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Coffeeshop Chit Chat - HDB asking more than $300K for 4-rm BTO!</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>Jul-14 7:48 am </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 11) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>36091.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>HDB asking more than $300,000 for 4-room BTO flats in Punggol
July 14th, 2010 |
Author: Your Correspondent
http://www.temasekreview.com/2010/07/14/hdb-asking-more-than-300000-for-4-room-bto-flats-in-punggol/
In yet another sign that the prices of HDB flats are spiralling out of control, HDB’s latest premier project in Punggol Waterway Terraces is asking between $300,000 to $376,000 for four-room flats which are 12 times oversubscribed.
Five room flats, which range from $374,000 to $458,000 are 5 times oversubscribed as well. A similar size flat in nearby Sengkang fetched only about $200,000 10 years ago.
The prices of new flats are pegged to that of resale flats which have grown by more than 10 percent in this year ago.
The astronomical prices are caused partly by the shortage of new flats and rising demand fueled by the relentless influx of foreigners thanks to the lack of foresight on the part of HDB to built sufficient flats to meet the needs of the growing population.
The PAP 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 pro-foreigner liberal immigration policy, foreigners now made up 36 per cent of Singapore’s population, up from 14 per cent in 1990.
Though prices of HDB flats have sky-rocketed in recent years, the median salary of the average Singapore worker remains stagnant at $2,400 monthly.
Despite widespread disgruntlement on the ground, National Development Minister Mah Bow Tan insists that HDB flats are “affordable” and even chides home buyers for being “fussy”.
The hugely unpopular Mr Mah is likely to face stiff competition from the opposition in his ward of Tampines GRC in the next general election, prompting PAP strongman Lee Kuan Yew to comment that Singaporeans are “daft” if they (dare) cast a protest vote against Mr Mah over rising HDB flat prices.
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http://www.temasekreview.com/2010/07/14/hdb-asking-more-than-300000-for-4-room-bto-flats-in-punggol/
In yet another sign that the prices of HDB flats are spiralling out of control, HDB’s latest premier project in Punggol Waterway Terraces is asking between $300,000 to $376,000 for four-room flats which are 12 times oversubscribed.
Five room flats, which range from $374,000 to $458,000 are 5 times oversubscribed as well. A similar size flat in nearby Sengkang fetched only about $200,000 10 years ago.
The prices of new flats are pegged to that of resale flats which have grown by more than 10 percent in this year ago.
The astronomical prices are caused partly by the shortage of new flats and rising demand fueled by the relentless influx of foreigners thanks to the lack of foresight on the part of HDB to built sufficient flats to meet the needs of the growing population.
The PAP 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:
Though prices of HDB flats have sky-rocketed in recent years, the median salary of the average Singapore worker remains stagnant at $2,400 monthly.
Despite widespread disgruntlement on the ground, National Development Minister Mah Bow Tan insists that HDB flats are “affordable” and even chides home buyers for being “fussy”.
The hugely unpopular Mr Mah is likely to face stiff competition from the opposition in his ward of Tampines GRC in the next general election, prompting PAP strongman Lee Kuan Yew to comment that Singaporeans are “daft” if they (dare) cast a protest vote against Mr Mah over rising HDB flat prices.
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