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Coffeeshop Chit Chat - Punggol HDB 6 times oversubscribed!</TD><TD id=msgunetc noWrap align=right> </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt_89 <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>7:42 pm </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 2) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>32646.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>8,967 applications for 1,429 flats at Punggol Emerald and Punggold Waves
May 4th, 2010 |
Author: Your Correspondent
http://www.temasekreview.com/2010/05/04/8967-applications-for-1429-flats-at-punggol-emerald-and-punggold-waves/
In another sign that the present number of new flats built by HDB is grossly inadequate to meet existing demand, HDB has received 8,967 applications for 1,429 flats at Punggol Emerald and Punggold Waves or more than 6 times oversubscribed.
The figure rises to seven bidder for one flat for 4 room flats, or 4,648 applications for 609 flats on offer.
The current shortage of flats has led to sky-rocketing prices which are pricing ordinary Singaporeans, especially young couples out of the public housing market.
It is a result of lack of foresight by HDB to build more flats to meet the expected increased in demand for housing fueled by mass immigration.
The ruling party had made known its ambitious plan to increase Singapore’s population to 6.5 million via immigration as early as 2005.
However, only slightly more than 11,000 new flats were built between the years 2006 – 2008 when there were over 90,000 PRs and 20,000 new citizens alone in 2008:
[Source: HDB Financial Report 2008/2009]
Below is a graph illustrating how the rise in the prices of resale flats coincides with the rise in the number of foreigners in Singapore between the years 2000 and 2008, courtesy of Kojakbt, the moderator of 3in1kopitiam:
Due to the ruling party’s liberal immigration policy, foreigners now made up 36 per cent of Singapore’s population, up from 14 per cent in 1990.
The influx of PRs also contribute to a spike in the prices of resale flats as they have higher spending prowess and are willing to spend more.
The Straits Times reported a Taiwanese couple paying a record $650,000 for a four room flat in Bras Basah lately. Another Indonesian PR forked out $653,000 for a 4 room flat in Queenstown.
With an increasing number of Singaporeans unable to afford resale flats, they have no choice but to turn to BTO flats thereby spiking up the demand.
Despite evidence showing otherwise, National Development Minister Mah Bow Tan is adamant that HDB flats remain “affordable” to Singaporeans and chided home buyers for being “fussy” and having “unrealistic” expectations.
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http://www.temasekreview.com/2010/05/04/8967-applications-for-1429-flats-at-punggol-emerald-and-punggold-waves/
In another sign that the present number of new flats built by HDB is grossly inadequate to meet existing demand, HDB has received 8,967 applications for 1,429 flats at Punggol Emerald and Punggold Waves or more than 6 times oversubscribed.
The figure rises to seven bidder for one flat for 4 room flats, or 4,648 applications for 609 flats on offer.
The current shortage of flats has led to sky-rocketing prices which are pricing ordinary Singaporeans, especially young couples out of the public housing market.
It is a result of lack of foresight by HDB to build more flats to meet the expected increased in demand for housing fueled by mass immigration.
The ruling party had made known its ambitious plan to increase Singapore’s population to 6.5 million via immigration as early as 2005.
However, only slightly more than 11,000 new flats were built between the years 2006 – 2008 when there were over 90,000 PRs and 20,000 new citizens alone in 2008:
[Source: HDB Financial Report 2008/2009]
Below is a graph illustrating how the rise in the prices of resale flats coincides with the rise in the number of foreigners in Singapore between the years 2000 and 2008, courtesy of Kojakbt, the moderator of 3in1kopitiam:
The influx of PRs also contribute to a spike in the prices of resale flats as they have higher spending prowess and are willing to spend more.
The Straits Times reported a Taiwanese couple paying a record $650,000 for a four room flat in Bras Basah lately. Another Indonesian PR forked out $653,000 for a 4 room flat in Queenstown.
With an increasing number of Singaporeans unable to afford resale flats, they have no choice but to turn to BTO flats thereby spiking up the demand.
Despite evidence showing otherwise, National Development Minister Mah Bow Tan is adamant that HDB flats remain “affordable” to Singaporeans and chided home buyers for being “fussy” and having “unrealistic” expectations.
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