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BTO project in Punggol 6 times oversubscribed


HARDGAYHOOOO
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Neutral Newbie
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Recently stumbled upon such a news which had me wondering whether HDB doing their part in building more HDBs since the government has always encourage couples to start their own family and born rates etc etc....

 

"The latest BTO project in Punggol is 6 times oversubscribed a day after it was launched, a sign that the present supply of public housing is far inadequate to meet rising demand.

 

The prices of HDB resale flats continue to sky-rocket, rising 3.8 per cent to a fresh record in the second quarter compared to the first quarter based on preliminary figures released by HDB.

 

The Straits Times reports today that property analysts have revised their estimates for resale flat price rises to between 12 to 15 percent.

 

The astronomical prices are caused partly by the shortage of new flats and rising demand fueled by the relentless influx of foreigners.

 

Slightly more than 11,000 new flats were built between the years 2006

Edited by HARDGAYHOOOO
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The prices of HDB resale flats continue to sky-rocket, rising 3.8 per cent to a fresh record in the second quarter compared to the first quarter based on preliminary figures released by HDB.

 

The Straits Times reports today that property analysts have revised their estimates for resale flat price rises to between 12 to 15 percent.

 

The astronomical prices are caused partly by the shortage of new flats and rising demand fueled by the relentless influx of foreigners.

 

Slightly more than 11,000 new flats were built between the years 2006

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I think the gov has given up hope on locals on new born rates. There isn't any additional incentives in budget 2010 to make the baby bonus more attractive for new couples.

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The problem is during the downturn in early to mid 2000, they cut down the construction of new flats, only interested in clearing out those unsold flats.

When these unsold flats are almost sold out, HDB did not build new flats fast enough to meet additional demands.

 

And during the "new construction phase", lots more FTs are brought in, causing the cost of housing to rise and kicking many locals out of the equation.

The gov should have allowed these excess unsold flats to be used as a buffer.

 

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Neutral Newbie

its not abt insufficient supply of new flats etc.. its becos ppl are choosy on location.. together with the punggol bto,there are another 2 new bto projet at sengkang and fernvale but the response is not as great..

 

if ppl are not picky on location, then there wun be such cases of 10X over-subscribe.. so if u wan to be picky, then dun KPKB abt having to ballot for the same flat with 10X of applicants..

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Juz imagine years ago..couple can juz walk in and purchase leftover flat in sk and pg..

Frd bought 5 rm premium, high floor at 200k,

 

another frd bought 4 rm sk at 110k.. Nw.. Wahhh

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So housing price go up is good or not?

Good for u but not your children and grandchildren.

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Neutral Newbie

The problem is during the downturn in early to mid 2000, they cut down the construction of new flats, only interested in clearing out those unsold flats.

When these unsold flats are almost sold out, HDB did not build new flats fast enough to meet additional demands.

 

And during the "new construction phase", lots more FTs are brought in, causing the cost of housing to rise and kicking many locals out of the equation.

The gov should have allowed these excess unsold flats to be used as a buffer.

 

Micalculation lor....so now cannot recover fast enuff to top up the demand...furthermore, more and more foreigners arrived to Spore not to mention guys seeking foreign brides etc etc thus increased the num of ppl applying ba????

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Neutral Newbie

its not abt insufficient supply of new flats etc.. its becos ppl are choosy on location.. together with the punggol bto,there are another 2 new bto projet at sengkang and fernvale but the response is not as great..

 

if ppl are not picky on location, then there wun be such cases of 10X over-subscribe.. so if u wan to be picky, then dun KPKB abt having to ballot for the same flat with 10X of applicants..

 

If you are spending only 60K something on a car, wont you wanna it to be of the model of ur choice,color of car and leather seats too???? Now it is 200k over,of course ppl will be choosy of the location, floor, fengshui etc etc..... agree????

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Micalculation lor....so now cannot recover fast enuff to top up the demand...furthermore, more and more foreigners arrived to Spore not to mention guys seeking foreign brides etc etc thus increased the num of ppl applying ba????

 

More foreigners arrived, so they become PR can only buy resale flats or even private homes. The sellers are usually the locals..the local apply for new flats and also new private homes at higher prices..this fuel the spiraling uptrend in prices!

 

Why not start a movement ask all the current home owners not to sell their current homes? Don't upgrade, don't change to new homes! [laugh]

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If you are spending only 60K something on a car, wont you wanna it to be of the model of ur choice,color of car and leather seats too???? Now it is 200k over,of course ppl will be choosy of the location, floor, fengshui etc etc..... agree????

 

shouldn't it be: if you want to be choosy, you have to pay ?

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So housing price go up is good or not?

 

Good for you and me if we owned a flat bought at low prices.

But you'll have to start worrying for your next generation. With the rate the prices are heading north, can expect the next generation to fork out at least 1 million for a 4 room flat.

Come think of it, when MBT's great grandchildren's time to get a flat and they could not afford it, would they be cursing and swearing at him for his policies that affects them.

 

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Micalculation lor....so now cannot recover fast enuff to top up the demand...furthermore, more and more foreigners arrived to Spore not to mention guys seeking foreign brides etc etc thus increased the num of ppl applying ba????

 

That's another example of the various agencies not working together.

1 approved too many PR/Citizenship applications, 1 encouraged people to get married and give birth, 1 failed to anticipate the crunch that will affect the transport system and the other failed to build sufficient housing. Next I can foresee is the crunch on schools. Already most childcare centers are fully booked.

 

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its not abt insufficient supply of new flats etc.. its becos ppl are choosy on location.. together with the punggol bto,there are another 2 new bto projet at sengkang and fernvale but the response is not as great..

 

if ppl are not picky on location, then there wun be such cases of 10X over-subscribe.. so if u wan to be picky, then dun KPKB abt having to ballot for the same flat with 10X of applicants..

 

The thing here is we are not spending $1 or $100 on an item where if we are not happy with it, we can just junk it without a 2nd thought.

Buying a flat means at least 15-30 years of loan committment and $300-500k before interest, of course we got to choose our choice units.

If I'm offered the same flat on lower floors at say 50k - 100k, of course I won't mind grabbing it. At 200k and more, definitely I'll have to think of my resale value when purchasing.

 

 

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So housing price go up is good or not?

 

of coz good! spurs citizens to work harder, cheaper, better and faster! all to fuel the constant desire for a bigger house and car! [laugh]

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