Your search results

Why Can’t Everyone Have Homes In Good Locations?

Posted by Jayson Ang on March 9, 2024

| 0

TLDR

In a nutshell, the Singapore property market is undergoing significant changes, with the introduction of a new housing classification system that offers increased subsidies for properties in prime locations. However, stricter regulations such as a minimum occupation period of 10 years will apply. Experts caution against the feasibility of continually constructing new homes in mature estates due to land scarcity and the challenges associated with building taller structures. Balancing demand for well-established locations with practicality is a key focus in HDB estate construction. Ultimately, the decision to buy, sell, or wait on property investments should be based on individual circumstances. For comprehensive real estate advice and successful property transactions, leveraging data-driven insights and expert guidance is crucial in navigating the dynamic Singapore property market landscape.

Ms. Lim, a university student, and her significant other, Mr. Lee, believe that the geographical location of their future home is fundamentally important since they have no plans to purchase an automobile.

“Our preference is for a Build-to-Order (BTO) flat within a comfortable walking distance of an MRT station,” she stated.

Moreover, they desire to reside in close proximity to their parents who live either in Bedok or Jurong East. They have made attempts to apply for flats in these areas but unfortunately, their efforts have been unsuccessful thus far.

Their preferences align with those of several other young couples who have previously expressed to the media that they won’t compromise on certain factors when applying for a BTO flat, such as being near their parents and having easy access to public transportation.

In the most recent National Day Rally, Prime Minister Ng Chun Pin announced the introduction of a new “Plus” model to categorize public housing projects starting from the latter half of the next year. This will lead to the gradual discontinuation of the existing mature and non-mature estate classification system.

Under this new categorization, buyers of Plus and Prime flats — located in more sought-after locations — will receive increased subsidies from the Housing Development Board (HDB). However, they will also be subject to stricter regulations, including a minimum occupation period of 10 years. Any additional subsidies received by applicants will need to be repaid to HDB upon resale, among other restrictions.

Young couples who had previously spoken to the media about not compromising on certain attributes when applying for a BTO flat, such as proximity to parents and connectivity to transport nodes, might find these changes particularly relevant, especially those eyeing flats next to Kallang MRT station.

Dr. Lim Jia Hui, regional director for Singapore at PropertyGuru Group, shared, “These enhanced measures aim to promote fairness and discourage the perception of treating HDB flats as investment opportunities.”

He continued, “We should allow this novel reclassification system to fully unfold and share our insights via government channels when the time is right.”

Specialists in the field noted that it would be unfeasible to continually construct new homes within existing housing estates to accommodate everyone close to their parents, given the scarcity of land.

Can the Government not build higher flats and augment the flat supply in mature estates?

This proposition, though attractive, involves uprooting residents from current flats to pave way for newer ones. Moreover, building skyscraping flats also has its restrictions, the experts elucidated.

“There are boundaries to how tall our flats can be. We must take into account factors like aircraft flight paths, wind circulation, and the shadow cast by towering structures on shorter buildings,” advised Mr. Tan Wei Ming from Huttons Asia.

Dr. Lim from PropertyGuru highlighted other constraints such as increased construction expenses with taller structures and potential traffic jams.

“The Master Plan’s vision is to establish job clusters and enhance the allure of suburban regions, akin to Tengah,” stated Dr. Lim.

He added, “The demand for well-established and desirable locations is endless. Therefore, balancing this demand while ensuring viability will be a prime focus in the construction of HDB estates.”

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.

You May Also Like …

All Buying Tips

What Type of Properties Can a Permanent Resident PR Buy in Singapore?

Jayson Ang – August 13, 2023 –

TLDR When it comes to purchasing property in Singapore as a Permanent Resident or Foreign National, there are specific restrictions...

All Buying Tips Selling Tips

Should You Purchase a Small Landed Home or a Larger Condo? Insights from Singaporeans

Jayson Ang – August 5, 2024 –

TLDR When deciding between a compact landed house and a spacious condominium, consider key factors like security, parking, maintenance costs,...

All Opinion

Reasons Why En-Bloc Sales Are Expected to Remain Slow in 2025

Jayson Ang – February 6, 2025 –

TLDR From 2014 to 2024, the en-bloc market has faced challenges due to fluctuating cooling measures and a shift from...

All Blog Posts Buying Tips

Will Your HDB Flat Provide For Your Retirement?

Jayson Ang – July 11, 2023 –

TLDR Singapore's property market presents challenges with high prices, particularly in private housing, while public housing remains relatively more affordable....

Mandarin Top 5

Top 5 : Places to See Singapore’s Skyline at Night

Jayson Ang – February 5, 2025 –

Singapore, a bustling metropolis known for its stunning skyline, offers an array of vantage points to witness the city's architectural...

Mandarin Top 5

5 Key Factors that Affect Singapore’s Property Prices

Jayson Ang – August 29, 2024 –

Singapore, a thriving city-state known for its impressive skyline and robust economy, has one of the most dynamic and competitive...

Mandarin Top 5

Top 5 Factors : Why Singapore’s Luxury Property Market Still Has Room For Growth

Jayson Ang – December 5, 2024 –

Singapore's luxury property market has been experiencing significant growth in recent years, with private home sales in the Core Central...

All Blog Posts Buying Tips

Downsizing From A Spacious 4-Bedroom Condo To A Cozy 2-Bedder: How I Chose A Condo Over A HDB

Jayson Ang – April 28, 2023 –

TLDR Mdm Sim's decision to trade her four-bedroom house for a two-bedroom condo is explored, highlighting the benefits of right-sizing....

Mandarin Top 5

Top 5 Best Green Spaces to Picnic in Singapore

Jayson Ang – May 5, 2025 –

Singapore, a bustling city-state known for its modern architecture and vibrant culture, is also home to numerous green spaces that...

All Buying Tips Opinion Selling Tips

The Hidden Hurdles of Purchasing a BTO Flat in Singapore: Unveiling 4 Lesser-Known Challenges During the 5-Year MOP

Jayson Ang – September 26, 2024 –

TLDR When contemplating the purchase or sale of a property under the Minimum Occupancy Period (MOP), it's crucial to consider...

All Blog Posts

Singapore Property Swapper

Jayson Ang – December 7, 2022 –

https://www.youtube.com/watch?v=B1NTnjxDPy4 Jayson Ang, also known as the Singapore Property Swapper, is a certified Propnex agent and top 1% producer who...

Mandarin Top 5

Top 5 Live Music Venues in Singapore

Jayson Ang – May 20, 2024 –

Singapore, a vibrant and multicultural city-state, is well-known for its diverse food scene, stunning architecture, and bustling shopping districts. However,...

Buying Tips Mandarin Top 5

Investment 101: The Top 5 Best Long-Term Values In Singapore’s Property Market

Jayson Ang – July 10, 2023 –

Investment 101: The Top 5 Best Long-Term Values In Singapore's Property Market When it comes to purchasing property in Singapore,...

All Blog Posts Opinion Selling Tips

6 Reasons to Think Twice Before Hiring a Friend or Family Member as Your Agent

Jayson Ang – October 31, 2024 –

TLDR In Singapore, hiring a friend or family member as your property agent can be risky. Disclosing sensitive financial details...

Mandarin Top 5

Top 5 Rooftop Pools in Singapore for a Swim

Jayson Ang – March 30, 2024 –

Singapore, a bustling city-state known for its iconic skyline and innovative architecture, is home to some of the most stunning...

Blog Posts Mandarin Top 5

Travel Without Worry: The 5 Best Telco Companies For International Roaming In Singapore

Jayson Ang – July 8, 2023 –

Travel Without Worry: The 5 Best Telco Companies For International Roaming In Singapore When it comes to choosing a mobile...

All Buying Tips

Single, Over 35, and Searching for a Home? Here’s Your Guide to Choosing Between an HDB and a Condo!

Jayson Ang – January 21, 2025 –

At the age of 35, a single Singaporean starts a significant year, highlighted by the long-awaited chance to buy their...

All Buying Tips Opinion Selling Tips

4 Intriguing Property Trends in Singapore for 2024

Jayson Ang – February 10, 2025 –

TLDR The dynamic shifts in Singapore's real estate market following Covid, highlighting three key trends: the surprising resilience of the...

All Buying Tips Opinion

The Significance of Choosing the Right Condo: A Real-Life Tale of Two $1.8 Million Investments with Significantly Different Results.

Jayson Ang – August 13, 2024 –

TLDR When contemplating property investments in Singapore, consider various factors like rental performance, unit count, access to train lines, and...