Kovan Jewel News: Sim Ann invites NCMP Leong Mun Wai to file motion to fully debate BTO pricing in Parliament; PSP accepts

SINGAPORE – Senior Minister of State for National Development Sim Ann has invited Non-Constituency MP Leong Mun Wai to file a parliamentary motion so that the pricing policies for Build-To-Order (BTO) flats can be fully debated. She had issued the invite in a Facebook post on Tuesday, which rebutted the points made by Progress Singapore Party’s (PSP) Mr Leong in a post on his Facebook page last Friday. Responding a day later on Facebook, PSP secretary-general Francis Yuen said his party welcomes the Government’s offer, and “will file a motion in due course to have a free and open discussion on the challenges facing our public housing market”.

In his Dec 16 post, Mr Leong had questioned if Housing Board flats were truly subsidised. “This is because the Government has net positive cash flow from each HDB flat it sells disregarding land costs,” he wrote, before reiterating his view that the cost of land belonging to the state should not be priced into HDB flats. He had previously stated his view that HDB flat prices should only account for construction costs, and price differences between locations. To this, Ms Sim had said in a Facebook post on Dec 11 that state land forms part of the nation’s reserves, and not paying back the fair market value of the land would, in effect, run down the value of the reserves “to the detriment of current and future generations”.

Kovan Jewel is a freehold development comprises of 34 residential units & 1 shop. Kovan Jewel boasts of numerous amenities that are within a short 5-10 minutes stroll away, such as Kovan MRT Station, Kovan market place, Supermarkets (NTUC Fairprice, Sheng Siong, Cold Storage) & Heartland Shopping Mall.Kovan Jewel has a full range of facilities with lap pool, children’s splash pool, jacuzzi, gym, function room & bbq pit.

These subsidies are realised when BTO owners sell their flats on the resale market, she wrote. Taking up Mr Leong’s assertion that land costs should be disregarded, if necessary, in the pricing of BTO flats, Ms Sim wrote: “It is one thing to discuss the price of BTO flats... However, questioning the accounting of land value as part of our reserves, which Mr Leong has mixed up with the discussion on BTO prices, is another matter altogether. There is no room for magical thinking here.” She added that Mr Leong “is far from being the first Government critic to have over-confidence in the adequacy of our reserves and to call for Government to use more investment returns to fund current spending”.

Kovan Jewel located at 51A Kovan Road then JANSEN Mansions is located at 25 Jansen Road, the 12-unit development sits on approximately 16,592.7 square feet (sq ft) of land with a parcel ratio of 1.4 and a gross floor area (GFA) of approximately 23,229.8 square set. It is planned for residential use, with a lease term of 999 years beginning September 1, 1876.

Kovan Jewel is strategically located within the 1km radius of the highly sought-after schools like Paya Lebar Methodist Girls & Rosyth School (2km). Investments on properties that are located within the radius of renowned primary schools potentially yield higher capital appreciation well above the national average in the long run. Data trends show that the average psf of condominiums within the zones have appreciated by a sizable 77.74% over a 10-year period from 2008 to 2018, while the average psf of condominiums across Singapore within the same time period has only increased by a modest 54.39%.

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