Latest news with #HousingandDevelopmentBoard
Malaysiakini
4 days ago
- Business
- Malaysiakini
Ensuring equity and accountability in 13th M'sia plan
LETTER | The Consumers' Association of Penang (CAP) welcomes parts of the 13th Malaysia Plan, including those addressing key issues such as stagnant wages, affordable housing, transportation, healthcare and food sustainability. While the initiative is commendable for aiming to improve the living standards of those in the B40 and M40 income groups, the government must ensure close monitoring of expenditures to prevent leakages. A total of RM227 billion, or 53 percent of total development expenditure, has been allocated to support infrastructure, digital infrastructure, public transport, flood mitigation, affordable housing and capacity-building projects. An additional RM133 billion has been earmarked for the social sector, including education and healthcare. We urge that all expenditures be carried out transparently and through open tender to ensure that the intended target groups benefit fully. Public transport in Malaysia has seen a long period of decline, with a significant shift towards private vehicle ownership. This trend has led to worsening traffic congestion, limited parking availability and growing demand for highway expansion. To address these issues, the government has had to commit substantial funds. However, increased spending alone does not solve the fundamental problem. What the country urgently needs is an efficient public transport system that incorporates first and last-mile connectivity through demand-responsive transit (DRT). This would reduce or even eliminate the need for constructing multi-storey car parks and allow commuters to avoid crossing busy highways. For those in the lower-income group, public transport offers significant relief. It removes the financial burden of car loans, high maintenance costs and other related expenses, enabling them to allocate their monthly income to more essential needs. However, to be truly effective, public transport must be designed with people's needs in mind. It must be affordable, especially for the B40 group, and convenient, with DRT systems providing flexible access. It must also be reliable and punctual to build public trust and encourage widespread use. Public transport services should be operated by the government, at least in the foreseeable future, as profitability should not be the primary concern. We believe the government should establish a national Housing and Development Board rather than continue to rely so heavily on private housing developers. We had previously called for the creation of such a board to take charge of affordable housing development on land owned by the government and public authorities. The proposal to adopt the Industrialised Building System and Building Integrated Management is timely, as these methods offer more consistent quality, faster construction times, and lower costs. We also support the expansion of initiatives such as the Housing Credit Guarantee Scheme and the Rent-to-Own programme, which will help more low- and middle-income Malaysians become homeowners. Those in the B40 group should not be excluded from home ownership or left in uncertain rental situations where they may be forced to move or face unexpected rent increases. To ensure the success of the 13th Malaysia Plan, the government must also promote transparency and inclusive public participation throughout its implementation. Regular audits, public disclosures, and accessible feedback mechanisms will help strengthen trust and encourage civic involvement. Development efforts should also be guided by long-term sustainability principles that balance economic progress with environmental care and social fairness, ensuring that no community is left behind. The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.
Time Out
18-07-2025
- Business
- Time Out
'Hood news: Over 10,000 HDB flats up for grabs in July – including new BTOs in Clementi and Bukit Panjang
Scoring a BTO flat in Singapore can feel as elusive as snagging a limited-edition Labubu – so when fresh units hit the market, you can bet hopeful homeowners are paying attention. Come July 2025, the Housing and Development Board (HDB) is launching a bumper crop of homes: around 5,500 Build-to-Order (BTO) flats and more than 4,600 Sale of Balance Flats (SBF) will go on sale as part of its latest exercise, as announced by Minister for National Development Chee Hong Tat on July 16. Among the new BTO flats, about 1,400 units in Clementi Emerald and Bangkit Breeze (in Bukit Panjang) will come with waiting times of less than three years, a huge plus for buyers who don't want to wait for up to five years before getting their keys. Clementi Emerald will offer 753 units just a stone's throw from Clementi MRT. It's next to the redeveloped Clementi Polyclinic, two schools and other amenities like a minimart, eating house, and preschool. Expect a wait time of just 34 months. Over in Bukit Panjang, Bangkit Breeze will house 643 units near Bangkit LRT and Beacon Primary School, also with similar amenities and a slightly longer wait of 35 months. These aren't the only flats going on sale. This round also includes 775 units in Sembawang Beacon (announced earlier this month), located in a brand-new estate with two-room Flexi, five-room, and 3Gen options. There are also more than 4,600+ Sale of Balance Flats (SBF), including 1,733 ready-to-move-in homes, ideal for those who need housing as soon as possible. This pushes the total number of SBF units launched this year to over 10,000, surpassing previous estimates and giving more choices to buyers of all needs and budgets. This July launch is part of HDB's ongoing strategy to boost housing supply and cater to Singaporeans seeking faster, more flexible home ownership options. It's also in line with earlier promises to roll out 12,000 flats with shorter waiting times by 2027, exceeding what's been delivered in the last five years. The strategy seems to be working, with Singapore recently ranking 17th in the Demographia International Housing Affordability Index's 2025 edition, placing us as one of the more affordable housing markets in the world.
AsiaOne
15-07-2025
- AsiaOne
1 taken to hospital, 60 evacuated in Toa Payoh HDB flat fire , Singapore News
One person was taken to the hospital and 60 residents evacuated after a fire broke out at a Housing and Development Board (HDB) flat in Toa Payoh on Monday morning (July 14). A picture of the aftermath of the incident was posted to Facebook by the Singapore Civil Defence Force (SCDF) on Monday (July 14). According to its post, SCDF responded to the fire in Block 194 Kim Keat Avenue at about 11.50am that day. Upon arrival, it was discovered that the fire was in a bedroom in a unit on the 12th floor. Firefighters entered the smoke-filled flat and put the flames out using a water jet. The unit and the corridor area outside the unit sustained heat and smoke damage as a result of the fire, said SCDF. Three people had escaped from the affected unit before SCDF's arrival and about 60 residents were later evacuated by the police as a precautionary measure. Two of the three from the affected unit were assessed for smoke inhalation, one was taken to KK Women's and Children's Hospital while the other declined to be sent to the hospital, said SCDF. It added that preliminary findings indicate the fire was likely of an electrical origin in the affected bedroom. SCDF urged members of the public to avoid overloading electrical outlets with electrical appliances, running wires under carpets or mats or keeping them near hot surfaces and leaving batteries or devices charging unattended for an extended period of time or overnight. It also stressed the importance of switching off appliances when not in use, checking the condition of wires regularly, repairing or replacing frayed wires or cracked cords immediately and only using appliances and electrical plugs bearing the Safety Mark. [[nid:720159]]
Business Times
14-07-2025
- Business
- Business Times
Should Seller's Stamp Duty be replaced by capital gains tax?
[SINGAPORE] Strong guardrails are in place to help ensure a stable housing market in Singapore. This includes levying seller's stamp duty (SSD) on transactions of homes which are sold within a specified holding period. SSD of 1 per cent for the first S$180,000, 2 per cent on the next S$180,000 and 3 per cent on the remainder was applicable to sale of homes with a holding period of under one year when SSD was first introduced in February 2010. Today, SSD rates are much higher and the holding period before a seller can sell a home without attracting SSD is much longer. The latest changes to SSD saw the holding period and rates increased. Effective from Jul 4, SSD rates are 16 per cent for a holding period of up to one year, 12 per cent for a holding period of more than one year and up to two years, 8 per cent for a holding period of over two years and up to three years, and 4 per cent for a holding period of over three years and up to four years. SSD is not payable where the holding period exceeds four years. SSD is applied based on a home's transacted price or its market value, whichever is higher. Perhaps it's not surprising that the SSD regime got tougher. In recent years, the number of private residential property transactions with short holding periods rose sharply, in particular the sub-sale of uncompleted units. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Certainly, many people view buying a home as a long-term investment and those buying for owner-occupation may envisage holding on to the said home for well over four years. Also, the need to hold a private home for over four years before selling it so as not to attract SSD is hardly onerous compared with a minimum occupation period (MOP) of five years or more for Housing and Development Board (HDB) flats. The MOP is the time period that an owner must physically reside in a flat. However, new HDB flats are sold at subsidised prices unlike private homes and some HDB flat buyers receive housing grants. Impact on housing mobility The tighter SSD regime will adversely impact housing mobility and possibly affect some private homebuyers who buy a unit predominantly for living and not for investing. Firstly, there are sound reasons why homeowners may want to sell a home within four years of purchase. For example, a breakdown in a relationship between parties who jointly bought a private home or the need to raise funds to finance a family emergency, deal with a job loss or pursue a business venture could drive owners to sell a home within a fairly short holding period. Being 'pushed' by the SSD regime to hold onto a home for longer than is desired may add undue stress to homeowners caught in the above circumstances. Secondly, the SSD regime can sting particularly hard should an economic recession cause home prices to fall sharply. In the above scenario, financial pressure may drive many owners, including buyers of new uncompleted condos, to sell their private homes at losses. And the losses will be exacerbated for owners, who are financially stretched but not bankrupt, by the need to pay SSD where homes are held for four years or less. Currently, individuals who own residential properties need not pay SSD if they have been adjudged a bankrupt and are required to dispose of their homes as a result of bankruptcy. Capital gains tax Maybe, applying SSD to the sale of homes should be replaced by introducing capital gains tax on the sale of property whether residential or non-residential. Afterall, why drive housing speculation to other segments of the physical property market? Currently, gains from selling property in Singapore are generally not taxable. However, gains from sale of property may be taxable if one is assessed to be trading in property. Taxing the gains from selling a home can be fairer than applying SSD on homes sold within a holding period of four years or less regardless of whether the transaction was profitable. Capital gains tax on property sales could be applied using higher rates for shorter holding periods and lower rates for longer holding periods. To emphasise the long-term nature of property investment, the tax can apply to properties that are held for say eight years or less. Also, costs incurred by owners on building improvements could be taken into account when computing capital gains for tax purposes. Progressive payment Ultimately, in land scarce Singapore, applying a capital gains tax to sale of various types of physical property might be effective in curbing speculation and raising revenue. While many people buy private homes here for owner occupation, some buyers may be driven solely by the aim of making a fairly quick buck. Buying a choice uncompleted unit at a new condo's launch using the progressive payment scheme and selling the unit before it's fully completed and paid for could still work despite the tougher SSD regime. Take the purchase of a S$2 million new uncompleted condo home. Assume the unit is sold at 15 per cent above the purchase price after three and a half years, ahead of obtaining the temporary occupation permit or certificate of statutory completion. In the above case, the profit on the purchase price of S$300,000 can comfortably cover Buyer's Stamp Duty and SSD of S$161,600 as well as agent's selling commission and legal fees. Moreover, having 40 per cent of the unit's purchase price still unpaid at the time of its disposal will enhance the seller's investment returns. The government intervenes actively in the local private housing market. Rightly, buyers have to be financially prudent and locals buying homes for owner occupation enjoy preferential treatment. Nonetheless, there will be investors, including relatively short-term ones, eyeing potentially lucrative financial returns from buying private homes. Whether applying SSD or capital gains tax on sale of homes is fairer or more effective in managing housing demand is debatable. Still, while tough measures will help keep speculators at bay, some speculative activity in private homes could persist should demand stay strong.
Business Times
01-07-2025
- Business
- Business Times
HDB resale prices rise at a slower 0.9% pace in Q2: flash data
[SINGAPORE] Housing and Development Board (HDB) resale prices continued to rise in the second quarter of 2025, but at a slower pace of 0.9 per cent compared with the 1.5 per cent in the first quarter. This marks the third consecutive quarter of slowdown in price growth and is the lowest quarter on quarter growth since Q2 2020, flash data from HDB indicated on Tuesday (Jul 1). It is also the first time since Q2 2020 that resale prices increased by less than 1 per cent, said Huttons Asia's senior director of data analytics Lee Sze Teck. Transaction volumes of resale flats stood at 6,981 units as at Jun 29, down 5 per cent from the same period the previous year. The increase was due to lower supply of resale flats for sale, which capped activities, said Lee. However, resale volume was up 5.9 per cent on quarter. Lee noted that activities picked up in the HDB resale market in Q2 due to seasonal factors and the absence of Build-To-Order (BTO) or Sale of Balance Flats (SBF) exercises. HDB said: 'Singapore's GDP growth for 2025 is expected to moderate from last year. Against this backdrop of slowing economic growth and increasing headwinds arising from escalating global trade conflicts, there are also early signs of moderating labour demand.' In July, HDB will launch about 5,500 BTO flats in Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh, and Woodlands. It will also conduct a SBF exercise, offering about 3,000 flats. Together with the 5,590 SBF flats launched in February 2025, the total SBF supply this year will exceed 8,500 flats.
