According to Eugene Lim, Associate Director of ERA Asia-Pacific, the prices of resale HDB flats have shot up by 38 per cent over the last three and a half years.
What’s more shocking is that 40 per cent of the buyers are permanent residents from data gathered from recent ERA’s resale transactions.
The prices of HDB resale flats hit a record high in June this year and is set to rise by another 1 to 2 per cent.
Despite the sky-rocketing prices, both the National Development Minister Mah Bow Tan and HDB continue to insist that HDB flats remain affordable to ordinary Singaporeans.
HDB has been busy of late replying to letters in the Straits Times forum on the rising prices of HDB flats. It claimed that public housing is still affordable in Singapore because its prices lie below the 30 per cent international benchmark for housing affordably.
As PRs do not qualified to buy new flats from HDB directly, they will have no choice but to buy their homes from the resale market thereby pushing the prices up. Continue reading
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