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Why Build Flats When So Many Units Unsold?

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ST FORUM

I READ with renewed surprise that the HDB will build even more flats ('Govt to boost supply of homes'; ST, Oct 2), even as many blocks in Jurong West remain fenced up and unsold and many individual units in my block and neighbouring blocks remain unsold.

The HDB should be responsible in its building programme as resources should be well used.

Who bears the brunt of these bad decisions in which poor planning led to these unsold flats? Buyers like me who collected my keys more than eight years ago when demand was so high I had to queue. I paid $387,000 for my HDB executive flat.

When I wrote previously to ST Forum about high prices, I was told they were subsidised and based on real cost of construction and so on. Well, guess what. Over the past 12 months, the HDB has sold the same types of flats including some in the same block as mine at about $260,000. Has their value dropped so drastically in eight years? Or does the costing now get some subsidy from elsewhere to allow the flats to be sold so cheaply?

Now, original buyers are unable to sell their second- hand flats, because the HDB is selling 'new' ones in the same block at more than $100,000 less than what we paid. The HDB has effectively taken the bottom off the resale market for new home owners who qualify to buy directly from it, leaving a much smaller group of resale buyers who do not meet the guidelines for direct HDB purchase. These buyers are willing to pay a little more but are unwilling to pay a decent price since the HDB set the 'new' sale benchmark.

Lawrence Ng Wai Chun

:P:dunno::help:

 

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Join 46,923 satisfied homeowners who used renotalk quotation service to find interior designers. Get an estimated quotation

that is why pple shouldn't rush into buying when they read that property price is going up for fear that price would go up further....

:P

Edited by zeny
 

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Haiz... Tough luck man...

My brother in law bought a SK exec 5 room for $450k from HDB during the height of the last property boom. :yamseng: It's SENGKANG LEH, not SENTOSA or what... :curse:

In the last few years the prices fell to $280k... and then finally now it's gone up... but only to $350k. They can never hope to sell this house without a massive loss... And even if they do manage to sell it, they still have to pay back into their CPF account for what they took out (or something lidat), and if they want to downgrade to smaller flat, they have to pay the govt $30k IN CASH! !!

So poor thing... work like dog to pay for a HDB they can't sell. They have no kids, only 1 dog... So wasted. 2 rooms are EMPTY. Imagine, if their timing had been better, they could have gotten a nice 2 room condo for the same price during the slump :dunno:

Edited by Elemental
 

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Haiz... Tough luck man...

My brother in law bought a SK exec 5 room for $450k from HDB during the height of the last property boom. :yamseng: It's SENGKANG LEH, not SENTOSA or what... :curse:

In the last few years the prices fell to $280k... and then finally now it's gone up... but only to $350k. They can never hope to sell this house without a massive loss... And even if they do manage to sell it, they still have to pay back into their CPF account for what they took out (or something lidat), and if they want to downgrade to smaller flat, they have to pay the govt $30k IN CASH! !!

So poor thing... work like dog to pay for a HDB they can't sell. They have no kids, only 1 dog... So wasted. 2 rooms are EMPTY. Imagine, if their timing had been better, they could have gotten a nice 2 room condo for the same price during the slump :dunno:

that is why i dont understand why people still din learn the lesson from others

and still go buy a 4/5 room flat @ >$300K ... pay so much for a small space :curse:

unless they are going to stay there forever til death do them part, else they are going to have problem selling..there is no such thing as forever prime area so... prime area 10 years ago many not prime now....

so dun dwell on prime area ,near mrt etc

 

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Haiz... NOW they learnt their lesson lor...

Boh pian, they got married at that time and had to apply for flat mah. Actually they wanted a small place, but his mom said that might as well get a big exec one so that have enough space for kids. They respected her wishes, forego a $8k cash deposit on another Hougang unit, end up lidat... !! Now they are not even planning for kids because of her ill health... Haiz... that's why they say 人算不如天算.

Now their only way out is to migrate cos SG houses is too ex to buy (can't buy HDB some more cos of the $30k fee). Move to Australia where housing is more affordable, have a higher standard of living, while renting out this flat to help finance it... So stupid right. And the government just blame people like them for being "quitters".

 

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ST FORUM

I READ with renewed surprise that the HDB will build even more flats ('Govt to boost supply of homes'; ST, Oct 2), even as many blocks in Jurong West remain fenced up and unsold and many individual units in my block and neighbouring blocks remain unsold.

The HDB should be responsible in its building programme as resources should be well used.

Who bears the brunt of these bad decisions in which poor planning led to these unsold flats? Buyers like me who collected my keys more than eight years ago when demand was so high I had to queue. I paid $387,000 for my HDB executive flat.

When I wrote previously to ST Forum about high prices, I was told they were subsidised and based on real cost of construction and so on. Well, guess what. Over the past 12 months, the HDB has sold the same types of flats including some in the same block as mine at about $260,000. Has their value dropped so drastically in eight years? Or does the costing now get some subsidy from elsewhere to allow the flats to be sold so cheaply?

Now, original buyers are unable to sell their second- hand flats, because the HDB is selling 'new' ones in the same block at more than $100,000 less than what we paid. The HDB has effectively taken the bottom off the resale market for new home owners who qualify to buy directly from it, leaving a much smaller group of resale buyers who do not meet the guidelines for direct HDB purchase. These buyers are willing to pay a little more but are unwilling to pay a decent price since the HDB set the 'new' sale benchmark.

Lawrence Ng Wai Chun

!! :yamseng::dunno:

Bad timing, poor investment in fixed asset at the wrong timing. No choice, :curse:

HDB flat can only sell to Singapore Citizen. Foreigner cannot buy it. So there still be chances those elite whie collars like the place and can only buy it from resale. If really luck comes in there are a in-flood of foreigner.

 

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Bad timing, poor investment in fixed asset at the wrong timing. No choice, !!

HDB flat can only sell to Singapore Citizen. Foreigner cannot buy it. So there still be chances those elite whie collars like the place and can only buy it from resale. If really luck comes in there are a in-flood of foreigner.

alot of foreigners come here to get citizenship so that is not an issue anymore

 

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alot of foreigners come here to get citizenship so that is not an issue anymore

So is there anyway to help those poor folks that is completing with HDB? !!

 

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Article totally driven by emotion of losing $$$. What has excess flats in Jurong West got to do with pricing elsewhere? He forgot the adage "location, location, location".

Lose money-- complain. He forgot that no one forced him to buy a flat. Esp 8-9 years ago, when prices had just come down after the Asian crisis.

Don't believe HDB's so-called "subsidy"-- easy. Change the govt through your vote.

 

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Not only them, even those buying resale flat also paid a high premium that current peak is still paper loss for them. Esp for those who are now in their 60s, how to expect them to support the housing loan when their pay cut is the most.

 

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i think the write is staying in JW

many 'pioneers' in JW paid premium a few years ago

same thing for SK residents :dancingqueen::notti:

confirmed also got SK cos EA in SK used to cost >$400K

Not only them, even those buying resale flat also paid a high premium that current peak is still paper loss for them. Esp for those who are now in their 60s, how to expect them to support the housing loan when their pay cut is the most.

that's the problem alot of pple are not good in managing and planning their wealth ...they just follow the crowd without thinking whether they can or cannot afford :D

 

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hubby's fren bought an EA at punggol around 5 yrs back at almost $400k, second last floor. he was urging us to buy so that we can be neighbours. luckily we din. else we would have bang our heads against the wall now...

 

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We just bought an EA in SBW, thought it is a reasonable price now. java script:emoticon('!!', 'smid_31')

:jawdrop:

Previous owner got it from HDB at 350K 7 yrs ago, sold us at 345K.

 

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