Minister for National Development Desmond Lee dismissed the Workers’ Party’s suggestion for market rent regulation, warning that rent controls could reduce rental supply and create allocation and equity problems.
He emphasised the adverse effects on housing market distortions and property prices, while assuring openness to alternative measures.
Following the liquidation of Clydesbuilt (Holland Link), 48 semi-detached houses in Holland Link, Singapore were listed for sale and swiftly bought within three days. The units were priced below the average resale price for similar properties in District 10, drawing significant interest, with some buyers purchasing up to ten houses despite a 30% Additional Buyer’s Stamp Duty (ABSD). Clydesbuilt (Holland Link), along with property developer Victor Ow, were previously ordered by the High Court to pay S$87 million in profits from developing the project to Innovative Corp.
In response to widespread technical glitches and lengthy waiting times, the Housing Development Board (HDB) has extended its May sales launch by three days. Applicants have reported numerous issues, including system errors and difficulties reaching the hotline. HDB has apologized for the inconvenience, assuring users that it is actively working to resolve these problems, while also urging for patience and understanding.
Applicants faced frustrations during the HDB flat application process, citing long waiting times and technical issues. Some encountered difficulties with loading pages, reaching the hotline, and submitting feedback. Despite improvements, applicants continued to struggle, calling the application process “horrible” and challenging. They expressed hope that the Housing Development Board would swiftly address the bugs and provide a smoother experience in future launches
On Tuesday (30 May), the Housing Development Board (HDB) launched nearly 7,000 flats for sale, of which 1,500 are Sale of Balance Flats located across various estates. The 5,495 Build-To-Order (BTO) flats offered are spread across five housing projects, three of which are in the mature estates of Bedok, Kallang/Whampoa and Serangoon, while the other … Read more
Private residential property in Singapore has surpassed Hong Kong as the most expensive in the Asia-Pacific region in terms of absolute prices, according to a report by the Urban Land Institute (ULI).
Despite the high prices, Singapore is considered more attainable for home ownership compared to other cities in the region.
The report attributes the increase in prices and rent to factors such as immigration, young professionals seeking more space, government measures, limited rental properties, and disruptions caused by COVID-19.
Multiple reports have emerged of a landlord in Singapore collecting rent and deposits from over 30 groups of people since 2019 but refusing to rent out the property.
The police are investigating a case where the landlord allegedly cheated over $30,000 from six groups of victims.
Victims were given various excuses for not being able to move in, and suspicions arose when they discovered other affected tenants.
The victims have filed police reports, and the incidents highlight the increasing number of home rental scams in Singapore via online platforms.
Singapore’s Minister for National Development Desmond Lee spoke at the 52nd St. Gallen Symposium, emphasizing the importance of balancing present and future needs, as well as the role of empathy in governance.
He shared personal experiences during the COVID-19 pandemic, illustrating how compassion and understanding are crucial in leadership, especially in challenging situations.