HDB explains its approach to pricing, development costs of new public housing flats
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- čas přidán 6. 12. 2022
- The Housing and Development Board said its pricing approach towards new flats is different from that of private developers. The HDB does not build flats aiming to recover costs or earn a profit, nor take into account construction and land costs in its valuation. To price new flats, HDB will consider transactions of nearby resale flats. It will then apply market subsidies to determine the price difference between new and resale flats. The growth in prices of flats in the past decade is 16% for non-mature estates and 22% for mature estates.
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Cannot use lies to run the country.
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Scam starts at home
Do not vote for PAP if by next election, they still cannot bring down property price. Cannot shorten waiting time in hospital and clinics. Let them suffer too.
Now is a good time to cushion the bringing back of this policy to normal as LKY administration meant it to be.
But rest assured, they can't. Neither can you.
And missing this boat, means they will continue to have to go on... into a worsening cycle spiralling down into the void be it PAP or oppo gahmen.
That's the game... ...
How do you think they finance such mega inefficiencies accumulated all those years and feed into future years without even have sapping CPF into this mess?
Interesting, isn't it?
HDB and SLA are the two hands playing the pricing game of HDB flats. If you want HDB to lose more, you just need to make SLA to gain more. Of course, one way of increasing land prices is to allow private developers to bid sites in housing estates according to market forces and then benchmark HDB land prices accordingly, and put a discount tag to it. As more and more new immigrants coming in with big bucks to buy up condos, they thus drive up demand of private properties and private land prices, and indirectly the land prices of HD B housing.
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Why blame foreigners when it is cash-rich singaporeans who are buying the majority of properties? And foreigners cannot buy resale HDB either. Have you bought and sold HDB flat before or you talking thru your arse?
@@scbchong6964 Do read the text carefully! Many foreigners buy private condos in housing estates, thus increasing demand and pushing up land prices, and "indirectly" the land prices of HDB housing. (According to official statistics released just two days ago, land price makes up around 60% of the total cost of HDB housing.)
@@engsudatta276 You are too quick to blame foreigners. Only 4% of private property buyers are foreigners, lah. The reality is many singaporeans are cash rich, have inflated wages and have fat CPF savings. Also, the subsidies and grants from HDB are very generous.
As for "land cost": so what? Can individual citizens negotiate bulk buy of state land? Do you demand cost breakdown from private developers?
btw you got any experience developing property? Any of your family in Building and Construction industry such that you know accurately how much it costs to build and maintain public infrastructure?
@@scbchong6964 Even 4% is a demand. Demand will drive up prices, including land prices for private developments. The land prices for HDB housing are benchmarked to these prices at a discount. Hence, greater demand in private housing will drive up land prices and hence land prices for HDB housing.
Foreigners and permanent residents are eligible to buy private condos even in HDB estates, and some even take it as investments.
HDB explaining why they pay high Land cost to SLA who in turn are revenues to the Govt who are accountable to realize affordable housing to the citizens?
The question is Why HDB needs to explain and NOT the PAP Govt?
Sledge of Hands?
Goes to show why these days Trust Cannot be Simply Granted to the MIWs.
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The same reason why landlords increases rental every year to maintain their lavish lifestyles.
Hdb cant sell publics housing as and commodity.people got to work for is whole life to pay morgage as housing depreciated hdbs.looking at the 10 year car with coe.as year get older the value come down.people cant keep on working.even machine would also breakdown.no hdb housing at over 1million ever since mr.got senior ministry.rule .but now everything out of hand.we want mr.got.to come back.if not we in s'pore, keep arguing until our neibour laughting at us.🙏🙏🙏
Mathematically speaking, buying the land at say 50 cents psf and Selling it at $500 psf to build HDBs for a transitional 99 years leash is multi-folds of financial gains since they can build multiples of 99 years, multi floors and multi units.
Yeah but the land belongs to the all Singaporeans and it’s like saying you want to sell to a small group of Singaporeans cheaply? No way, you want to buy, you buy at market rates! Yes, comparable to a nearby resale flat or even a condo! Government profits means ALL Singaporeans gain.
Do note that the cost of land depends on the amenties. HDB is for people to live in and not for investment. Govt should put more measures to curb using HDB flat as an investment.
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@@CalvinK300 Because "AFFORDABLE" housing is an "Election PROMISE" by the PAP and hence one of Election Deliverables. Singapore is a Representative Democracy. Goes to show that Singaporeans have choices to make in 2025.
@@ttkoh123 but it is affordable. The fact is the demand is extremely high. Most of these buyers are young couples.
Vote this incompetent govt out, they are all out to ovee tax people.
I laughed hard when he said its sustainable while shaking his head from side to side.
Nothing wrong. Many Indians shake their heads to signal ‘yes’ and nod to say ‘no’.
SG is the only place where untalented, mediocre workers can become millionaires from public housing. The pap govt is really casting pearls to swine.
Haha third world speak this way one.
Foreign talent mah
@@nomanbhoy7768 Do you have any experience hiring, training and managing singaporeans and foreigners?
So why MND not open the books to show the details all these years?
It's called transparency, accountability and Good governance
Why should you be concerned about the books? Just look at the pricing mechanisms and the vast price difference between what you can get for the same size accommodation at that price. And you ungrateful locals still got grants to buy such flats. Try buying a condom....err...I mean condo now, which have already pass $2000 / sqft. Do you even know FTs who are renting similar sized accommodation are paying 3 to 4 times what you locals pay for mortgage every month?
@@kengleetan63 alot of discrepancies
A old 999year condo still a better and cheaper buy than 99 year brand new HDB. U can keep for 10 generation.
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@@tonykwok9763 I only o level, but I know after 99 years staying in a 999 leasehold condo, I can sell to developer for enblock. And my kid can use that money to buy another new one and so on. One time payment for 10 generation. The poor people in HDB and their kids can pay and pay. Lol
you believe hdb??
someday miraculously all nature reserve will also be up for sale everything can overnight just like our cpf
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Yeah!
HDB is losing money.
SLA is making huge profit.
Ha ha ha!
Less develop in 2021 but cost is 1.4b higher than 2020... Darn, those Dev ppl are banking ppl/gov monies
Its leased property, regardless of how one look at it, its highly overpriced!!!
I struggle to understand. Get a freehold property then? I don't know but the amount of tax one have to pay for owning a piece of land doesn't seems worth it either?
Only in SG can mediocre, untalented, bad attitude workers become millionaires from public housing.
@@zzy341 The tax is the price you pay for the effort expended to deliver better public infrastructure and surroundings/environment. You are still in school and living rent-free with parents, right?
@@scbchong6964 My parents stays with me rent free. My house is worth about a million now and I pay property tax of only a hundred per year. As much as I would like to sell, it's just too hard to justify changing to a private property and paying ridiculous amount of taxes. What's more, for a similar sized private property the price is more than double.
@@zzy341 u should question, y r u paying tax for leased property.
1.3 million homes stock.
Only 1.0 million citizens or PR households. Meaning 0.3 million surplus homes, mostly private homes.
There is however 1.5 million migrant workers, out of the South City students and low income foreign workers. (Nowadays we see charity cases for these category of foreign workers as they pay up to 40% income for fees, worker's state levy, guarded hostels)
The 0.3 million homes is for 1.2 million migrant workers. There are also second homes for Middle Class Singaporean household here and quite significant in Johor Baru, Hong Kong and mainland China.
Rental income is a major item for these middle class households, as well as ownership of commercial properties like $2.0 million warehouse complex units, $6.0 million shophouses in conservancy Districts, shoplots in malls.
We must develop 1. Multi generation hdb or private homes, 2. Multi nuclear family hdb homes. This will help prevent slum formation.
Cleanliness and good maintenance is utmost. Notice youtubers uploading indiscriminate stickers in hdb lobby & lifts. That's not good.
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HDB/BTO priced more expensive than Private Free Hold Landed Properties prorated to 99 years.
From the table $584 psf X 1000 sf = $584,000 + 30 years housing loan @5% = $584,000 + $501,390.47 = $1,085,390.47 [Over a million dollars]
Can the average Children in the future afford a minimum decent lifestyle and save up for their Retirement & Medical Expenses?
[Add: Oh BTW I edited this to add: HDB Revert to Zero Value at the end of the 99 years leash -> $0.00] example the $million dollars "Elang" away in constrast to Private Freehold landed properties.
Singaporeans have choices to make in 2025.
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Property agents dancing to Bollywood music
BTOs ARE affordable if journalists or analyst only look at the affordability metrics of those that owned flats. Nobody is doubting that.
What worries me is how deceptive the portrayal of affordability is constructed. The ones that view HDBs as unaffordable will definitely NOT apply for expensive/pricier BTOs. The “good” statistics is merely a reflection of common sense decision made by people applying for BTOs, NOT that HDB ensures housing remain affordable. Buying a house is not like buying groceries. You need a loan and that effectively controls what you can apply for.
What concerns many, is the socio-economical nightmare of having to choose a mature vs non-mature BTO, or a 4 room vs a 3 room flat, or going resale or applying BTO and renting while waiting , or giving up starting a family and waiting for a BTO.
And let’s not forget all this talk of BTO affordability is useless if we don’t have a queue number. For countless BTO exercises, demand has far outstripped supply. The effect is a superheated HDB resale market. Ironically, high resale prices pushes up the valuation of land that HDB then buys for BTO. A vicious cycle that started with HDB’s poor projection of housing demand by the millennial generation.
The true nail in the coffin, is that ensuring affordability comes at the expense of taxpayer’s money. Generous subsidies for those with a BTO queue number, indirect tax for those without. Those that can’t get a queue number and that end up buying resale are essentially supporting a state-sponsored lottery.
Agree with you but sometimes these buyers have little choice.
Citizen, those negative points don't all come to bear on any individual at any one time. Plus you forgot govt does not force citizens when to buy and what to buy. There is also Means Testing to keep out the greedy jerks.
btw SG is the only place where untalented, mediocre workers can become millionaires from public housing. The pap govt is actually casting pearls to swine.
Housing & Development Board
#hdb
#cna
HDB can claim not making Profit BUT HDB is just one-off the Govt's agency like SLA is another agency of the Government. Would it be wrong to say;
Mathematically speaking, buying the land at say 50 cents psf and Selling it at $500 psf to build HDBs for a transitional 99 years leash is multi-folds of financial gains since they can build multiples of 99 years, multi floors and multi units.
It would be flawed because with this logic you will run out of assets to sell very quickly. Don't forget, 99 years might seem limited but that's at least 20 successive governments.
@@freescoring Abolish CECA, population control, birth control [we have a low fertility rate anyway] are amongst the logical methods and regardless of your digression from the main subject topic, the "Financial Gains" remain valid and true.
Nothing wrong with selling at profit to buyers? The government agencies are merely conduits in this transaction. The assets belong to all Singaporeans and they are processed into nice homes for some Singaporeans to buy. The money is paid to the treasury which belongs to all Singaporeans. So why should it be cheap or below market price?
SG is the only place where untalented, mediocre workers can become millionaires from public housing. The pap govt is really casting pearls to swine.
@@CalvinK300 Because "AFFORDABLE" housing is an "Election PROMISE" by the PAP and hence one of Election Deliverables. Singapore is a Representation Democracy. Goes to show that Singaporeans have choices to make in 2025.
Just change Government ! Look at Malaysia ! Enough is enough !
Don't have to follow as Singapore politics and policy are different from Malaysia. In fact nearly 90% people in Singapore own their home.
Why hesitate? Move to Malaysia now! Let's do the Malaysia boleh!
Damn funny to see someone who think Malaysia politics is better than Singapore! Hello, anybody home? Malaysia is better than Singapore in only one category: Kleptocracy 😂😂
@@CalvinK300 at least Malaysian senior no need to collect plate at hawker centre.
@@1965Singaporean because the jobs are taken by illegals?
Singaporeans have choices to make in 2025.
Some people don't like change, but you need to embrace change if the alternative is disaster. [ElonMust]
Time to help ourselves in 2025.
选反对党能处理哪一件大事儿？
我老实告诉你，也如几十年下来说的，没有实力怎么换，天下事儿终究老夫的事儿。
你们这些年到现在还是没办法对上如今已明显无能的高层更无法解决问题。
老夫意，当年意就是让问题滚到一塌糊涂，再扔给反对派什么人接。呵呵呵呵呵~
呵呵呵呵呵呵~
慢慢玩。
So the the HDB only rents out the Flats not ownership? Then answer me these questions: Why need to pay for property tax? Why need to pay for 10, to 20,000 upgrading fee? Why the transference of the HDB to the next of kin allowed? Why need to pay for electricity bill ? Aren't the landlord solely responsible for all these costs?
Will tell my NS boy not to protect this island. Just keng and keng till ROD.
A nearby 3-bdrm condo is selling at $2 million.
Would you be stupid to sell your 3-bdrm EC at $1.5 million.
A nearby 3-bdrm EC is selling at $1.7 million.
Would you be stupid to sell your HDB 5-rm flat at $600k?
A nearby HDB 5-rm flat is selling at $700k.
Would you be stupid to sell your HDB 4-rm flat at $400k?
The prices are linked.
Linked?...you not happy go buy condom....err...I mean condo loh...now condo over $2000 per sq ft ...you know? You Talk cock lah ...HDB...EC or whatever is already cheap deal liao...to the PAP MEAN .'AFFORDABLE '...UNDERSTAND?😆😆😆😆😆😆
Only in SG can untalented, mediocre workers become millionaires from public housing, hor. The govt is actually too good for the like of the ever-biatchin' citizens. PAP govt is casting pearls to swine.
@@scbchong6964 I would not want to take a broom to sweep all the new gen of locals as...useless...but compared to those in their PG and MG era...yes...many young gen locals now are hopeless, useless and only want a quick way to riches. Most now are only waiting for their parents to die, to inherit their small fortune. Which is why FTs are sweeping the job markets and taking away many of the good jobs from the locals. Jobs from the low end to the high end. Of course, the locals are also disadvantaged by some rules in the job market and certain village kind only hire THEIR KIND. What is the future for these youth who does not have very rich parents?
They will find that breaking out of their middle and lower middle class level ...tough...this together with all those in the lower class level...accounts for near to over 70% of such locals.
@@scbchong6964 czcams.com/video/ihs-7WoxCeI/video.html
The world is much bigger than you could imagine.
@@kengleetan63 I think it's those kids having GenX parents who are bad role models. Those who kpkb, point finger and blame govt and foreigners alot. A number of GenX are arrogant, complacent and entitled despite being better educated than PG and MG.
As you own a monopoly of the land, you set the prices. Market just follows your prices.
STOP THE LIES!
what land costs...suka2 come up with some strategy, thnx to their army of scholars, cmon sgporeans are well xposed n aware, dun hoodwink...making losses indeed...who do u think u r fooling...this aint sg of the 60s, 70s or 80s...
Squatters who are in harrassment program are occupying some small 2 room units.Within 20 mins the door keep slamming and strangers keep going in and out.That is why low income Singaporeans having difficulty finding house.
really welfare ??
I think Gov thinks Singaporeans are dumb. Counting vertical airspace as part of land cost is a sham. In the first place it is government who sets the exorbitant land cost. And in what manner is construction cost high? When HDB is mass produced vertically using underpaid cheap labour from bangladesh ?
The same price 4rm flat in Singapore can afford a bungalow in someplace not too far away...
The land belongs to true blue born Singaporean. New citizens should pay a premium since there no levy charged if they decided to take another country citizenship later while enjoying advantage like local.
Just vote them out
Gov should engage lower cost Dev partners/contracts to ease cost. 🤓📢👍
Are you a trained civil engineer or architect? Are you parents working in Building and Construction industry? Any of your relatives or friends working in building materials import?
@@scbchong6964 always a plus to be link...🤓📢
A pity since pricing so affected by worldwide situations...
What's your approach to sustainable development.?
@@lycan39 Build only on-demand after strict Means Testing. Education about wasteful and polluting renovations and built-in furniture. Education to use more natural cooling technology and techniques. But aren't the young full of immediate gratification mindset. Lack of patience and planning?
btw you still in school or working full-time? What household expenses do you contribute to?
@@scbchong6964
what HDB did in 80s are behind us. BTO from late 90s to current time are adherence to market demands.
Sustainable national development to me is to provide affordable consumables and reduce negative impact on people's lifestyle.
Effective solutions tend to be less profitable business. 🤣📢
Public housing has been a milestone in SG nation building history. Must not be shaken , remain as rewarding for those who opt for HDB.
HDB will never be a profiteering company.
@@lycan39 Kid, the HDB prices dropped 30% due to 1997 asian currency crisis, and did not recover until 2012. HDB Pinnacle BTO at Tanjong Pagar had leftover units even in 2012. You still in school and need to speak to those who owned property through good times and bad.
btw "...provide affordable consumables..."? How many of your friends and family are in farming, food processing/manufacturing/import jobs? How many own such business? There is a lack of innovation and talent among singaporeans in this area.
Good luck singaporeans forever can only afford to buy hdb flats
What’s wrong with HDB? I don’t mind living in one actually. Damn shiok!
Why are you and others buying up our HDB for a million dollar?
@@zzy341 ya lor… then blame government for what?
@@z.com0000 don’t know what hole you are referring to but if it’s ownself dig the hole, who else to blame but yourself? True or not?
SG is the only place where untalented, mediocre workers can become millionaires from public housing. The pap govt is really casting pearls to swine.
The primary reason for ever higher HBD prices is due to the uncontrolled influx of foreigners into Singapore. These group accounts for a huge demand for housing and is the primary contributor to higher prices. It is fine to allow highly skilled workers to come into the country and contribute to the growth of the economy by creating jobs and providing skilled labor. High skilled foreigners creates value add to justify their cost on society. However, PAP's labor policies lack standard and control, thus the influx of too many unskilled labor from China, India, and Malaysia. Most cannot even speak basic english and have very little value add. They are also competing for goods and services and making it more expensive for local Singaporeans. Future labor policies should be directed at attracting only high skilled labor and ban all unskilled labor into the country.
HDB = hard done by 😂
Scam starts at home.
Let the Great Asia enlighten you:
Divide the population of the country into two halves, let's call the first half the "Landlord", and the next half the "Peasant". The Peasant works for the Landlord and makes them richer. The landlord then uses the new wealth to acquire more lands. What do you think would happen to the children and grandchildren of the Peasant?
More than 50% of future generations will be born in HDB-4rm flats and trapped in HDB 4-rm flats for life.
In the past decade, PAP has built so many little HDB flats and condos. There will be a huge angst from Singaporeans who are not able to upgrade to a bigger living space.
Imagine a population density of 20,000 per sqkm, and people living in compact spaces in perpetual.
There will be huge, huge social and political problems. The ruling elites are too rich, too elitist, and too self-serving, they can't see the problems.
There is one problem with your explanation. There is only one main landlord, the rest are just landlord wannabes.
Welcome to the real world.
Oh is that why the government keep reclaiming land? And keep educating and retraining the population? 😂
@@chenghonggoh4746 Yeah, it's the feudal system of the East and West. It's the same old 1% milking the 99%.
Not happy, you can always go over to JB!😆😆😆😆😆😆😆
Haha other countries cant adapt to this kind of thing? Yes agree because people in other countries actually own land and have land title which they can even sell, rent out or use it to whatever they want to.
I feel pain for the young singaporean. Especially the young couple whereby the other half is not a PR. How can they afford.
Agree on the young Singaporean.
Disagree on the second statement. I applied bto when my spouse was ltvp. She's Singaporean now and the hdb is still under my single name. I.e. suffered at first, but now I use her name to buy a condo while keeping/renting the hdb and don't pay additional duties for taking on a second property.
Oh my understanding is. If yr spouse is not a PR the the couple can only buy from resale market. There being single name w 1 income may not be able to afford to buy from open market. Especially the young man having to serve in national service not able to save up for 2 years.
The objective of hdb is to build hdb and looks like hdb. Less windows, less sunlight, less appealing and look more like prison cells. Hdb suppose to look like hdb, otherwise who wants to buy condo? Hdb got to devalue itself to less. It cannot be more than condo. Stick to tissue box designs. Smaller windows. Think thats my summary of hdb mission
Rat cage
Test.. edit-my comment got taken down😆
The next election might be the first time I am voting for opposition
Keep trying to justify all these bs costs for HDB nvm one. Just keep seeing citizens get married later and later, maybe never and don't have kids. Birth rate is your problem idc. I know I'm not getting married, who needs all this extra stress...
Cna pap voice
The opposition parties and their bunch of jerks are always distorting facts to deceive and mislead the public about HDB pricing policy. 🤣🤣
Nothing new. When they want to buy HDB they will make noise. When they want to sell, they will keep quiet.
U got all your facts right, no brainer?
50 YEAR LEASE.....1/2 PRICE????????
ADVICE TO OUR YOUNG.....
GET A FREEHOLD HOME....
FOR YOUR CHILDREN.....
CHILDREN.....🏕🌲🌲🌲🌲🌲
they said NEW flats.. not the Old Flats..then the Owner of the Old flats Also increase the Rentals.. lols.. chibai