A view of the Pinnacle at Duxton public housing apartment blocks beside the central business district in Singapore, on Aug 19, 2022.Hundreds of public housing apartments in Singapore, one of the world's most expensive cities, are being sold for over one million Singapore dollars as Covid-19 -related construction delays create a shortage of new units.
Many units - known as Housing & Development Board flats - are conveniently located near train stations and malls and cater to various socioeconomic groups. For decades, Singaporeans have used their HDB flats for extra cash by renting them out or reselling at a profit. Unlike HDB flats, private condos in Singapore typically have security guards and facilities including swimming pools and gyms.
The proportion of monthly income used for mortgage payments has for three years remained at about 23 per cent on average for public flat buyers with government loans, the government said late last year.Singapore's construction sector, heavily reliant on foreign labour, has experienced major disruptions amid the Covid-19 pandemic, with tight supplies of materials also leading to delays.
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Singapore sees the rise of million-dollar public housingHundreds of public housing apartments in Singapore, one of the world's most expensive cities, are being sold for over one million Singapore dollars ($716,000) as COVID-related construction delays create a shortage of new units. The Southeast Asian city-state's public housing system – which sells government-built apartment units directly to citizens on a 99-year lease - has led to over 80% of Singaporeans owning their homes, one of the world's highest rates. As ownership is transferable to both citizens and permanent residents after five years, a resale market has emerged.
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HDB launches more than 4,900 BTO flats, including 2 prime location projects in Bukit MerahSINGAPORE — A total of 4,993 Build-To-Order (BTO) flats across seven projects were launched on Tuesday (Aug 30) by the Housing and Development Board (HDB), including two projects in Bukit Merah under the Prime Location Public Housing (PLH) model.
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HDB launches nearly 5,000 BTO flats, including 2 projects in Bukit MerahSINGAPORE - The Housing Board launched a total of 4,993 Build-To-Order (BTO) flats for sale on Tuesday (Aug 30), including two projects in Bukit Merah under the prime location public housing (PLH) model, which comes with a 6 per cent subsidy clawback upon their sale. The units are spread across seven housing projects in six estates in the third sales...
Source: asiaonecom - 🏆 10. / 59 Read more »