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http://www.todayonline.com/Voices/EDC100701-0000053/For-public,-not-profit
For public, not profit
An HDB flat should be a home, not a source of income
Letter from Vincent Kang
Updated 10:10 AM Jul 01, 2010
WORKING as a real estate agent has provided me with an insight into the red-hot Housing and Development Board resale market.
Resale HDB prices have hit some amazing highs - some Queenstown units are listed for sale at an asking price of almost $900,000.
Yet, despite the high prices, I have seen customers who sell their HDB flats and pocket a tidy profit, but still cannot afford to make the leap to private housing.
On the other hand, there are also the cash-rich private housing owners who willingly stump up the hefty cash-over-valuations for a resale HDB flat just so they have a temporary place to live while they renovate their house or condominium.
After the renovation work is done, they often keep the HDB flat and rent it out after the mandatory minimum occupation period.
I have seen shocking rental rates of up to $2,000 a month for a three-room flat in a heartland neighbourhood, and up to $4,000 a month for a five-room flat in the CBD.
I wonder if these prices are signs of a truly affordable public housing market.
I would also like to ask: Why should private housing owners be allowed to rent out their HDB flats for personal gain?
If we envision a future where the majority of Singaporeans can afford public housing, I think all public housing units should be owner-occupied.
Also, I think the Government should not allow flat owners to sub-let entire HDB units. Perhaps an exception can be made for low-income flat owners who are undergoing a period of financial hardship, and who need to sub-let their flat to supplement their income.
In my opinion, public housing should be for the heartlanders who just want a roof above their heads, and not for real estate investors and speculators.
For public, not profit
An HDB flat should be a home, not a source of income
Letter from Vincent Kang
Updated 10:10 AM Jul 01, 2010
WORKING as a real estate agent has provided me with an insight into the red-hot Housing and Development Board resale market.
Resale HDB prices have hit some amazing highs - some Queenstown units are listed for sale at an asking price of almost $900,000.
Yet, despite the high prices, I have seen customers who sell their HDB flats and pocket a tidy profit, but still cannot afford to make the leap to private housing.
On the other hand, there are also the cash-rich private housing owners who willingly stump up the hefty cash-over-valuations for a resale HDB flat just so they have a temporary place to live while they renovate their house or condominium.
After the renovation work is done, they often keep the HDB flat and rent it out after the mandatory minimum occupation period.
I have seen shocking rental rates of up to $2,000 a month for a three-room flat in a heartland neighbourhood, and up to $4,000 a month for a five-room flat in the CBD.
I wonder if these prices are signs of a truly affordable public housing market.
I would also like to ask: Why should private housing owners be allowed to rent out their HDB flats for personal gain?
If we envision a future where the majority of Singaporeans can afford public housing, I think all public housing units should be owner-occupied.
Also, I think the Government should not allow flat owners to sub-let entire HDB units. Perhaps an exception can be made for low-income flat owners who are undergoing a period of financial hardship, and who need to sub-let their flat to supplement their income.
In my opinion, public housing should be for the heartlanders who just want a roof above their heads, and not for real estate investors and speculators.
