Singapore Real Estate

The vast majority (more than 80%) of Singaporeans live in public housing. These homes are located in housing estates, where most are developed neighbourhoods with schools, supermarkets, clinics, food centres and recreational facilities. Popular neighborhood estates include names like Ang Mo Kio Town, Toa Payoh, Clementi, Yishun, Bishan, Hougang, Simei, Woodlands, Punggol, Bukit Batok,Tampines and others to the name. In short, they are called HDB.

Owning a home, a property in these places is a satisfaction. However, a buyer must consider factors before buying properties. It is the decision of the buyer to engage with real estate agents to handle transactions. Advantages of hiring the best real estate agents depend on its accreditation. STAR PROjECT is a member of The Singapore Accredited Estate Agencies (SAEA) Scheme was introduced in November 2005 to ensure that accredited agencies and agents are competent and proficient in their field, and are equipped with the necessary knowledge and skill to give advice and carry out property transactions and deals.

The scheme was initiated by the Singapore Institute of Surveyors and Valuers and the Institute of Estate Agents and is supported by the Ministry of Finance, the Housing Development Board and the Inland Revenue Authority of Singapore.

Individual agents must either have a degree or diploma in real estate studies, or passed a professional examination called the Common Examination for House Agents (CEHA).

And STAR PROjECT also possess a valid house agent’s licence issued by the Inland Revenue Authority of Singapore.

Aside from availing themselves to professional advice, clients of accredited agents will also have an avenue for dispute resolution (at the SISV Mediation Centre) should they encounter problems during transactions.

For more information visit Star Project’s site http://www.starproject.com.sg…

Simplify land use changes

The government’s decision to set up a task force to identify ways of providing affordable housing is very timely. Country-wide appreciation in real estate prices, together with high interest rates, has severely eroded affordability for a greater section of the population. The shortage of nearly 25 million dwelling units is primarily for the weaker and low income categories.

This section had found housing difficult even when real estate prices were down. At current elevated prices many in the middle class would have given up hope of owning a house. But even before we deliberate the policy response, it is important to define affordability. Does it mean providing housing to the economically weaker sections in the heart of the city? Also, does it mean outright ownership or rented accommodation?

The idea should be to provide people affordable housing at a reasonable distance from their work place. This is where public transport comes in. But the abysmal failure of public transport systems in most Indian cities has meant that people are forced to live close to their work place, which has created unwarranted demand pressure and high prices. The archaic land laws that make conversion difficult and discourage land pooling have further accentuated the problem.

Therefore, what is required is an integrated land-use and transport policy. Good public transport would help develop satellite towns where it may be possible to provide affordable housing through simpler measures such as subsidised loans as land prices would not weigh unduly on cost. This calls for a forward looking land-use policy and better planning. The Jawaharlal Nehru National Urban Renewal Mission (JNNURM) has provided an incentive structure for states to put in place relevant reforms. We need to build on that. more…