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Straits Times
a day ago
- Business
- Straits Times
Private home owners may not have to wait till 2027 for change in HDB wait-out period: Chee Hong Tat
The HDB resale price index grew by 1.6 per cent in the first quarter of 2025, down from 2.6 per cent in the fourth quarter of 2024. PHOTO: LIANHE ZAOBAO Private home owners may not have to wait till 2027 for change in HDB wait-out period: Chee Hong Tat SINGAPORE – The wait-out period for private property downgraders looking to buy a resale flat may be relaxed before 2027, with an expected rise in supply of new and resale flats. Speaking at a community event in Toa Payoh on June 21, National Development Minister Chee Hong Tat said the supply of resale flats is expected to rise from 2026, as batches of Build-To-Order (BTO) flats affected by the Covid-19 pandemic hit their five-year minimum occupation period (MOP). Housing Board will also be launching more than 50,000 units from 2025 to 2027. Mr Chee said he expects that the effect of a strong continued supply of new BTO flats and resale units would moderate resale prices, making it timely for authorities to consider if the 15-month cooling measure should be partially or entirely removed. He added that private property owners may not need to wait till 2027 or 2028 for a review of the wait-out requirement, which was introduced in September 2022. 'So that's why I said (this would be considered) at the right time, when the resale market has stabilised, and when the supply of resale flats increase, which we think will happen in the next few years, because this year is actually the year where the turn will happen,' he said. The HDB resale price index grew by 1.6 per cent in the first quarter of 2025, down from 2.6 per cent in the fourth quarter of 2024. It is the lowest growth in the past five quarters. Asked if the Government is looking at a specific threshold, Mr Chee said: 'I don't think we have a threshold in mind, because this is really a judgment call.' Speaking to reporters on the sidelines of the PA Family PLAYGround event held at Toa Payoh West Community Club, the minister said there are already early signs of price stabilisation in the HDB resale market. 'We'll continue to monitor. I think if the situation continues to improve, then it will allow us to then make that judgment call of when we can remove, whether partially or entirely, the 15-month requirement,' he added. Between shortening the requirement and removing it, Mr Chee said leans towards scrapping it entirely. 'We haven't come to any decision yet, but my own view is that if the situation allows us to remove it entirely, I think we should consider that,' he said. Mr Chee acknowledged that the 15-month requirement posed some inconvenience for private property owners looking to right-size and buy an HDB resale flat, but he said the cooling measure's objective remains valid. 'We want to make sure that the resale flat prices do not rise too quickly and become unaffordable for buyers, especially first time buyers, who want to go into the resale market,' he said. 'I think that's an important objective that we must safeguard.' New hawker centre in Bishan At the community event, Mr Chee also announced to Bishan-Toa Payoh GRC residents that Bishan will be getting its own hawker centre. The hawker centre is among several plans he had pledged to carry out for the constituency during the general election. The anchor minister for the GRC said then that many residents had pointed out that Bishan lacked a hawker centre. Minister for National Development Chee Hong Tat playing a game at the PA Family PLAYGround 2025's third stop at Toa Payoh West Community Club on June 21. ST PHOTO: CHONG JUN LIANG Mr Chee said that more details will be shared after the Urban Redevelopment Authority unveils the Draft Master Plan 2025 on June 25. But he said the hawker centre may be integrated with the Bishan bus interchange, which is set to become an air-conditioned facility. Mr Chee said the refreshed bus interchange may not be built on its existing site next to Junction 8, but it will be near its current spot where the town centre and Bishan MRT station are located. 'We want it (hawker centre) to be near the key transport nodes to make it more convenient for residents,' he said. The approach is in line with integrated facilities in Pasir Ris and Bidadari, where new hawker centres are built on top of or next to MRT stations or bus interchanges. Mr Chee said it is one of the ways the authorities make full use of Singapore's scarce land resources. 'When we combine these different facilities serving different needs, I think we are able to, on one hand, optimise the use of land, and on the other hand, also bring about greater convenience for residents. 'So it's win, win,' he said. Join ST's WhatsApp Channel and get the latest news and must-reads.
Straits Times
a day ago
- Business
- Straits Times
Private homeowners may not have to wait till 2027 for change in HDB wait-out period: Chee Hong Tat
The HDB resale price index grew by 1.6 per cent in the first quarter of 2025, down from 2.6 per cent in the fourth quarter of 2024. PHOTO: LIANHE ZAOBAO Private homeowners may not have to wait till 2027 for change in HDB wait-out period: Chee Hong Tat SINGAPORE – The wait-out period for private property downgraders looking to buy a resale flat may be relaxed before 2027, with an expected rise in supply of new and resale flats. Speaking at a community event in Toa Payoh on June 21, National Development Minister Chee Hong Tat said the supply of resale flats is expected to rise from 2026, as batches of Build-To-Order (BTO) flats affected by the Covid-19 pandemic hit their five-year minimum occupation period (MOP). Housing Board will also be launching more than 50,000 units from 2025 to 2027. Mr Chee said he expects that the effect of a strong continued supply of new BTO flats and resale units would moderate resale prices, making it timely for authorities to consider if the 15-month cooling measure should be partially or entirely removed. He added that private property owners may not need to wait till 2027 or 2028 for a review of the wait-out requirement, which was introduced in September 2022. 'So that's why I said (this would be considered) at the right time, when the resale market has stabilised, and when the supply of resale flats increase, which we think will happen in the next few years, because this year is actually the year where the turn will happen,' he said. The HDB resale price index grew by 1.6 per cent in the first quarter of 2025, down from 2.6 per cent in the fourth quarter of 2024. It is the lowest growth in the past five quarters. Asked if the Government is looking at a specific threshold, Mr Chee said: 'I don't think we have a threshold in mind, because this is really a judgment call.' Speaking to reporters on the sidelines of the PA Family PLAYGround event held at Toa Payoh West Community Club, the minister said there are already early signs of price stabilisation in the HDB resale market. 'We'll continue to monitor. I think if the situation continues to improve, then it will allow us to then make that judgment call of when we can remove, whether partially or entirely, the 15-month requirement,' he added. Between shortening the requirement and removing it, Mr Chee said leans towards scrapping it entirely. 'We haven't come to any decision yet, but my own view is that if the situation allows us to remove it entirely, I think we should consider that,' he said. Mr Chee acknowledged that the 15-month requirement posed some inconvenience for private property owners looking to right-size and buy an HDB resale flat, but he said the cooling measure's objective remains valid. 'We want to make sure that the resale flat prices do not rise too quickly and become unaffordable for buyers, especially first time buyers, who want to go into the resale market,' he said. 'I think that's an important objective that we must safeguard.' Join ST's WhatsApp Channel and get the latest news and must-reads.
Straits Times
4 days ago
- Business
- Straits Times
CDAC to double places for its programmes to over 30,000 by 2030
Ms Sabrina Ng, who mentors Primary 4 pupil Nikki Ong as part of the Go the Extra Mile mentoring programme, playing a game of dominoes with the 10-year-old. ST PHOTO: CHONG JUN LIANG CDAC to double places for its programmes to over 30,000 by 2030 SINGAPORE - The Chinese Development Assistance Council (CDAC) will significantly increase access to its academic, enrichment and learning support programmes in the next five years. By 2030, the self-help group aims to more than double the number of places for such programmes, from over 15,000 today to over 30,000 spots , said CDAC chairman Ong Ye Kung. Mr Ong, who is also Minister for Health and Coordinating Minister for Social Policies, was speaking to the media after CDAC's 33rd Annual General Meeting at its Tanjong Katong headquarters on June 18. The council said it spent over $37 million to help 15,700 households in 2024 , up from $34 million and 15,300 households in 2023. In 2024 it offered 15,000 tuition and enrichment places, awarded 12,000 student bursaries, and had 8,000 places for family support programmes. With the income criteria raised in 2024 to help families, there was a 12 per cent increase in successful applicants compared to 2023. From Jan 1, 2024, applicants with a gross monthly household income of below $4,800 (up from the previous ceiling of $2,400) or a gross per capita income of $1,400 (up from the last limit of $800) could apply for bursaries for their primary, secondary, and tertiary education. Mr Ong said CDAC has a team of case managers who looked after about 1,400 families in 2024, providing all-rounded support like financial and emotional support. It also provided mentorship for 320 students through its Go the Extra Mile (GEM) mentoring programme, supervised homework group and Project YOUth Can Shine. Enrichment programmes covering areas such as arts and crafts, speech and drama, coding, and robotics, were also offered to over 3,500 students. In addition, a new Tinkering Space area at the newly renovated CDAC@Bukit Panjang held activities to cultivate in the young a love for learning beyond their school curriculum. The self-help group had a net deficit of $1.02 million in 2024, the first year that it has accumulated a net deficit since 2014. Mr Ong said this was mainly driven by higher expenditure as CDAC expanded its programmes and extended assistance to more families and students in need. Going forward, it will tap on its operating surpluses accumulated over the years and donations. 'The immediate priority for the next one, two years is to make sure we can expand our programmes without compromising the quality,' he added. Agreeing, CDAC board member and Minister for National Development Chee Hong Tat said the goal is to ensure CDAC's programmes reach families and students, and doing so will help it bring on more sponsors, partners and donors. CDAC is also strengthening partnerships and streamlining resources to do more with less, and without compromising impact, said its executive director Tan Yap Kin. For instance, he noted that digitalisation efforts saved over 6,000 staff hours in 2024. 'We will continue to drive ground-up initiatives to enhance productivity and scale our programmes cost-effectively,' he added. On the council's 2030 target of doubling to 30,000 places for its programmes, Mr Ong said this will largely be through increased capacity in the tuition and enrichment programmes. Beyond these, he said students also need role models, and CDAC has a suite of programmes to support their social and emotional development. Mr Tan added: 'While tuition remains a key pillar, we are expanding enrichment programmes to nurture curiosity, creativity, and a love for learning,' he said. 'Together, they support our holistic approach to uplifting students from all backgrounds.' CDAC mentor Sabrina Ng, 36, said there are many students who can benefit from the council's mentorship programmes as school teachers may not have enough time to support them in their social and emotional development. 'With the expansion of our programmes, what remains very important is the quality of the relationship between the mentors and mentees,' she said. 'We are not looking for big leaps, but we celebrate every baby step of improvement.' Chin Soo Fang is senior correspondent at The Straits Times covering topics such as community, politics, social issues, consumer, culture and heritage. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
4 days ago
- Business
- Business Times
Record-high satisfaction with property agents, but rising expectations on advice, compliance: CEA survey
[SINGAPORE] While a record 92 per cent of property consumers are satisfied with their agents' services, more are seeking clearer advice and better guidance from agents, based on the 2024 Public Perception Survey by the Council for Estate Agencies (CEA). The latest figure marks a significant increase from previous surveys, with satisfaction levels rising from 77 per cent in 2021 and 85 per cent in 2018. It is also the highest since the survey was first conducted in 2012, said Senior Minister of State for National Development Sun Xueling at the Singapore Estate Agents Conference on Wednesday (Jun 18). Consumers valued agents mainly for their network and expertise: 45 per cent cited faster transactions, 44 per cent highlighted their help with procedures and paperwork, and 42 per cent said their agents helped secure better prices or rent. The share of consumers prioritising the track record of the agent's agency rose to 45 per cent, up from 31 per cent in 2021 and 16 per cent in 2018. The agent's personal track record was equally important at 45 per cent, slightly lower than 47 per cent recorded in 2021 but higher than 21 per cent in 2018. Positive reviews online and from other consumers also carried more weight. Some 44 per cent of consumers prioritised online ratings, up from 16 per cent in 2021 and 12 per cent in 2018. Meanwhile, recommendations from friends and family fell in priority, from 63 per cent in 2018 to 43 per cent in the latest survey. Consumers were increasingly aware that agent commissions are negotiable, and that signing formal agreements with their agents helped reduce potential disputes over an agent's responsibilities. 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 Rising expectations Despite increasing satisfaction, Chan Khar Liang, CEA's executive director, noted that there are 'rising expectations' of property agents to remain professional and up to date on the rules and regulations governing property transactions. The triennial survey found that 43 per cent of consumers felt agents could improve in understanding client needs and providing relevant professional advice – particularly during the early stages of transactions. Meanwhile, 40 per cent said agents could conduct relevant checks to ensure deals comply with current laws and regulations, and 38 per cent said agents could negotiate better prices and terms for their clients. Sun said: 'In line with this, about three in four consumers also expected property agents to facilitate at least one property transaction per year, to ensure that they stay familiar with the latest property transaction rules and guidelines.' To raise professionalism, CEA has been implementing recommendations from an industry workgroup set up in 2021 to strengthen ongoing professional development for property agents. These include enhancing course accreditation and trainer requirements for better course designs. Sun said: 'Property agencies and agents serve as crucial gatekeepers, alongside institutions and legal practitioners, in protecting our real estate sector from illicit activities.' In April, Parliament passed the Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill, which imposes maximum financial penalties on property agencies and agents on a 'per breach' basis, rather than 'per case', for anti-money laundering and terrorism-financing violations. Property agencies and agents are also required to conduct due diligence measures on unrepresented counterparties. Additionally, property agencies have ramped up investments into technology, and more agents used tech when serving customers in the past three years, the CEA survey showed. This includes websites or apps with details of properties or information on property trends, as well as pricing, valuation or financial calculation tools. 'At an organisational level, property agencies should continue the good momentum to digitalise and streamline property transaction processes, so that your agents can provide better and faster customer service to their clients,' said Sun. CEA said it will continue working with agencies to further digitalise property transaction processes, as well as support small and medium-sized agencies in their digitalisation journey. The 2024 Public Perception Survey polled 1,004 consumers who engaged property agents in the year before the survey was conducted, as well as 505 potential consumers considering such engagements within the next two years. Unified industry body At the conference, the Singapore Estate Agents Association (SEAA) and the Institute of Estate Agents (IEA) Singapore announced their merger to form a unified industry body. The proposed name of the new industry body – pending approval from the Registry of Societies – is the Singapore Institute of Estate Agents (SIEA). The new body will represent more than 15,000 real estate agencies and agents. Adam Wang, president of SEAA, said the new body will enable real estate agents and agencies to 'collectively raise the standard and reputation' of the profession in Singapore. 'Through this coming together, we are better-equipped to respond to change and shape the future with confidence.' The merger comes amid rapid changes in the real estate industry, including digitalisation, evolving consumer expectations, tighter regulations and growing demand for trusted advisory services, said SEAA and IEA in a joint announcement. 'The proposed SIEA will provide a united front to address these challenges, while fostering innovation, collaboration and sustainable practices within the sector,' they noted. Multi-listing system To keep up with the rapidly evolving real estate landscape, SEAA and EdgeProp Singapore on Wednesday also launched a multi-listing system for the association's 15,000 members. The member-exclusive platform allows agents to post, manage and collaborate on property listings within a secure, centralised space, while preventing duplicate listings. The web-based system is mobile-friendly, with plans underway to develop a dedicated app. The multi-listing system is owned by SEAA, with EdgeProp as the technology partner responsible for its ongoing development and maintenance. Wang said the tie-up offers an affordable platform that enhances co-broking opportunities for members, as well as addresses rising operational costs.
AsiaOne
6 days ago
- Politics
- AsiaOne
'I take it whenever I can': Acting Transport Minister Jeffrey Siow wants to rekindle Singaporeans' love for public transport, Singapore News
Breakdowns, delays, and accidents — these issues have plagued Singapore's rail and bus systems and caused many sleepless nights for former transport ministers. Now, Jeffrey Siow, 47, a first-time parliamentarian who is helming the Ministry of Transport (MOT), finds himself in a "politically intense" position with significant public interest. That is because everybody in Singapore "care" about the fortunes of the transportation system here, he said. Siow was speaking to reporters at the Ministry of Transport's (MOT) headquarters in Queenstown — his first sit-down interview since being appointed to the role on May 21. The Acting Transport Minister replaces Chee Hong Tat, who is now the Minster for National Development. Siow was a former second permanent secretary at the Manpower Ministry and Ministry of Trade and Industry, before resigning to contest the General Election on May 3. He was also a director at the Ministry of Transport from 2012 to 2017 where he was involved in planning the Thomson-East Coast MRT line and the Johor Bahru-Singapore Rapid Transit System (RTS) Link. Less than a month into his second stint in the ministry, Siow said that he has hit the ground running by speaking with transport operators, commuters and other stakeholders to reconnect with the transport sector. He even took the train on his first day as acting minister to the office on May 26. "I take public transport whenever I can because it's helpful to see things for yourself," said Siow, who revealed he commutes on the North East Line and Circle Line. "And whenever I see something, LTA is kept a little busy. Yesterday evening, I saw that one of the handrails on the escalator was a bit worn. So, I told them (to) fix it," he added. "Those little things… I think it's helpful to just do that as much as I can." Stepping into a 'hot potato' role Netizens had questioned why a political newcomer like Siow was handed such a high stakes ministry — often viewed as a "hot potato". His predecessors all had prior political experience before taking on the portfolio. Asked how his appointment as transport minister came about, Siow said it was not much of a discussion with Prime Minister Lawrence Wong. "He explained why he thought I could do the job, and I went back to think about it," he added, who took the offer as a vote of confidence from the prime minister. Siow also consulted former Transport Minister Khaw Boon Wan, who offered his support. Siow said: "I look at the very positive side, which is that my job is a very meaningful one that matters to all Singaporeans. I enjoy doing a work that matters to people. "And in the case of transport, when you do something, things are tangible… it's real. Though technically still "Acting" Minister, Siow, who is also Senior Minister of State for Finance, doesn't see himself as on probation. "I like the job. On the policy side, I am comfortable and of course I'm very much starting my political journey," he said. "I'm very grateful to have the support of a very good team with me and I feel a lot of their love and support." Building resilience to the rail system Over the nearly two-hour interview, Siow laid out his ambitions for the next five years — starting with restoring Singaporeans' pride in the public transport system. Citing major cities such as New York and London, Siow said that public transport is very much a part of one's life. The same holds true for Singapore, where photos of old, non-air-conditioned public buses remain a part of our collective memory and transport heritage. "People feel pride in Changi (Airport), but the public transport side, I think we can do a lot more," he added. "We must run it as well as we have run the air and sea systems, so that Singaporeans can take pride in it." While Siow acknowledges that disruptions will happen "every now and then", he feels that it is important to build resilience to the rail system. This comes after the rail operator SMRT was fined $3 million for a major six-day disruption on the East-West Line (EWL) in September 2024. An estimated 500,000 out of 2.8 million train journeys were affected on each day of the disruption. Siow said that his ministry will continue investing to improve reliability to the rail and bus systems. To that end, Siow said that public transport fares are expected to rise over time. Calling it "planned unhappiness", he said: "We know we have to do this.. .because there are people who work in the transport sector whose wages need to rise over time. "If you say that fares must decline, you are essentially saying that wages must decline." The Government, he added, remains committed to support lower-income commuters through transport vouchers and fare concessions. Self-driving public buses Another "big push" that the ministry is aiming in the next five years is autonomous vehicles. In January, LTA announced that it would trial self-driving public bus services in Marina Bay and one-north in Buona Vista. The authority previously said that it will buy six autonomous buses with at least 16 seats and deploy them on bus services 400 and 191. They will operate alongside existing buses and will be deployed from mid-2026 for an initial period of three years. Autonomous vehicle trials are currently on-going in FairPrice warehouses in Joo Koon and shuttle bus services at Resorts World Sentosa and Ngee Ann Polytechnic. Self-driving technology, Siow said, will help address manpower challenges. "I have no doubt in five years you will be you will see many autonomous vehicles in Singapore, and we will start off probably with fixed routes in HDB estates, taking people to safely, to point to point to where they want to go," he added. Autonomous vehicles, he said, could also eventually shift how Singaporeans think about car ownership. "It may make less sense for you to drive your own car," he said. "You can call a car; the car arrives within five minutes. You pay for it on a pay-per use basis. You then get to where you want to go, you don't need to park. "I think the dynamic will change, and that will have interesting implications for how we think about private vehicles… and the COE system. That's maybe a further bit down the road, but I think it is worth really thinking about it." [[nid:718848]] chingshijie@
