YIN

Am entering a new phase of life - Marriage.
Excitment, nervousness, eagerness, worries - all mashed together to form my roller coaster life journey.

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Stepped into office this morning, into a heated conversation on the new measures on housings, announced yday in PM Lee's speech. (p/s: dun usually tune into such speeches, prefer to read it the next day) Still alot of confusions to be cleared and maybe more measures to be announced tonight. As of now..

For private home owners:
1. Increase the holding period for imposition of Seller's Stamp Duty (SSD). The SSD will be raised from the current one year to three years.
2. Property buyers who already have one or more outstanding housing loans at the time of the new housing purchase will have to pay more money upfront - (i) minimum cash payment from five per cent to 10 per cent of the valuation limit. (ii) decrease in the Loan-to-Value (LTV) limit for housing loans granted, from the current 80 per cent to 70 per cent.
(Good luck to private home buyers who bought over the weekend)

For HDB owners:
1. Increase the Minimum Occupation Period (MOP) of non-subsidised flats from three to five years. (Meaning for 1st-time buyers like us = no difference betwn resale flats or 1st-hand flats, also no diff as to whether we taking grant or not!?!?! *faintz*)
2. Buyers of these flats will also be banned from concurrently owning both an HDB flat and a private residential property within the MOP. (So after we buy a HDB flat from today onwards, no buying of cdos within 5 yrs!)
3. Private property owners who buy a resale HDB flat must now dispose of their private residential property within six months from the date of flat purchase. (So meaning those who currently own a HDB and a private property, if they were to sell their current hdb to relocate to another neighbourhood, will they be subjected to such ruling as well?? hmm..most prob not bah)

In addition:
HDB will ramp up the supply of new flats, Design, Build and Sell Scheme (DBSS) flats and Executive Condominiums (ECs) substantially to meet the housing needs of first-time property buyers.
It will be offering more than 16,000 new flats this year.
If demand remains strong, HDB said it's prepared to launch up to 22,000 new flats next year.

Conclusion: We are definitely going to wait till end of the year before we start sourcing for our flat. Luckily we have not let the current market got over our head and join in the ridiculous COV crowd.

**taken from www.channelnewsasia.com

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