{"id":121102,"date":"2021-07-27T05:30:25","date_gmt":"2021-07-26T22:30:25","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/any-potential-measure-to-reduce-eips-economic-impact-should-apply-to-all-races\/"},"modified":"2021-07-27T14:03:17","modified_gmt":"2021-07-27T07:03:17","slug":"any-potential-measure-to-reduce-eips-economic-impact-should-apply-to-all-races","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/any-potential-measure-to-reduce-eips-economic-impact-should-apply-to-all-races\/","title":{"rendered":"Any potential measure to reduce EIP\u2019s economic impact should apply to all races"},"content":{"rendered":"


\nAny potential measure to reduce EIP\u2019s economic impact should apply to all racesWith more HDB flat sellers from minority groups coming forward to appeal the EIP, the Ministry of National Development\u00a0is carefully studying the situation.
\nMore flat sellers from the minority races have appealed the Ethnic Integration Policy (EIP), which caps the proportion of flats that can be owned by households of each ethnic group within an HDB block and neighbourhood, said the Ministry of National Development (MND) in Parliament on Monday (26 July).
\nThis comes as Chinese buyers form a bigger proportion of the market; hence, the impact on non-Chinese sellers is larger once the Chinese EIP limits are reached.
\nWith a smaller pool of eligible buyers, affected sellers may have to cut their asking price or face a longer time to dispose of their flat.
\nThe ministry, however, said that it is difficult to size the exact impact of the EIP on financial outcomes.
\n\u201cThe selling price of a flat could be affected by many factors, including the location, storey height, and the physical condition of the flat,\u201d it said.
\n\u201cTiming also matters, as market sentiments change over time.\u201d
\nMoreover, the price of a flat at the point of acquisition also depends on multiple factors.
\n\u201cIf a flat had been purchased on the resale market and was affected by the EIP limits at the point of purchase, the current seller could have bought the flat at a lower price, a positive financial impact from the EIP at that point,\u201d it explained.
\nThe financial gains vary for every transaction, \u201cfor reasons other than and even due to the EIP\u201d.
\nWith this, the ministry reiterated that it is carefully studying the situation, including what more can be done to help affected sellers.
\nIt revealed that it will consider the suggestions put forward by some Members of Parliament (MPs) in their review.\u00a0
\nNotably, several MPs had suggested various measures to reduce the economic impact of the EIP on minorities. These include introducing a discount on fixed resale levy payable by non-Chinese sellers and providing additional subsidies to attract potential buyers of a particular race.
\nMND, however, underscored that any potential measure should apply to all races and be targeted at addressing EIP\u2019s unintended effects.
\n\u201cFor example, it might not be appropriate to tie the resale levy to the EIP as they serve different policy objectives. The resale levy is intended to reduce the size of the second housing subsidy from HDB, and hence applies to those who buy a second subsidised flat from HDB,\u201d it said.
\n\u201cNot all EIP-constrained flat sellers will buy a second subsidised flat and be liable for a resale levy in the first place.\u201d
\nLooking ahead, it assured that HDB will continue to exercise flexibility for EIP-constrained sellers on a case-by-case basis.
\n\u201cWe will keep working to smoothen the rough edges of the policy, and seek Singaporeans\u2019 continued support for the EIP and the vital role it plays in fostering racial harmony and understanding,\u201d said MND.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Any potential measure to reduce EIP\u2019s economic impact should apply to all races<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Any potential measure to reduce EIP\u2019s economic impact should apply to all racesWith more HDB...<\/p>\n","protected":false},"author":1,"featured_media":121103,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-121102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/HDB-flats-in-Ghim-Moh-1.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vvg","jetpack-related-posts":[{"id":76198,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-flat-sellers-restricted-by-ethnic-integration-policy-may-get-extension-wong\/","url_meta":{"origin":121102,"position":0},"title":"HDB flat sellers restricted by ethnic integration policy may get extension, Wong","date":"January 10, 2018","format":false,"excerpt":"\r Owners of Housing and Development Board (HDB) flats who are finding it hard to dispose of their units due to the ethnic integration policy (EIP) can ask for an extension of time, revealed Minister for National Development Lawrence Wong in Parliament on Tuesday (9 December). \u201cFor those who are\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120554,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ethnic-integration-policy-remains-important-to-building-racial-harmony-says-desmond-lee\/","url_meta":{"origin":121102,"position":1},"title":"Ethnic Integration Policy remains important to building racial harmony, says Desmond Lee","date":"July 6, 2021","format":false,"excerpt":"\r Ethnic Integration Policy remains important to building racial harmony, says Desmond LeeLee explained that the EIP remains \u201ccritical, because so much of our lives, and our children\u2019s lives, revolve around our homes and our neighbourhoods\u201d.\u00a0 Minister for National Development Desmond Lee believes the Ethnic Integration Policy (EIP) is still\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/HDB-Singapore-1.jpg?fit=810%2C422&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":99118,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-plans-to-buy-back-unsold-flats-due-to-ethnic-integration-policy\/","url_meta":{"origin":121102,"position":2},"title":"No plans to buy back unsold flats due to Ethnic Integration Policy","date":"October 4, 2018","format":false,"excerpt":"\r The policy was introduced in 1989 and ensures there is a balanced mix of ethnic groups in HDB estates. The government has no plans to buy back flats from homeowners who claim they are unable to sell their units due to the Ethnic Integration Policy (EIP), said National Development\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121284,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/government-exploring-ways-to-keep-public-housing-accessible\/","url_meta":{"origin":121102,"position":3},"title":"Government exploring ways to keep public housing accessible","date":"August 6, 2021","format":false,"excerpt":"\r Government exploring ways to keep public housing accessibleThe Government is working on making public housing, especially in prime areas, more inclusive amid growing income inequality.\u00a0 Second Minister for National Development Indranee Rajah said Singapore must think harder on how it could keep public housing accessible and inclusive, amid the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/HDB-flat-Singapore.jpg?fit=820%2C411&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":121077,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/clustering-in-some-neighbourhoods-due-to-purchasing-power-disparity\/","url_meta":{"origin":121102,"position":4},"title":"\u2018Clustering\u2019 in some neighbourhoods due to purchasing power disparity","date":"July 26, 2021","format":false,"excerpt":"\r Chinese clusters were seen in central areas, while Malay clusters were in the northern and\u00a0eastern neighbourhoods; Indian clusters were found in Admiralty, Pasir Ris Drive and Boon Lay as well as\u00a0areas such as Kampong Java and Bendemeer. A study showed that homeowners from the main ethnic racial groups\u2014namely, Chinese,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/HDB-EIP.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":125225,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-to-buy-back-flats-from-owners-constrained-by-eip-yishun-hdb-jumbo-flat-sold-for-over-1mil-and-more\/","url_meta":{"origin":121102,"position":5},"title":"HDB to buy back flats from owners constrained by EIP, Yishun HDB jumbo flat sold for over $1mil, and more","date":"March 15, 2022","format":false,"excerpt":"\r 8th March to 14th March 2022 The Housing and Development Board (HDB) will offer to buy back flats from eligible owners facing difficulties selling their homes due to constraints from the Ethnic Integration Policy (EIP). Low-income families, who are second-timer applicants, planning to acquire\u00a0an\u00a0HDB flat will now enjoy higher\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/03\/HDB-BTO.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/121102"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=121102"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/121102\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/121103"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=121102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=121102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=121102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}