SINGAPORE: Planning to get married in 2021, Ms Tan Pei Yi and her then-fiance started applying for a new flat as early as four years before.
"We had to make do with a second-level unit. Not what we wanted, but for someone who tried so many times, we were tired too," said the 29-year-old, who works in logistics. Both construction and home-buying slowed in that period, but once Singapore re-opened, there was a swell of pent-up demand. Couples who had delayed getting married or buying a house during the pandemic also started looking, or renewed their search for a home.
All this has contributed to a booming resale market, with prices climbing for 10 consecutive quarters. Since the first quarter of 2020, the HDB resale price index has risen by 36.6 points, or close to 28 per cent. According to data from real estate portals 99.co and SRX, HDB resale prices in October climbed for the 28th consecutive month, though at a slower pace of 0.5 per cent, compared with 1.3 per cent in September.
As they were first-time applicants and were applying to live near their parents, both of which gave them priority under the BTO system, they thought they had a higher chance. But 11 attempts and four years later, she has decided on a different path. A blog post about the BTO system by a National University of Singapore professor in October also gained considerable traction online.
HDB has ramped up the supply of BTO flats to 23,000 flats per year in 2022 and 2023, a 35 per cent increase from 2021. It is prepared to launch up to 100,000 new flats from 2021 to 2025, if needed. In the mid-1990s, as HDB resale prices soared, the Government introduced anti-speculation measures in 1996 to bring prices down. But this coincided with the Asian Financial Crisis in 1997 when the property market slumped.
“HDB had to come up with all sorts of ways to clear the flats – converting five-room and executive flats into smaller two- and three-room ones, organising roadshows, implementing walk-in selection of the ready flats, and engaging managing agents to rent out unsold flats temporarily.” "Under the BTO scheme, when demand is slow, it's ok," he was quoted by the Business Times as saying in 2001."When demand picks up again, there will be some issues to resolve."
It’s fine imo. Couples have the resale market to consider if they are in a rush and they do still get grants for it so I think it’s ok overall.
bto enable the price tp remain high by eliminating over supply. Haha.. Stupid sinkies get it?
HDB planners should realised by now, SUPPLY DO NOT MEET DEMAND !! BTO not the way for now. Why can't we reconsider and adopt planning approach of early days of public housing - just build until we equalised the two sides SingaporeHDB
let’s reframe the question. why is the singapore govt unable to supply flats that it’s citizens want? this is a multi dimensional problem caused by govt policies most of which is not addressed in the article. so long as there is no sincerity can there be a conversation?
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