Singapore General Election GE 2015/2016
Next Singapore General Election must be held by Jan 2017 and we may be likely to have a GE 2015. Eligible Singaporeans, i.e. at the age of 21 and above will have to cast their precious votes in this coming GE to decide for the future of Singapore.
During Singapore General Election 2011, we might recall that some of GE 2011 hot topics include the affordability of public housing. To effectively address the public’s concern over these public housing matters, Ministry of National Development has made a series of public announcements since GE2011 as follows :
- Improving market stability
From the perspective of a property investor, one may be opined that Singapore Government has made conscious effort to refine their policies so as to avoid the local property bubble. This can be felt by the introduction of many rounds of property cooling measures including the most impactful total debt servicing ratio. By looking at the revised HDB resale price index 2015, we will also know that it has been trending down progressive and consecutively for the past 7 quarters due to the these cooling measures.
If the HDB revised resale price index is trending down, it affects the private property market as well. It is unlikely that the Singapore government will remove the cooling measures before GE 2015 / 2016 to avoid further dissent of Singapore citizens related to the affordability issues of public housing. To certain extent, these post GE 2011 property curbs have helped to consolidate and strengthening the property market and avoid the catastrophic property bubble in Singapore.
2. Providing stronger support to all Singaporeans
Ministry of National Development aims to provide stronger support for three groups: the elderly, the low-income and vulnerable, and extended families. For the elderly, there are reviews to enhance the existing monetization policy options. For the low income and vulnerable, they are provided with better support to move from rental flats to owning HDB flats and other housing needs. MND is reviewing existing policy to also support extended families to live closer.
3. Making every town a better town
While developing new housing areas, both MND and HDB are also looking into upgrading existing housing estates with quite a few programmes including lift upgrading programme, (LUP), home improvement programme (HIP) and neighbour renewal programme (NRP).
In 2016, we will see a peak supply of newly completed executive condominium units (i.e. 6,371) and private residential units (i.e. 26,252) to a total of 32,623 units. This gives property buyers and property investors more options to choose from. This may be a good signal of a buyer market!
Young couples who are first time applicants will find more easier to apply and get their Build to Order (BTO) Flats than before. Singles who meet HDB criteria and also apply smaller HDB flats in HDB BTO projects. With the property supply exceeding the property demand, the Singapore Property Market especially in 2016 is expected to be further stabilized and consolidated.
Home Ownership and Housing Affordability Comparison with other major cities.
If you also might recall not long ago in April 2015, there was an interesting article reported by Straits Times about the comparison between Singapore and other major cities such as Paris, London, New York and Hong Kong in terms of home ownership, income inequalities and housing affordability. How did Singapore fare against these major cities? See the below charts from ST Graphics.
The Building of World Class Transportation Network
We will be having a much better transportation network in years to come e.g. the upcoming Thomson East Coast Lines, the Rapid Transit System (RTS) Link between Singapore and Johor Bahru as well as the exciting high speed rail link between Jurong East and Nusajaya and other parts of Malaysia. All these positive developments will further add values to our Singapore properties be it public housing or private housing as well as our fellow commuters. More of Singapore properties will be also benefited by these wider MRT networks.
Post GE 2011
From both the perspective of a Singaporean Citizen and a property investor, I view the above as significant improvements done by our Singapore Government to address our GE 2011 public housing concerns as well as to preserve and improve the values of our property assets in a way or another.
While i understand that the living standard in Singapore is also getting tougher for averaged Singaporeans to cope, Singapore is still after all a nation well envied by the leaders of many other countries. I am proud and always feel blessed to be a Singaporean.
The exact period for a GE 2015 is not announced yet but my wild guess will be probably during our school holidays near September 2015. What i certainly hope the outcome of this Singapore General Election is a better forward looking Singapore.
I look forward to celebrate our SG50 in this coming National Day Parade 2015 and a better Singapore for our next generations ahead.
Disclaimer: Property Investment Singapore Blog respects the privacy of others’ votes for the upcoming and past General Election Singapore. Every Singapore GE vote is secret. This post is also not to express any political views.