OrangeTee & Tie's Justin Quek on changes to Singapore's public housing framework

Resale restrictions are being tightened to keep flats, especially in choicer locations, affordable in the long run. This includes a new income ceiling and 30-month wait-out period for buyers in the new Plus category. Justin Quek, Deputy CEO of OrangeTee & Tie, shared his thoughts on the changes to the public housing framework.
Subscribe to our channel here: cna.asia/youtu...
Subscribe to our news service for must-read stories:
Telegram - cna.asia/telegram
WhatsApp - cna.asia/whatsapp
Follow us:
CNA: cna.asia
CNA Lifestyle: www.cnalifestyl...
Facebook: / channelnewsasia
Instagram: / channelnewsasia
Twitter: / channelnewsasia
TikTok: / channelnewsasia

[@liangyuqing2260]

6:46 HDB has MSR restriction. $14k income gets you about $800k of housing loan, using 25 years loan tenure and 4% interest.

[@BabyYodaMin]

So absurd that he thinks 14k income couple could afford 2.1 million house

[@tobynagreanu]

not true, it all depends on which bank and the payback period. My income is 10k and I was able to get a 1 million loan for 30 yrs.

[@liangyuqing2260]

@@tobynagreanu yup max loan tenure is 30 years. For HDB / EC purchase, one may only service the loan with up to 30% of their monthly income. The loan will not hit that amount. For private property you can use up to 55% of your monthly income to service, the loan amount will be higher, like in your case.

[@mikey3672]

Its amazing how this dude can stretch his sentence and yet say pretty much nothing. Very eloquent speaker tho

[@user-oh6wb5rj2q]

😂

[@user-oh6wb5rj2q]

This shows how important language proficiency is.

[@bohimas]

Hahaha I was thinking about it too.

[@rl7449]

Master chef of word salad 🥗

[@rl7449]

He said a lot of things but spoke nothing 😢

[@user-oh6wb5rj2q]

😂😂😂😂😂😂

[@Alexander-et9jm]

People who buy any types of BTOs, Resales and ECs should be restricted to at least 20 years MOP. Period.

[@Sc-tj6bk]

Inverview a property agent, so naturally he uses the word 'drawback' down the road. I guess it means foreseen lesser profit. The penalty is a Measure to ensure HDB for Living. It is not for flipping for Profit thus create a negative spiral to society and our grandchildren.

[@guidobrunner4819]

Beyond Votes Brothers & Sisters in Singapore ❤😊

[@TToTToTT]

the right question is.... "how much of a % do you think induced demand by property agents have on property prices? "

[@angxiang3186]

How can HDB be a retirement nest ??? Unless you downgrade to a smaller flat in a lesser desired location or you tap on the lease buyback scheme ~ in both scenarios, you would need to have fully paid for the HDB unit.
So, the question is how long does an average Singaporean takes to fully paid for his HDB flat??? What many years are left from this 99 years lease to make it as an “asset” for proceeds from this retirement nest.
Obviously, we are not referring to those of Pinnacle ~ millionaire HDBs.

[@Yzdrd]

In a way this new classification will divide the nation more. Its better to just leave the non mature & mature & then slowly reclass non mature to mature so that eventually spore will only have 1 class “mature”… One Spore.

[@cmwchay]

I don’t hear any answers at all. Is he even listening to the questions?

[@rl7449]

He is pro at making word salads ! Not answering the questions and just string words to sound like a pro

[@PAPLies245]

Narrative of HDB as retirement-nest being contested by AMK SERS

[@ocswoodlands]

These are simplyvery long term policies at least 15 years from now (wrt Prime/Plus) which are not enshrined in constitution.
And policies come and go (recall hudc, dbss etc). So my verdict is this policy will be one of those that does NOT withstand the test of time

[@PAPLies245]

So instead of serving as a retirement nest as described by PM Lee, seniors at AMK have to spend money out of their own pocket to relocate, refurbish and resettle themselves in a new environment without benefitting from proceeds from the sale of their HDB flats.
This is especially ironic given that this falls under PM Lee’s own constituency where some residents are given the impression that they have no choice but to “suck it up”.

[@PAPLies245]

Leong Mun Wai, has pointed out in an adjournment motion that this is the first time in HDB history that residents selected for SERS must top-up cash to get an equivalent replacement flat with a new 99-year lease.
This was confirmed by Mr Leong during the deliberations of the Public Petitions Committee via questions to the Ministry for National Development (MND) for past examples of SES where the residents had needed to top-up cash for an equivalent flat with a new 99-year lease.
The situation seen in AMK Ave 3 will likely get worse for many in the future as senior HDB owners see the value of their flats depreciate as the value of new flats gets more expensive.

[@ttkoh123]

Will the new framework results in $0.11 cents / sqft / mth rate comparable to Ridout rate?

[@aeyliali1810]

I thought its just me that thinks that way .. omg !

[@liar-liar]

It benefits agents tremendously 😂😂

[@paulwonglf]

Fishing for voters for next election

[@user-pt2pc5uf1g]

Cut the crap. A pigeonhole is a pigeonhole

[@tcmelvinlee4804]

Either way we lose

[@victorlee6220]

Cute