HDB to build diverse flat types, keep prices affordable for housing estates in prime locations

[kobayashiGT]

HDB to build diverse flat types, keep prices affordable for housing estates in prime locations

source: https://www.straitstimes.com/singapore/housing/prime-areas-to-be-kept-diverse-and-inclusive-with-range-of-hdb-flat-types-for?utm_medium=social&utm_source=telegram&utm_campaign=sttg

SINGAPORE - A range of housing types will be built in upcoming estates in prime locations such as the Greater Southern Waterfront (GSW) to ensure that all public housing estates will have a good mix of Singaporeans, said National Development Minister Desmond Lee.

These include smaller housing types such as two-room flats for seniors and rental housing for low-income families, depending on the planning parameters and the needs of different housing types, but are "deliberately injected", he said in an interview with Lianhe Zaobao.

Mr Lee acknowledged the "lottery effect" of these well-located Housing Board flats, which may result in a "likely windfall" for home owners who sell these government-subsidised build-to-order (BTO) flats on the resale market.

There is the issue of "inclusiveness and diversity" when these flats are allowed to be resold after the five-year minimum occupation period, he said.

"If it's going to be sold and transacted at high resale prices, then there is a risk that only well-off Singaporeans can buy (flats in) those estates. And then of course, the character of the estates will change and it may be priced beyond the reach of ordinary Singaporeans," he said.

"We do not want to have estates that are gentrified and that only the wealthy can afford to live (in). We want to have a good mix."

To achieve that, besides introducing diverse housing, he noted that the pricing of flats must be kept affordable at the first sale by HDB and also in resales.

"We may need a series of other measures to ensure that if resale is permitted for these flats, that they remain affordable for generations to come," said Mr Lee, without specifying the measures.

"People will, of course, pay what they believe the market can bear in order to get these very good flats and very good locations. So some of these measures would have to cover all these fronts," he added.

He cited GSW as one example of a prime site but noted that the timeline is "quite far down the line".

"But there may be other sites with very prime attributes that might be rolled out in the months and years ahead," he said.

Mr Lee said HDB will seek public suggestions and feedback through engagement sessions over the next few months.

"We will want to make sure that these public discussions are held, people's views are obtained and then we can come up with a model that we could potentially apply in the near term," he said.

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First announced in 2013, the GSW comprises 30km of coastline stretching from the Gardens by the Bay East area to Pasir Panjang.

The 2,000ha mega waterfront development - six times the size of Marina Bay and twice the size of Punggol - was sketched out by Prime Minister Lee Hsien Loong in his 2019 National Day Rally speech.

About 9,000 private and public housing units will be built on the site of Keppel Golf Club as part of the GSW, with future housing available on other sites too.

Mr Lee said that even as HDB is constantly reviewing and evolving public housing policies to be responsive to Singaporeans' changing demographics and aspirations, core values remain.

"We want to keep the character of all our HDB estates inclusive and diverse and to enable Singaporeans, ordinary Singaporeans, to also be able to live in parts of Singapore that one will consider as prime," he said.

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Oh... please honor this. if not there will be prestige area in Singapore and Slum area in Singapore.

Oh wait. I think we might already have. 😂

 

[Watwheels]

A bit too late bah...

[Kangadrool]

Diverse means pricier flats lor. 

 

[inlinesix]

Greater Southern Waterfront confirm more ex than Pinnacle

[13177]

How can diverse flat types keep prices affordable?  Price of flats still depend on location lo and also nice view or not.

[inlinesix]

11 minutes ago, 13177 said:

How can diverse flat types keep prices affordable?  Price of flats still depend on location lo and also nice view or not.

if psf is high, just sell pigeon hole size to maintain affordability.

 

[Kopites]

 

Last year I have government plan to develope the west coast coast line from panda to marina.

 

 

[Kxbc]

increase MOP for these "valued" locations from 5 years to 12 - 15 years. Immediately reduce profiteering. The CAGR growth of a 15 year period will be lower than the CAGR of the first 5 years. Smooth out the profit curve.

HDB - Notice me. 😂

[Datsun366]

10 minutes ago, Kxbc said:

increase MOP for these "valued" locations from 5 years to 12 - 15 years. Immediately reduce profiteering. The CAGR growth of a 15 year period will be lower than the CAGR of the first 5 years. Smooth out the profit curve.

HDB - Notice me. 😂

Why?

Vote out next HDB guy.

Klutz.

Coe wan anot for prime location flat?

[Khng8]

The only way to remove profiteering or lottery effect is to remove the possibility of profit.

If you want to sell, can only sell back to HDB at a stated formula tied to purchase price.  Not market valuation price.

 

[Vinceng]

"....pricing of flats must be kept affordable at the first sale by HDB"

So the recent launch of the new BTO flats at Bishan by HDB, for 4 room flats starting from $630,000 for a 2nd floor unit (after government subsidy) is "affordable"?  

The upper floors are asking in excess of $700,000 for a 4 room "government subsidised flat" on  99 year rental scheme 🤣🤣🤣🤣

Edited December 1, 2020 by Vinceng

[Datsun366]

Affordable for Singaporeans.

Those that cannot are not Singaporean quality.

Got second hand cars and electric bicycles mah.

[Myxilplix]

Nabei, the BTO at henderson road was going over 800k for 5-room balance flat before it even TOP. Thanks HDB, thanks.

[Throttle2]

4 hours ago, Myxilplix said:

Nabei, the BTO at henderson road was going over 800k for 5-room balance flat before it even TOP. Thanks HDB, thanks.

Yalor, no use one.

unless they go back to basics

what is HDB for?  Profiteering?  

The current rules just push people towards using it to make money at the expense of another. Machiam buying brand new Rolex sports. KNN!

Thanks HDB, wan sui!

if they had any brains, resale of HDB should be back to HDB at a price which moves with inflation extrapolated by the numbers of years left in the lease.   In other words, the value of hdb can only go up if the nation does well as a whole.  And the opportunity to profiteer would completed be wiped out.

Edited December 2, 2020 by Throttle2

[Lala81]

i only have slum estate BTO.

Lower quantum, but lower capital gains also lor.

 

[Lala81]

17 hours ago, Kxbc said:

increase MOP for these "valued" locations from 5 years to 12 - 15 years. Immediately reduce profiteering. The CAGR growth of a 15 year period will be lower than the CAGR of the first 5 years. Smooth out the profit curve.

HDB - Notice me. 😂

Bit hard to say. Generally the higher premium just makes the more well-to-do/savvy within the income band to go for the BTO in the first place.

As a HDB owner, i would still want flexibility. I think even 8-10 years is very long. Imagine if it's something like u hate your neighbour...

And some locations are just vastly superior to the others in terms of mature town facilities, fringe/central of the estate, access to MRT etc.

I don't actually think the lottery effect of getting randomly selected is that big a deal.

Edited December 2, 2020 by Lala81

[Yewheng]

Maybe implement tax system like those in prime area if they sell hdb flats. Government will take certain % of the tax. Then those who sell hdb flats in non prime area do not need to be tax. Since government want to find ways to get revenue right? Kill 2 birds with 1 stone. 

[Yewheng]

1 hour ago, Throttle2 said:

Yalor, no use one.

unless they go back to basics

what is HDB for?  Profiteering?  

The current rules just push people towards using it to make money at the expense of another. Machiam buying brand new Rolex sports. KNN!

Thanks HDB, wan sui!

if they had any brains, resale of HDB should be back to HDB at a price which moves with inflation extrapolated by the numbers of years left in the lease.   In other words, the value of hdb can only go up if the nation does well as a whole.  And the opportunity to profiteer would completed be wiped out.

Wa good sia.. Like your idea..