Hdb new flat now expensive/cheap/ok

[kzone]

Contrarian, thanks for your advise. I'm considering property because of the uncertainties & helplessness of being an employee. Being an employee now no longer give the same secured income as before.. might as well consider being self employed... wat industry r u in & r u self employed?

 

I started working in 2001 during the last crisis. Despite being a freshie and only a diploma holder, other than a low starting salary, I wasnt really concerned by the economy or worry abt not getting a job. Now, I have over 8 yrs of experience in the industry, managing my own team, finishing my MSc soon and yet I'm so worried... these soft skills dont seem to be as valuable now than during the boom time...

[JackOHJack]

http://www.channelnewsasia.com/stories/singaporelocalnews/view/1018519/1/.html

 

Singapore: HDB has launched two new Build-To-Order (BTO) projects in Punggol Town, with another four BTO projects planned by late 2009 in Bukit Panjang, Sembawang and Dawson.

 

The latest pair of BTO projects named Punggol Sails and Punggol Ripples offer a total of 1,078 standard flats.

 

The units will be located along Punggol Field and will be served by the Punggol MRT, LRT stations, bus interchange, and the future Punggol Town Centre with shops, a childcare centre, as well as primary and secondary schools in the area.

 

They comprise of 130 units of Studio Apartments, 436 units of 3-room, 403 units of 4-room and 109 units of 5-room flats.

 

The Punggol BTO units will be priced between S$65,000 and S$92,000 for a Studio Apartment, and S$332,000 to S$377,000 for a 5-room flat.

 

The Housing and Development Board said in its news release that most of the latest BTO flats, except for the studio units, will be set aside for first-time applicants as they generally have more urgent housing needs.

 

It added that in addition to a market subsidy on the selling price, eligible

first-timers with an average monthly household income of S$5,000 or less may also apply for the Additional CPF Housing Grant (AHG) of up to S$40,000 which can be used to offset the initial down-payment.

 

This leaves first-time flat buyers using between 23 and 27 per cent of their monthly household income to service their monthly mortgage commitment, which the HDB said is well below the 30 per cent international benchmark for affordable housing.

 

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some bto to cool down? anyone knows the pricing of these btos? i noe for one thing dawson estate is crazily priced, like about 500k +/-

 

anyw, i find the way they term a 2 room flat as a "studio apartment" intriguing, like paying "premium" for an investment plan etc.

[kzone]

some bto to cool down? anyone knows the pricing of these btos? i noe for one thing dawson estate is crazily priced, like about 500k +/-

 

Bro, resale prices for 5 room in that area now already 600+K & new flat no need COV. If cant afford the 500K, buy punggol at 2/3 the price lah...

Edited November 17, 2009 by kzone

[lutein]

Crazy prices these days make me think it's actually cheaper to rent! KNS.

[kzone]

Crazy prices these days make me think it's actually cheaper to rent! KNS.

 

still cheaper to buy new hdb.. especially since rental use cash vs buy using cpf...

 

wat I'll do soon is rent out my hdb and top up abit more to stay at a small old ulu terrace with abit of land...

[contrarian]

Contrarian, thanks for your advise. I'm considering property because of the uncertainties & helplessness of being an employee. Being an employee now no longer give the same secured income as before.. might as well consider being self employed... wat industry r u in & r u self employed?

 

I started working in 2001 during the last crisis. Despite being a freshie and only a diploma holder, other than a low starting salary, I wasnt really concerned by the economy or worry abt not getting a job. Now, I have over 8 yrs of experience in the industry, managing my own team, finishing my MSc soon and yet I'm so worried... these soft skills dont seem to be as valuable now than during the boom time...

 

I'm an employee who started work in an earlier crisis than you - 1999. Unless you aspire to work for yourself, there's no need to do so when you have choices. I'm the type who's happy to work for others. You should be clear that working for yourself is not without its own set of difficulties and challenges, which could often be more daunting than working for others.

 

Be clear about what you want and you're halfway there. The key thing if you're forced by circumstances would be not to look down on yourself. It helps if you're clear about what you want, and if your skills match your objective. Even if it turns out that Singapore isn't the place for you, you can move to another city if you need to.

[contrarian]

Crazy prices these days make me think it's actually cheaper to rent! KNS.

 

At some times, it could indeed be better to rent if you ignore your right brain and listen to your left brain and financial models. This usually happens if loan interest is a very high proportion of your potential mortgage. While the simplistic person would think that paying rent is wasting money, he doesn't realise that paying mostly mortgage interest and very little principal could be worse.

 

During the last downturn, I managed to rent a whole 2-storey house with 3 bedrooms, next to an MRT station for $1,300 a month. Best financial decision I've made as I took my time to buy my place while I was paying relatively cheap rent and watching capital values fall much more than the rent I paid.

[hydrop]

How come all new hdb only punggol or jurong west one...all the birds don't lay eggs place...

 

I think there are special requirements if u want to buy studios or even 3room flats.

[kzone]

At some times, it could indeed be better to rent if you ignore your right brain and listen to your left brain and financial models. This usually happens if loan interest is a very high proportion of your potential mortgage. While the simplistic person would think that paying rent is wasting money, he doesn't realise that paying mostly mortgage interest and very little principal could be worse.

 

True when considering private property and to small extent, resale HDB but were there instances that its better to rent than to buy NEW HDB?

[lutein]

Well not everybody wants new HDB flat lor. For me Punggol is definitely out of the question man...

[contrarian]

True when considering private property and to small extent, resale HDB but were there instances that its better to rent than to buy NEW HDB?

 

For new HDB flats, that would be very rare and I wouldn't try to do that because that would usually end up disadvantaging yourself.

 

It has happened before. Since 2000 when HDB was offloading its excess stock and took many years to do so, this coincided with a prolonged and deep downturn in the overall real estate market. Because HDB pegged its new flat prices to resale prices, new flat prices took a huge dip in the first half of this decade too.

 

Those were the days when some blocks in new estates such as Jurong West were only inhabited by a few units each block. When the HDB moved to sell the balance stock, owners especially of exec apartments complained that they paid about $350,000 several years back and now HDB was selling the same new ones for about $250,000. Similar situation happened with Sengkang.

 

I always remember the story of my civil servant classmate who bought his resale exec apartment in Serangoon because he wanted to maximise his two subsidies from the HDB - the capital grant for a first time resale buyer and the subsidised loan.

With his deep knowledge of government policy, he said financially he would benefit most if he bought it early before he and his wife hit the income ceiling for both subsidies. He got his maisonette for about $480,000 back in 2000 or so. His problem was that he assumed that the real estate prices would never fall in a big way. 3 years later, the market value of his flat was somewhere above $300,000, thanks to the oversupply situation. For many years he was in negative equity. The moral of the story - he maximised his subsidy but ignored the market and that cost him dearly.

[welly]

of course it would be cheaper last year... prospect buyers should strike when the economies were shaking...

 

too bad none of us is probably going to experience an economic meltdown as grand as this again in our lifetime...

 

Economic recessions occur once every 10yrs or so.its a vicious cycle.if u study arts n social sciences in uni, u'll learn bt dis

[kzone]

Well not everybody wants new HDB flat lor. For me Punggol is definitely out of the question man...

 

Sorry, but I find it very irritiating when young couples shun Punggol/Sengkang/Jurong West & complain abt the high pirces at mature estates...

 

Its all demand & supply... the more in demand areas will surely cost more.. its the same anywahere around the world. if u cant afford those mature estate prices, then no choice but lower ur expectation n get ulu flats ah..

[cougar]

Sg is too small to have any ulu flats lah. But flats are cramped ulu or not ulu, thats the downside if public housing really.

[kzone]

agree... then y many peeeps dont like punngol leh?

[contrarian]

Sg is too small to have any ulu flats lah. But flats are cramped ulu or not ulu, thats the downside if public housing really.

 

Cramped? You haven't lived in HK have you? Singapore's public housing is far roomier. I couldn't wait to come back.

[GSR00]

THE ELECTION IS COMING....

is really the best time for the public to vote for the opposition parties..regarless whether it will win or not? least, like last few years news, the vote for opposition parties goes up very high, may this year better. i personally will vote for the opposition parties to shown my unhappiness in these recent years how the government handle the public assets and poor benefits... especially on our cpf and HDB issue, controlling our fund. freedom of speechz? but ever can we voice out? this the only best time in election that the public can voice out by vote! dont be timid anymore, there is nothing revelant or effect your curerent job even you are a government servant it dont reall matters. as as checked, this a open and safe personal vote, dont concern any issue. we are not those anuntie and uncle times anymore..we ought to do something or when gst 30% time or hdb seliing at a million for a unit time, will be too late... NEW GENERATION BRAVE UP AND VOTE!

 

p/s: anyone vote for p@p? or opposition parties?

 

 

I sure Vote for Opposition if there is any chances, Wat for vote for those earning 3 million plus a year which never think tat we can only earn less then 30k a year..... i could imagine if they earn 30k per year, will they still say SG is affordable to stay?

[contrarian]

All very well and good, but how about going further to actively support the opposition parties instead? Join as a member, help in outreach, help in campaigns, or more, whatever you can do to help.

[cougar]

Cramped? You haven't lived in HK have you? Singapore's public housing is far roomier. I couldn't wait to come back.

 

Thats the problem with comparisons, it always seems Sg is better in some aspects, but other aspects we missed the point.

 

Yes HK housing is also cramped, but they allocated a vast green space for future expansion, New Territories. The green in HK is more than Sg, thats what i missed. Sg is getting so much concrete we could be sinking, intense road paving, a aircrew told me they have been paving Changi Airport so much lately. Uniquely, HK doesnt have GST at all, because it was voted out!

[contrarian]

Thats the problem with comparisons, it always seems Sg is better in some aspects, but other aspects we missed the point.

 

Yes HK housing is also cramped, but they allocated a vast green space for future expansion, New Territories. The green in HK is more than Sg, thats what i missed. Sg is getting so much concrete we could be sinking, intense road paving, a aircrew told me they have been paving Changi Airport so much lately. Uniquely, HK doesnt have GST at all, because it was voted out!

 

As this thread is about housing, I've kept the comparisons to housing. At a summary level, public housing in Singapore is generally better than HK in size, quality, town planning, environment, facade maintenance... If you open the comparisons to the rest, for example the poor air quality in HK, there'll be no end.

[claudia-81]

crazuy pricing rises in HDB, almost HALF A MILLON for a hdb flat????

 

I THINK THE GOVERXENT SHOULD REALLY REVISE THE PRICING SERIOUSLY, we are buying a flat not buying a bungalow?

 

We all know basic mathematics, base on this kind of flat retail price, is simply like a plot that we ought to work so hard to pay for the monthly installment by the hdb. for a average family, they ought to least pay 30-35 years just to have a smooth breath montly...

 

do our goverment really think of our people? or themselves

do our goverment really care of our people? or themselves

do our goverment really plan of our people? or themselves

 

EACH ISSUE HAS DIFFERENT ANGLES OF VIEWINGS,THE GOVERNMENT SHOULD SPARE A THOUGHT AND STAND IN THE LOW INCOME FAMILY TO THINK..

 

IS A REALLY XXX BUY TO BUY A HDB NOW, FROM EXPERTS: IS A MIND AND STATIC STRAGETY FROM ? ,WHOEVER PURCHASE FLATS IN THIS HIGH PEAK KEEP THINKING HDB WONT DROP ANYMORE OR NO MORE LANDS ANYMORE OR ETC THAT ONLY THE MARKET AUNTIES ARE THINKING, THEN THEY WILL SUFFER A GEART LOSE AND HAVE A REAL BURDEN OF SELLING THEIR FLAT.

 

NO DEMAND NO SUPPLY - IN ORDER TO LET THE HDB FLATS PRICING RETURN TO NORMAL OR REASONABLE PRICING, EACH OF THE SINGAPOREAN SHOULD REALLY FRIM AND HOLD - STOP BIDDING FOR HDB ANYMORE, STOP BEING KIASU THAT NO FLAT TO LIVE ANYMORE.... SINGAPOREANS UNITED - THIS THE ONLY WAY TO WIN THEIR PLOT. THINK HALF A MILLION - FOR A FLAT, RATHER USE THE MONEY TO BUY A BUNGALOW IN JB OR OTHER NEIGHBOURING COUNTIRES....INVEST YOUR MONEY WISELY!

 

ALL OUR MONEY ARE HARD SWEAT EARNED FUND, NOT FROM JUST VOICING 3% 5% 7% .... 20%

[JackOHJack]

the best term for hdb pricing is LL.

[Silent Hunter]

I got another one called "Suck Thumb"

[cougar]

Invest in Sg make a quick buck, retire out of this expensive city. If you dont have that mindset, you are gona be a slouching your life here, and your future generations as well.

Wonder why the workforce's pay is capped and never rises? Cause the workforce is trained to be cheap, attract investors make use of workforce to produce, deliver services, the biggest earners are investors who make a quick buck and retire. It doesnt matter if the workforce is pure Sg or FTs, all the same, if you willing for such a such a pay, for such a such a flat, good boy, stay, sit, eat, sleep, crap, in this island to stay.

 

Think 'matrix' batteries, think the 'island', you get the picture.

 

So food for thought. How to get out of this douldrums? Any ideas fellow worker ants?

[DeusExMachina]

Nation of human Batteries.

Most middle class and below Sinkies are cattle.