HDB Resale flats cheaper than BTO flats?

After writing “HDB ethnic quota: Show the data, not ‘talk thru your nose’?” (Oct 2) – someone  (who prefers to remain anonymous) alerted me to some very interesting HDB data.

According to the HDB’s web site –

“Consistent Approach in Pricing New Flats

In pricing new BTO flats, regardless of the differences, we take care to ensure that the flats are affordable so that you would be able to find a home that suit your budget and needs:

  • Priced below comparable resale flats: BTO flats are priced significantly lower than comparable resale flats so that Singaporeans can enjoy a subsidy.”
  • In this connection, according to the ‘HDB private treaty’ listings in real estate portals – the price of older ‘ethnic quota reached’ 3-room flats in Toa Payoh (mature estate) have a ‘guide price’ of as low as $245,000 – and apparently, there are still no takers.

In the May 2018 BTO launch in Toa Payoh – 3-room flats were priced from $245,000 to $292,000.

  • How is it possible that BTO flats may be more expensive than resale flats when the HDB continues to say that “BTO flats are priced significantly lower than comparable resale flats so that Singaporeans can enjoy a subsidy”?
  • And there seems to be quite a lot of such ‘low price’ resale flats.

So, who are we kidding when we keep saying that the ethnic quota and older HDB flats’ rapidly declining values are not a serious problem?

The Government should provide the statistics as to what is the price difference between those flats (different flat types – 2, 3, 4 and 5-room) in blocks that have reached the ethnic quota, in comparison with Chinese owners’ flats’ transactions, as well as older versus younger  normal (non-ethnic quota) flats.

After all, isn’t this arguably, in the public interest, and in line with the online falsehoods’ committee’s recommendation that the Government should give the reasons for decisions not to disclose information to the public, and to gain the trust of the public?

 

Leong Sze Hian

 

 

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9 Responses to “HDB Resale flats cheaper than BTO flats?”

  • No Savings for them:

    Ain’t sinkies silly?

    You merely calculate the yearly rental rates of the HDB flat [projected to 999 years (recycled)] to compare to the rate of comparable free hold landed properties to know that it’s way over priced. And here we are talking about 5 room HDB apartments. The decent price for public housing should be around $100K a 5 room flat near MRT, if truly affordable should be around $80K and less considering they can build multi-stories and multi-units.

    Just why do you need your lives to be held up in ransom, I don’t understand?

    Volt for Change so that you have a live instead of being a dressed slavery.

    End up, sinkies got no savings for themselves and the kids. Poor thing.

    And some of them elevated above slavery with crumbs, proudly distanced themselves but if they look up, soon they will realize they are in the same boiling pot as others.

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  • Another0:

    BTO IS BS.
    Still got so many defects after charging such high prices?

    HDB should remain PUBLIC HOUSING FOR CITIZENS ONLY.
    NON-sgs can rent but should not become *landlords* like in recent times.

    Lee Ah Long is an idiot.

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  • NotMyProblem:

    Why can’t the pricing of new flats be the cost of building the flats plus a percentage? The increase of flats pricing can only be attributed from increase in labour and materials cost.

    Why HDB is making a profit from buyers? Mission of HDB- “We provide affordable homes of quality and value”, what’s this?

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  • Because govt include land pric:

    NotMyProblem:
    Why can’t the pricing of new flats be the cost of building the flats plus a percentage? The increase of flats pricing can only be attributed from increase in labour and materials cost.

    Why HDB is making a profit from buyers? Mission of HDB- “We provide affordable homes of quality and value”, what’s this?

    The cost of hdb flat is high because the govt include the price of the land. However in hdb enbloc, the hdb dwellers done benefit from the price of the land unlike 99 year private housing.

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  • oxygen:

    @ Because govt include land pric

    MATE, YOUR HDB transfer documentation – NOT A PROPER CONVEYANCING TITLE DEED – said you are a lessee and HDB is leasor. It is NOT a leasehold interest -unlike private condo – which include STRATA TITLE division of share of the land.

    HDB is only leasing you the dwelling structure for 99-yrs. That is why even after fully paid up, HDB can take back by force, duress or any other means available to them and then resold to developers for profits (cutting you out of the profit gain subsequently attained). In all leasing (as opposed to leasehold interest in conveyancing law) the title of the property NEVER PASS on to the lessee. Where is the proof? HDB imposed and extract a resale levy on seller of HDB if they buy another new HDB flat. Indranee said that HDB is an asset and the seller who sold it for profit kept the gain – in her law definition – is proof of ownership. IF THE TITLE OF THE DWELLING STRUCTURE ever belongs to the lessee (as Indranee propositioned), how come HDB, not being the owner of Indranee’s presumption, can have a bite at the profit on the sale of HDB flat? It is contrary to Indranee’s law definition! It can’t be both lessee and HDB the concurrent owner of the leased dwelling structure, right?

    In any leasing arrangement, there has got to be a leasor (bailor) and a lessee (bailee) similar to a bailor-bailee relationship. It can’t be a leasor/bailor leasing to itself(lessee/bailee)right? A bailor is like a goods or property in which the owners momentarily surrenders possession (but not his/her ownership title) and legally commands its return on demand or agreed deadline. Your car repair yard does not own your car whilst in its service repair but must return that property right to you sometime, right? So in leasing,the HDB flat you occupy does NOT belong to you. It belongs to HDB. That is why, after fully paid up, you can’t mortgage it to the bank to raise loan for a condo purchase nor for business investment.

    It never belongs to you – dwelling structure and the land on which the structure sits. Peasants who claims that HDB is rental paid in advance for 99-yr occupation use is CORRECT despite PAPpys denial blue face. What you get is exclusive possession (that does not prove ownership) and use for 99 yr as bundle of rights in contract law of renting.

    Because govt include land pric: The cost of hdb flat is high because the govt include the price of the land. However in hdb enbloc, the hdb dwellers done benefit from the price of the land unlike 99 year private housing.

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  • Angry Citizen:

    Don’t forget the farking 2.6% interest you have to pay HDB every year.

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  • LIAR!:

    KNN, another psychology mind games down there.

    Build-To-Order/ Sale of Balance Flats/ Re-Offer of Balance Flats and lately minority benefits…

    Just like buying electricity A shop, B shop, C shop,.,…….

    It becomes the burden of your own choice,

    the mind forgetting….

    WT*F…… so expensive compared to Malaysia…. Why? PayPay electricity and flats made of Gold is it!

    The previous argument was…oh we small land…. F* and you can flood in so millions FTs…. LIAR!

    Pay my money back!.

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  • opposition dude:

    Of course PAP won’t be mentioning the fact that older flats’ resale prices are dropping bit by bit, they will tell you the average of 3 room flats instead. Makes for a better looking statistic you know?

    Anyway the “affordability” of HDB flats has long been known. Still remember the days of 35 year loans for BTOs? Sure, it’s 25 years now but since has something affordable taken 25 years to be paid off right? Common sense!

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  • oxygen:

    ADDING ON to what I said below, there is a GOLDEN INDEFEASIBLE principle of latin expression governing rights & transfer of legal and equitable interests in property law application. What is it?

    oxygen: So in leasing,the HDB flat you occupy does NOT belong to you. It belongs to HDB. That is why, after fully paid up, you can’t mortgage it to the bank to raise loan for a condo purchase nor for business investment.

    It is – Nemo dat quod non habet – or simply in judicia dictum brevity – the nemo dat rule in property law.

    If you google this expression, it will tells you this in layman English – one cannot give what one does not have.

    TO AVOID DOUBT, ONE CAN ASK ANY PROPERTY CONVEYANCING LAWYER – you can’t sell legal interest, mortgage it or otherwise assign/transfer its legal ownership in any property you don’t own.

    You as the principal tenant/permitted occupier of exclusive possession and occupation use, can (with or without the prior permission of the rightful owner/s as agreed previously) sub-lease that property by subletting part of it to another rental tenant, but no title to ownership which you don’t own (it still belongs to the owner or landlord).

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