Tag Archives: HDB News

Affordable? Check the loan period

Posted on 5 Oct 2009 | Comments Off on Affordable? Check the loan period

HDB’s response “Why we peg to market rates: HDB” (Sep 25) to my earlier letter has necessitated my right of reply.

Instead of merely accusing me of being “misleading and illogical”, HDB is expected to be transparent in disclosing fully the actual breakeven cost of new flats in all its projects. After all, these are public housing developed with public funds.

The remarks of a couple wanting to start a family sums up the genuine frustrations of young Singaporeans at the sky-high prices of public housing: “How to live in cheaper Woodlands when work is in Shenton Way and parents are in Tanah Merah? The Government must come up with more practical solutions !”

Let me now summarise these two main issues:

* Root cause behind high prices of new and resale flats.

In the 1970s, at Marine Parade Estate, prices of 3-room, 4-room and 5-room new flats were $17,000, $20,000 and $35,000 respectively. Continue reading →

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Can’t blame HDB for what results from personal decision

Posted on 5 Oct 2009 | Comments Off on Can’t blame HDB for what results from personal decision

I refer to Mr Soh Say Kiat’s letter last Sunday, ‘18 failed attempts to get an HDB flat‘.

I would have understood and empathised with Mr Soh if he had started his Housing Board flat applications in late 2006, in view of the surge in prices and applications since then.

But I fail to comprehend his application problem, as he had begun flat-hunting as early as 2001.

As I recall, thousands of flats had stood vacant in Jurong West and Sengkang from around 2003 to 2005.

During parliamentary debates, some MPs would question the HDB’s planning, as it had resulted in a large number of unsold flats then.

There were no long queues of applicants during those years and one could easily buy a new five-room flat for about $180,000 in Jurong West.

One could also easily afford a resale five-room flat, priced at below $300,000 in many estates, or below $430,000 in popular ones such as Marine Parade, Bishan, Redhill and Queenstown.

The supply of new and old flats was truly abundant from 2003 to 2005. So one should not conveniently put the blame on the HDB for a personal choice or decision that could have deprived one of a flat during those years.

Source : Sunday Times – 4 Oct 2009

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