Median and Average Discount or Premium for Flats Transacted by Minority Ethnic Groups vis-a-vis Chinese Ethnic Group Based on Resale Transactions in Same Year and Block in Last Five Years

Debated in Parliament on 4 Jan 2021.

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The Minister explained that resale flat prices are negotiated based on various factors like market conditions, location, and lease length, making ethnic group comparisons not meaningful, as prices can vary widely across estates and ethnic groups.
Even within the same year and block, differences in storey height, flat condition, and other factors affect prices, and such comparisons are often not feasible due to low transaction volumes for specific ethnic groups in many blocks.
The Minister noted that asking for median or average discounts or premiums between minority ethnic groups and the Chinese ethnic group is not meaningful, as resale transactions are highly variable and influenced by individual circumstances rather than ethnicity alone.

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Chua Kheng Wee Louis

Mr Chua Kheng Wee Louis asked the Minister for National Development in respect of HDB resale transactions in the last five years, what is the median and average discount or premium for flats transacted by minority ethnic groups versus the Chinese ethnic group, based on resale transactions within the same year and block.

Desmond Lee

The price of a resale flat is negotiated between the buyer and seller, and is influenced by various factors, such as market conditions, flat location, lease length and whether the buyer or seller has an urgent need to complete the transaction. This means that resale prices across ethnic groups can vary widely, and do not make for a meaningful comparison. For example, in 2019, the median resale price of 3-room flats for Chinese flat sellers was higher than those for Malay or Indian/Other flat sellers in some estates (e.g. Sengkang), but lower in others (e.g. Woodlands).

Even among resale transactions within the same year and block, flats may differ in terms of their storey height, flat condition, and other factors that can affect the final resale price. Hence, it is similarly not meaningful to compare resale prices within the same year and block across different ethnic groups. In many cases, such comparisons are also not feasible, as many blocks may see few or no resale transactions in a given year, for a particular flat type or ethnic group.

Summary written by AI (learn more)

The Minister explained that resale flat prices are negotiated based on various factors like market conditions, location, and lease length, making ethnic group comparisons not meaningful, as prices can vary widely across estates and ethnic groups.
Even within the same year and block, differences in storey height, flat condition, and other factors affect prices, and such comparisons are often not feasible due to low transaction volumes for specific ethnic groups in many blocks.
The Minister noted that asking for median or average discounts or premiums between minority ethnic groups and the Chinese ethnic group is not meaningful, as resale transactions are highly variable and influenced by individual circumstances rather than ethnicity alone.

Questions identified by AI (learn more)

Median and Average Discount or Premium for Flats Transacted by Minority Ethnic Groups vis-a-vis Chinese Ethnic Group Based on Resale Transactions in Same Year and Block in Last Five Years | PAPERCUTS

Median and Average Discount or Premium for Flats Transacted by Minority Ethnic Groups vis-a-vis Chinese Ethnic Group Based on Resale Transactions in Same Year and Block in Last Five Years

Debated in Parliament on 4 Jan 2021.

Summary written by AI (learn more)

The Minister explained that resale flat prices are negotiated based on various factors like market conditions, location, and lease length, making ethnic group comparisons not meaningful, as prices can vary widely across estates and ethnic groups.
Even within the same year and block, differences in storey height, flat condition, and other factors affect prices, and such comparisons are often not feasible due to low transaction volumes for specific ethnic groups in many blocks.
The Minister noted that asking for median or average discounts or premiums between minority ethnic groups and the Chinese ethnic group is not meaningful, as resale transactions are highly variable and influenced by individual circumstances rather than ethnicity alone.

Questions identified by AI (learn more)

Full Transcript

Chua Kheng Wee Louis

Desmond Lee

Summary written by AI (learn more)

The Minister explained that resale flat prices are negotiated based on various factors like market conditions, location, and lease length, making ethnic group comparisons not meaningful, as prices can vary widely across estates and ethnic groups.
Even within the same year and block, differences in storey height, flat condition, and other factors affect prices, and such comparisons are often not feasible due to low transaction volumes for specific ethnic groups in many blocks.
The Minister noted that asking for median or average discounts or premiums between minority ethnic groups and the Chinese ethnic group is not meaningful, as resale transactions are highly variable and influenced by individual circumstances rather than ethnicity alone.

Questions identified by AI (learn more)

Median and Average Discount or Premium for Flats Transacted by Minority Ethnic Groups vis-a-vis Chinese Ethnic Group Based on Resale Transactions in Same Year and Block in Last Five Years

Summary

Questions Identified

Full Transcript

Chua Kheng Wee Louis

Desmond Lee

Summary

Questions Identified

Median and Average Discount or Premium for Flats Transacted by Minority Ethnic Groups vis-a-vis Chinese Ethnic Group Based on Resale Transactions in Same Year and Block in Last Five Years

Summary

Questions Identified

Full Transcript

Chua Kheng Wee Louis

Desmond Lee

Summary

Questions Identified