Friday, December 19, 2008

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HDB's Dew Spring @ Yishun: Supply of more smaller flats at affordable prices

THE Housing and Development Board (HDB) has launched Dew Spring @ Yishun where a good number of units are smaller two and three-room flats.

2-room at $76,000-$90,000 and 3-room at $120,000 to $146,000

There are 144 two-room flats priced between $76,000-$90,000; and 216 three-room flats priced between $120,000 to $146,000.

The board said that in pricing new flats, it considers several factors such as location, individual attributes of the flats, design of the project and the prevailing market conditions.

'To ensure public housing is affordable for first- time home buyers, new HDB flats are priced below their equivalent market prices,' it added.

HDB priced 3-room flats 20%-30% less than resale flat prices

HDB says that prices of nearby resale flats (which are about 20 years old) are about $175,000 to $180,000 (on a pro-rated basis with units of the same 65 square metre size). As such, HDB has priced the three-room flats at about 20%-30% less than comparable resale prices.

HDB priced 4-room flats 7%-12% less than resale flat prices

There are 504 four- room flats and these have been priced between $197,000 and $238,000. HDB says that resale prices are between $225,000 and $257,000 (on a pro-rated basis with units of the same 90 sq m size) for the four-room flats nearby. As such, Dew Spring four-room flats are about 7%-12% cheaper.

HDB did not have comparable resale prices for two-room flats.

HDB's supply of smaller flats for Lower Income families & Downgraders

Including Dew Spring, HDB has launched a total of 883 units of two-room and three-room flats this year and plans to launch another 100 smaller flats soon. It also plans to offer about 4,000 smaller units over the next two years. The launch of Dew Spring follows National Development Minister Mah Bow Tan's announcement in Parliament on Nov 18 that lower-income families and those who need to downgrade to smaller flats can look forward to a steady supply of smaller flats.

Extract: BT, 19 Dec 2008
May also want to read:

HDB Resale Price Index 1990-2008: Graph & Chart
99 Leasehold Property: Calculation of Depreciation Rate based on Singapore Land Authority Data
Spore Property History 1960-2008


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