ensure sufficient flat supply in the coming years. Noting that "demand will go up" once the eligibility criteria has been changed, Chee said, "I think it is important for us to create the right conditions to be able to make these policy moves at an appropriate time." For more on Chee Hong Tat's remarks, read here.
CNA
2 days ago
- Business
- CNA
Residents' support, compensation will be key to VERS success, experts say
SINGAPORE: Winning over residents will be a key challenge as the government develops the framework for the Voluntary Early Redevelopment Scheme (VERS), experts said. While the scheme is a proactive step in addressing the issue of decaying public housing leases, they noted that its success may be hindered by the varied needs and concerns of residents. The analysts were reacting to comments by National Development Minister Chee Hong Tat, who on Sunday (Aug 10) laid out a timeline for the development and implementation of VERS. In an interview with the local media, Mr Chee said the government aims to work out details of VERS – such as how to identify potential sites, ensure enough homes are ready in time and offer 'fair' packages for affected residents – within its current term. Once policy parameters are in place, VERS will be piloted at 'a few selected' sites, likely from the first half of the next decade, he said. VERS, announced in 2018 by then-Prime Minister Lee Hsien Loong, allows the government to buy back Housing and Development Board (HDB) flats nearing the end of their 99-year leases, compensate residents and redevelop the land. The scheme is offered to selected precincts when flats are about 70 years old. Unlike the Selective En bloc Redevelopment Scheme (SERS), which is compulsory, VERS requires residents to vote. And as the flats will be older, VERS may have 'less financial upside' for residents, Mr Chee said. SECURING RESIDENTS' BUY-IN A CHALLENGE Professor Sing Tien Foo, provost's chair professor of real estate at the National University of Singapore's (NUS) Business School, said: 'VERS could help alleviate lease decay issues, especially when leases are shortened and it becomes difficult to find interested buyers.' The scheme offers home owners a way out of this dilemma, he added. However, Prof Sing noted that not all residents may support the scheme, which depends on collective approval. 'The collective action to secure buy-ins will be harder to organise when more residents are involved. Striking a balance and making trade-offs will be crucial at the policy formulation stage for those evaluating policy design,' he said. Dr Lee Nai Jia, head of real intelligence at PropertyGuru Group, said past SERS exercises showed that relocation can stir strong emotions. 'Even with substantial financial incentives, not all are willing to move, and with lower incentives, securing broad agreement may be more challenging.' Older home owners may face greater difficulty relocating and need higher compensation, while newer home owners may be reluctant to leave because of emotional or financial investments in their homes. Others may embrace the opportunity for a new flat with modern amenities. Dr Lee added that a framework may be needed to mediate and balance these differing views, given the diversity of home owner profiles in mature estates. ERA's key executive officer Eugene Lim raised concerns about lower compensation compared to SERS. 'Some older owners may worry about being priced out of replacement homes and, as a result, may be reluctant to participate in VERS, potentially leading to unsuccessful exercises,' he said. 'VERS is important in addressing the impact of lease decay, but its execution is an uphill task given the need to meet the diverse needs of all owners. As such, we may not see a high success rate,' said Mr Lim. To improve uptake, Mr Lim suggested giving residents priority in selecting replacement homes within their current neighbourhoods. Mr Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc, said that attractive compensation packages, clear redevelopment timelines and transparent rehousing options would be key. 'Communication will be key as residents need clarity on the benefits and trade-offs to make informed decisions,' he added. BTO CHANGES MAY BE GRADUAL In his first sit-down interview with the media since taking over the national development portfolio in May, Mr Chee said the government is also reviewing the eligibility age for singles to buy Build-to-Order (BTO) flats, along with income ceilings. Changes will be introduced at an 'appropriate time', with supply readiness being a key factor. Singapore plans to launch around 55,000 BTO flats from 2025 to 2027 – 10 per cent more than the earlier target of 50,000. Over a 10 to 15-year horizon, at least 80,000 new public and private homes will be built, according to the Draft Master Plan 2025. Currently, the BTO income ceiling stands at S$14,000 (US$10,877) for families and married couples. Singles can only purchase BTO or resale flats from age 35. Experts said a review is timely, as the income ceiling was last adjusted in 2019 and both incomes and home prices have since risen. Dr Lee from PropertyGuru Group noted that first-time home owners are more likely to exceed income limits due to later marriages, and many singles now wish to live independently. The government's review reflects an effort to align housing policies with changing demographic patterns and aspirations, said analysts. 'These potential changes signal the government's willingness to adapt policies in line with social needs, while balancing affordability and equitable access,' said Mr Sandrasegeran. HOUSING SUPPLY STABILISING Experts said tweaks to eligibility rules are more feasible now, given stabilising housing demand. NUS' Prof Sing pointed to the fall in median first-time application rates for three-room and larger flats – now at 1.4 times in the July BTO exercise, down from 4 to 5 times during the pandemic. The government is also ramping up supply of BTO flats with shorter wait times. About 4,500 such units will be launched this year, up from 2,800 in 2024. From 2026, around 4,000 flats with shorter waits will be released annually – one-third more than the original target. Dr Lee said the move helps establish a steady pipeline to meet demand from both couples and singles. Still, any policy shift will likely be gradual. 'The government is aware that this will lead to higher demand for BTO flats and may calibrate the changes based on how much supply it can introduce in the short term,' said Mr Lim. On the possibility of lowering the BTO eligibility age for singles, Huttons Asia senior director of data analytics Lee Sze Teck said it may not happen soon, given recent changes already made to singles' access to public housing. Since October, singles have been allowed to buy two-room flexi flats in any location. In July, they were also included in an enhanced Family Care Scheme, which prioritises applicants seeking to live with or near parents. These changes have already led to strong demand for two-room flexi flats, said Mr Lee. 'I think a bit more time will be needed to let the application rates stabilise before they review further changes,' he said. Prof Sing added that any easing of the minimum age could be done in phases to ensure affordability. He also suggested exploring policy options that make it easier for singles who marry later to upgrade to larger flats. 'The policy should not be seen as a barrier to family formation. Some individuals would still aspire to find their partners and get married, but the decisions were delayed due to various reasons,' he said.
CNA
3 days ago
- Business
- CNA
Singapore to develop VERS framework in current term of government; no plans for more SERS
SINGAPORE: Singapore aims to work out details of the Voluntary Early Redevelopment Scheme (VERS) for public housing - such as how to identify potential sites, ensure enough homes are ready in time, and offer 'fair' packages for affected residents - in its current term of government. This means a framework could be in place before September 2030. Singapore's government has a maximum five-year term, which will start from the first scheduled sitting of parliament on Sep 5 following the May General Election. After establishing the policy parameters, VERS will kick off with a 'few selected' sites and likely from the first half of the next decade, said National Development Minister Chee Hong Tat. Speaking this week in his first sit-down interview since taking on the national development portfolio in May, he also said the government will be focusing efforts and resources on VERS and currently has 'no plans to do any more Selective En bloc Redevelopment Scheme (SERS)'. The two schemes are part of efforts to renew older public housing estates. In both cases, the government buys back Housing Board flats before their 99-year leases run out, compensates the residents and redevelops the site. But there are differences. SERS, introduced in 1995, is highly selective and limited to precincts with high redevelopment potential. It is also compulsory, with residents compensated based on the market value of their flats at the time of the SERS announcement. The last SERS project was in Ang Mo Kio Avenue 3, announced in April 2022. On the other hand, VERS is offered to selected precincts when flats reach about 70 years of age. Residents get to vote for whether they want to take up the scheme, like they do for the Home Improvement Programme (HIP) which looks into maintenance issues. Another difference, said Mr Chee, is that VERS may have 'less financial upside' for residents as the flats 'will be older and hence the terms will be less generous'. VERS was first announced in 2018 by then-Prime Minister Lee Hsien Loong. More details have been keenly awaited amid concerns about the impact of lease expiry on resale prices of older HDB flats. Mr Chee's latest comments mark the government's most significant update on VERS since. In 2018, Mr Lee said VERS would allow older HDB towns to be redeveloped over 20 to 30 years, rather than within four to five years. This week, Mr Chee reiterated the need to progressively stage redevelopment over two to three decades. He noted that several older estates were rapidly built up in the 1970s and 1980s to meet urgent housing demand then. 'If we leave all the leases to naturally run down … we will need to relocate a large number of residents and build many new homes within a short time in the 2070s and 2080s,' he said, adding that this would be 'very disruptive'. Still, Mr Chee said there was no need to scale up VERS until "sometime in the late 2030s" when older flats reach their 70-year mark. Given how VERS is a 'complex policy and a long-term undertaking', government agencies have already started work to flesh out a framework. When ready, the Ministry of National Development and the Housing and Development Board will engage Singaporeans to take in further views and feedback. 'We will continually review our processes as we go along ... Our plan is to progressively offer VERS to selected estates in different parts of Singapore,' said Mr Chee. The government is also looking at how to support those who may not want to go through VERS. These residents will get to continue staying in their flats until the leases run out, and the government will then help in other ways such as through the Silver Upgrading Programme and HIP II, the minister said. HIP II is an extension of the current programme, which gives all HDB flats a second round of upgrading when they reach the 60 to 70-year mark. Asked if it would be an 'either-or situation' for residents to choose between VERS and HIP II, Mr Chee said that while it was too early to go into details of VERS, the two policies would not be mutually exclusive. 'If you want to spread out the projects for VERS over a 20 to 30-year period, some of them will have to take place at an earlier stage - that means at around the 70-year mark. Some maybe even slightly earlier; but some may actually take place a bit later,' he said. 'Because of that, we may still need to do HIP II at around the 60-year mark to ensure that the older flats can remain livable for all residents.' SPRUCING UP AGEING ESTATES Elaborating on HIP II, Mr Chee said it 'will be even more extensive' than the current programme as flats that undergo a second upgrade will be older and hence require more work. 'We want to make sure that these older flats, after going through HIP II, will be good enough to last the flat owners till the end of lease,' he added. HIP II will hence include improved measures such as using a corrosion resistant repair method for spalling concrete. This was rolled out last year and has been found to be more effective than conventional patch repairs, said Mr Chee. HIP II will also utilise new technologies like microwave scanning, to identify spalling happening underneath the concrete surface before it becomes visible from the outside. It can also help narrow down the trail of any water seepage. This scanning technology has been deployed in some real-life complex cases, and the results are being studied by HDB. UPGRADING PRIVATE ESTATES As part of rejuvenation plans for older neighbourhoods, the government is also studying ways to extend support to private estates. Earlier this year, the Enhancement for Active Seniors (Ease) programme was extended to senior citizens living in private properties - for three years, up to 2028. It offers subsidised senior-friendly fittings and installations such as grab bars and wall-mounted foldable shower seats, to make homes safer for those aged 65 years and older. Moving forward, authorities are also reviewing the Building Maintenance and Strata Management Act to better enable a management corporation strata title (MCST) to upgrade its development. The Act sets out laws overseeing properties like condominiums, which are managed by MCSTs. Authorities will also study how to better support MCSTs to improve the inclusivity of infrastructure within their developments. Mr Chee stressed that plans for private estates 'will not be exactly the same' as those for public housing. 'There will be facilities within … the condominiums that are not open to the public, so it will not be correct for the government to fund the enhancements of some of these facilities in the same way as how we will fund, say for example, enhancements to a public playground in a public housing estate, which is open to all members of public,' he said.
