Shocked at the rising unhappiness and frustration on the ground among first time home buyers who are unable to purchase a flat of their choice due to sky-rocketing prices, HDB has released four BTO flats in one go to ramp up housing supply in the hope of placating angry Singaporeans.
The projects include two in Queenstown and one in Sembawang and Bukit Panjang, bringing the total supply for such units to 13,500 units this year.
The projects will cover 105 studio apartments, 231 two-roomers, 643 three-roomers, 1,489 four-roomers and 202 five-room flats.
The relative ease and swiftness in which the new BTO projects are launched raised questions on why the housing supply was not increased a few years ago in anticipation of the increase in population contributed by the influx of foreigners which also contributes HDB’s initial assertation that
According to figures from HDB, the number of flats built by HDB for the last three years average about 3,ooo plus a year which is far below the 13,500 units launched by HDB in its latest exercise.
The prices of HDB resale flats hit a record high in June this year with that of new flats following suit. In two recent sale exercises of BTO and balance flats, they were more than 10 times over-subscribed, an indication of the severity of the housing shortage on the ground.
As expected, HDB laid the blame on home-buyers for being too “fussy”. National Development Minister Mah Bow Tan even asked Singaporeans to be “realistic”, saying that he can’t build all the flats in the cities.
The newly launched BTO projects will not come cheap. Prices will range from $373,000 to $549,000 for a four-room flat and $532,000 to $664,000 for a five-room flat for both Dawson projects in Queenstown which is more expensive than some condominiums in the suburbs.
The prices of BTO flats are pegged to recent transaction of resale flats in the vicinity which have reached a record high in June this year, fueled partly by the large number of PRs and new citizens entering the market.
An Indonesian PR paid $653,000 for a 4-room resale flat in Queenstown when he could well afford a private condominium.
PRs are allow to purchase resale flats in Singapore and sold them for a hefty profit years later after they returned back to their countries of origin.
MM Lee Kuan Yew “forecasted” two day ago that HDB flats will remain “affordable” even as prices continue to rise without substantiating his claims.
More than 85 per cent of Singaporeans live in public housing built by the ruling party via HDB which determines both the supply and selling prices.
Demand has been inflated artificially by the ruling party’s liberal immigration policies which has seen large number of foreigners being granted PRs and citizenships in the last few years, among them cleaners, masseues and hawkers.
With no opposition in parliament to check on the ruling party and to engage it in vigorous debates about its policies, Singaporeans will have no choice but to find solace in MM Lee’s “forecast” that HDB flats will (forever) be “affordable” to them.
The projects include two in Queenstown and one in Sembawang and Bukit Panjang, bringing the total supply for such units to 13,500 units this year.
The projects will cover 105 studio apartments, 231 two-roomers, 643 three-roomers, 1,489 four-roomers and 202 five-room flats.
The relative ease and swiftness in which the new BTO projects are launched raised questions on why the housing supply was not increased a few years ago in anticipation of the increase in population contributed by the influx of foreigners which also contributes HDB’s initial assertation that
According to figures from HDB, the number of flats built by HDB for the last three years average about 3,ooo plus a year which is far below the 13,500 units launched by HDB in its latest exercise.
The prices of HDB resale flats hit a record high in June this year with that of new flats following suit. In two recent sale exercises of BTO and balance flats, they were more than 10 times over-subscribed, an indication of the severity of the housing shortage on the ground.
As expected, HDB laid the blame on home-buyers for being too “fussy”. National Development Minister Mah Bow Tan even asked Singaporeans to be “realistic”, saying that he can’t build all the flats in the cities.
The newly launched BTO projects will not come cheap. Prices will range from $373,000 to $549,000 for a four-room flat and $532,000 to $664,000 for a five-room flat for both Dawson projects in Queenstown which is more expensive than some condominiums in the suburbs.
The prices of BTO flats are pegged to recent transaction of resale flats in the vicinity which have reached a record high in June this year, fueled partly by the large number of PRs and new citizens entering the market.
An Indonesian PR paid $653,000 for a 4-room resale flat in Queenstown when he could well afford a private condominium.
PRs are allow to purchase resale flats in Singapore and sold them for a hefty profit years later after they returned back to their countries of origin.
MM Lee Kuan Yew “forecasted” two day ago that HDB flats will remain “affordable” even as prices continue to rise without substantiating his claims.
More than 85 per cent of Singaporeans live in public housing built by the ruling party via HDB which determines both the supply and selling prices.
Demand has been inflated artificially by the ruling party’s liberal immigration policies which has seen large number of foreigners being granted PRs and citizenships in the last few years, among them cleaners, masseues and hawkers.
With no opposition in parliament to check on the ruling party and to engage it in vigorous debates about its policies, Singaporeans will have no choice but to find solace in MM Lee’s “forecast” that HDB flats will (forever) be “affordable” to them.
