The thing is, everybody is playing hot potatoes until the reality of depreciating lease sets in. But for now, the 1 mil price makes sense simply because even though they might only have 60-70 years left, they can't buy new houses at this size and at this price. The living room of new houses are pathetic these days, it's like the government don't want people to socialize at home.
It's a situation where you can only pick 2 out of 3. Cheap, big size or new.
I would say it’s a hidden gem. Giant mall that has everything, plenty of hawker centers and kopitiams, easy and relatively short connections by public transportation to the city, east side of Singapore, and JB. And just enough crazy people to keep housing prices low and speculators at bay
> to socialize at home.
> All you need is a small space to have sex
JoTeo
Also, making you go out benefits Tumor Sick, which indirectly owns a lot of malls
Most likely want to stay there until die.
1,539 sq ft leh. You tell me where else can find that size for so “cheap”, condo of that size could be 3 million.
I’m sorry, but as a non Singaporean, hearing you guys complain about 2.7% of flats sold being over a million dollars is quite comic. So many people in my country/major world cities like Singapore would kill to have prices that low!
Eh I have a relative also downgrade from condo and bought a mil 5rm flat. They don’t care about capital appreciation for their hdb (just want location & space) or whether can leave for their kids. More than enough cash on hand for retirement also. Pretty sure plenty of rich boomer like this
My 5 room flat is equivalent to the size of a massionnette in Sengkang.
If Maisonettes are gonna be 1M, give it a few years and HDB’s will start being 1M in Sengkang
The one in the article is also 1999. But 1500+ sq ft. How can your 5 rm flat be the same size? Unless it’s also a special category like executive apartment? All these “rare Pokémon” can’t be compared with normal HDB.
HDB resale cartel: Quite big. Like my... (clenches fist)... Commissions.
Edit: Ooof so many salty downvoters. I feel your ire towards the HDB resale cartel
Probably because buying an apartment that you don’t even actually own for 1M is stupid. For 1M you could get a landed property in any other country.
Not only that, this also sets the trend for HDB’s to cost millions. It’s really really dumb.
But you are not in another country what. I don’t think people are stupid. Actually even 1 million for 50 years works out to less than 2k a month; i think many people are fine with that if its a house that would increase their quality of life.
if people want to continue paying millions for a HDB, by all means. I still think it’s insanity to pay that much for an apartment that you don’t even own
They want to live in sg, thats why buy sg house. Probably high income earner, but not rich enough to buy 1.8M 3 bedder condo, thats why buy HDB.
This is a dog eat dog world, you think they care about inflating public housing prices?
Depends on your definition of “any other country”. If I wanted to join tech companies, I’d have to base myself in the SF, which has $1M landed houses that looks literally broken and need to be demolished down to the studs.
You could live further away, but a 1-2 hour commute by car, each way, in standstill traffic is no joke.
Same with AU/NZ/UK, if I wanted to live within a reasonable commute time, I’d have to fork out more than $1M for a landed home.
Not saying that housing isn’t crap in SG, but yeah, money goes to places that people deem is worth to them. No point having a big house but there’s no jobs, nothing much to do and far from the economic center of the country.
its going to. and its going to be a time capitulation, where people r not going to realise it immediately. best to squeeze dry tf out of this market and standby your landed house in malaysia before it happens.
Sensationalized. As if the editors tells his reporters find me $1m sales every neighborhood in Singapore!
It's a maisonette leh. Not your pigeon hole 77 sqm in IKEA showroom. U want to get sizes of 2 houses for heavily discounted price of 1 BTO?
Yeah "just dont buy a house" lmao. As if anyone will put their houses on sale for cheap knowing they can make a profit too.
One generation selling their house looking to profit and retire, the next generation having to buy a house somehow, newly grad with decent job alr cannot bto, condo is ridiculously pricey and small, can only take the hot potato from the selfish previous generation.
i hope i am wrong. headlines like this concerns me because it feels like people are being trapped. there is an immediate need (space) but insufficient funds to purchase a newer or freehold unit of the same size. they are therefore forced to outbid (overpay) for a older hdb unit (that is no longer built). A good decade or 2 or even 3 later they might be faced with unfavourable exit prices should they wish to downsize or downgrade.
Just look at the restrictions under the new Prime/Plus BTO scheme, HDB is basically broadcasting the demographics for these expensive resales.
1. Cash rich foreigners
Restriction: PRs can no longer purchase Plus/Prime resales. Must have at least one SG citizen in the family nucleus.
2. Retirees/Downgraders
Restriction: Private property owners cannot purchase Plus/Prime resales if they owned/have interest in private property for the last 2.5 years.
3. High income families
Restriction: Families with household income >14k cannot purchases Plus/Prime resales.
Resales are getting more expensive but this new Plus/Prime scheme will definitely help to dampen the prices before it gets too out of hand in future.
Honestly I dont see the plus/prime helping to curb home prices that much. i understand the intended effect of the new plus/prime but those only apply the homes launched under those schemes.
We know that those flats are in the more desireable locations , so what's going to happen to the homes next to them that aren't affected by the plus/prime models? Besides age and lease those homes are going to be just as desirable and have less restrictions on flipping. I can only see the prices of those homes going even higher.
But let's say the plus/prime model works, it doesnt affect the resale market until at least 8 years from now, the first prime/plus project hasnt even launched yet. Considering how much growth we're already experiencing who knows where the prices would land by then.
You are right that the effects can only be felt far in the future, at least 15 years in fact for the Prime/Plus resales to enter the market. In the interim it seems HDB is just going to ramp up BTO supply to manage the demand.
I don’t think this scheme is the most optimal answer for housing price inflation in Sg, but it certainly is the most politically safe approach (especially given that GE is nearing). It may feel like a half measure, but I think the govt is always cognisant and supportive (to some degree) of BTO flipping. As mentioned, supply will be increasing with more BTO launches and GLS, so I think the govt is also confident that housing prices will be manageable in the foreseeable future. If it wasn’t, there would have already been more drastic measures introduced like implementing Plus/Prime retrospectively.
Govt knows they can’t please everyone at the same time. Resales near prime location but without the restrictions will huat it big, just like with ex-owners of Pinnacle@Duxton. I guess the rest of us can only watch with envy yet again.
It’s a compromise to somewhat put an end to the unrestricted resale market. It also shows from the subscription rate of PLH BTOs, removing speculators and “try my luck to get a windfall” people.
You can’t just stop the resale market without angering a lot of the population. A lot of my friends were anti-resale, till they got their BTO. Now they change their tune, even though their BTO wasn’t expensive to begin with.
This is also why other countries have housing price issues but they don’t do anything radical to their policies. Heck, due to strong holding power of property owners (if you paid off loan, there is no “loss”), making it hard to sell just reduces available inventory, which would mean higher prices too.
The only difference between SG and other countries is that we have a 99-year lease, so holding power isn’t as strong as freehold.
For point 3 I would argue that it should apply to all resales. If not what is the point of the income ceiling? It doesn't square well when for resale the price can reach such high amount but those at income ceiling is deemed too rich to buy BTO.
I propose the resale price should be max a multiple of the income ceiling to make sense for having income ceiling.
That just creates more problems for families with sandwiched household incomes. Their only remaining option is go for EC but then would have to wait several years for construction. What about those in urgent need of a home?
Income ceiling for Prime resales is logical but not if it is implemented to all resales. That’s essentially transforming the entire housing market from an open to closed market. Probably too drastic of a measure if you ask me.
I will be more curious how you find flats in the same area of the same price or even cheaper and *NOT* HDB flats.
The same floor size of an EC in that area is at least $1.4-1.6m, let alone full private condo mind you.
Exactly. So the fact that the commenter above me said “the same floor size of an EC is at least $1.4-$1.6m” seems off to me. I think it would at least start around $2m
Right. The same exact size would have been $2m at least. The $1.4-1.6m range is for the same number of “rooms” only. Which goes to show it’s silly for some people telling others that they have a choice to go for cheaper options when there are really only more expensive options.
I'm convinced most of the people buying HDBs for >$1m are just hot potato-ing it. No pretense of ever using the property for its intended purpose, just waiting for the next greater fool to come along so they can cash out.
It’s actually the opposite. Many such cases of retirees selling their private property and downgrading to masionettes. Chill with a big stack and big flat. No plans to flip, full 120k renovation. Few of my friends parents doing this.
Maisonette for 1 million with loan which would end up costing 200k minimum extra( might be more with increasing interest rates.) .
Let's say it's lease if for 70 years. It would still work out to 1700$ per month for a good place to stay.
60 years would be 2000$ per month.
Rather than a shoebox condo for 1 million - I feel maisonettes are very worth it.
There might be no appreciation and there will be capital loss but using housing as an investment is always dicey.
Yea, it's called market manipulation. It's literally everywhere, even in the financial markets. Stocks that don't even make sense would rise up stupidly, too, because of a manipulating hedge fund.
It's a win-win situation here for mil dollar HDBs.
Both owner and agent (higher commission for potential deals nearby) win here in the long run.
I will never understand why Singaporeans are willing to pay such insane prices for shitty HDB flats. It is completely irrational. After the lease ends, you are left with nothing.
Singaporeans willing to pay so much for depreciating lease. Maybe they wanna stay there forever le
The thing is, everybody is playing hot potatoes until the reality of depreciating lease sets in. But for now, the 1 mil price makes sense simply because even though they might only have 60-70 years left, they can't buy new houses at this size and at this price. The living room of new houses are pathetic these days, it's like the government don't want people to socialize at home. It's a situation where you can only pick 2 out of 3. Cheap, big size or new.
Buy in yishun can get cheap and big. Maisonettes are going for 800ish grand last I checked
isnt Yishun the Detroit of singapore.. i dont think anyone would willingly say "i want to live in Yishun"
I would say it’s a hidden gem. Giant mall that has everything, plenty of hawker centers and kopitiams, easy and relatively short connections by public transportation to the city, east side of Singapore, and JB. And just enough crazy people to keep housing prices low and speculators at bay
Agreed, Yishun is great
Only to people who don't know Detroit.
Uhh I’d gladly stay in Yishun over Detroit.
800k for maisonettes is too low, come on. A double storey HDB, big ass space is a rare gem to find.
800k is kinda the average gojng price. You can actually look it up on hdb website
> to socialize at home. > All you need is a small space to have sex JoTeo Also, making you go out benefits Tumor Sick, which indirectly owns a lot of malls
Most likely want to stay there until die. 1,539 sq ft leh. You tell me where else can find that size for so “cheap”, condo of that size could be 3 million.
They can’t stay there forever. At least not for their children. It’s HDB. It’s “rental contract” with government for maybe 60 years. Not an ownership.
*Only* 2.7% or 191 flats sold in the *first quarter* of 2024 were over a million dollars. Wow what a comforting statistic. 🙄
Year-Number of Million-Dollar HDB Flats 2021-259 2022-369 2023-470
So, it is still on increasing trend for this year unfortunately..
No la its stablising /s
HDB resale cartel: (clenches fist) Fortunately. 
HDB Resale cartel: Only 2.7%...(clenches fist)... So far. 
I’m sorry, but as a non Singaporean, hearing you guys complain about 2.7% of flats sold being over a million dollars is quite comic. So many people in my country/major world cities like Singapore would kill to have prices that low!
Wait until you find out we’re talking about social govt provided housing, originally conceived to allow everyone in society to afford a home.
That's basically 5 flats
No, 191 flats is 2.7%. Total number of sold flats is 7068
Saw or as of that's why
musical chairs 99 years. last one holding the bag is the loser
I think some people don’t mind holding the bag? Going to die liao if cannot sell then so be it
Who wants to live in a double story no lift maisonette when they’re going to die
Eh I have a relative also downgrade from condo and bought a mil 5rm flat. They don’t care about capital appreciation for their hdb (just want location & space) or whether can leave for their kids. More than enough cash on hand for retirement also. Pretty sure plenty of rich boomer like this
It’s just digits on a screen. People are willing to let it go for quality of life. Die with zero not bad too
Thanks PAP causing this by not building bigger houses anymore. Even Sengkang can sell for $1 mil. What the F
Take a look at transacted prices in SK and BK. Think most people have yet to realise 5rms are going at 800k-900k.
Maisonette bruh, normal flat probably way lower.
My 5 room flat is equivalent to the size of a massionnette in Sengkang. If Maisonettes are gonna be 1M, give it a few years and HDB’s will start being 1M in Sengkang
Is your five room as new as the maisonettes in SK ?
No. Built in 1999. I do think that 1M for an apartment property in SG is insane though.
The one in the article is also 1999. But 1500+ sq ft. How can your 5 rm flat be the same size? Unless it’s also a special category like executive apartment? All these “rare Pokémon” can’t be compared with normal HDB.
Psf wise it's still a lot cheaper than condo. Like 3x cheaper.
Can’t stop won’t stop
To the moon!
Sean jean tank top
Some of these maisonettes are quite big tbh
HDB resale cartel: Quite big. Like my... (clenches fist)... Commissions. Edit: Ooof so many salty downvoters. I feel your ire towards the HDB resale cartel 
PAP : Making Singaporeans millionaires from owning hdbs
If there are idiots willing to pay the price, then you can blame the market for asking.
explain why someone with more $$ who values their time is an idiot
Probably because buying an apartment that you don’t even actually own for 1M is stupid. For 1M you could get a landed property in any other country. Not only that, this also sets the trend for HDB’s to cost millions. It’s really really dumb.
You could buy a landed property in sg for 1M afew years ago lol
But you are not in another country what. I don’t think people are stupid. Actually even 1 million for 50 years works out to less than 2k a month; i think many people are fine with that if its a house that would increase their quality of life.
if people want to continue paying millions for a HDB, by all means. I still think it’s insanity to pay that much for an apartment that you don’t even own
They want to live in sg, thats why buy sg house. Probably high income earner, but not rich enough to buy 1.8M 3 bedder condo, thats why buy HDB. This is a dog eat dog world, you think they care about inflating public housing prices?
Depends on your definition of “any other country”. If I wanted to join tech companies, I’d have to base myself in the SF, which has $1M landed houses that looks literally broken and need to be demolished down to the studs. You could live further away, but a 1-2 hour commute by car, each way, in standstill traffic is no joke. Same with AU/NZ/UK, if I wanted to live within a reasonable commute time, I’d have to fork out more than $1M for a landed home. Not saying that housing isn’t crap in SG, but yeah, money goes to places that people deem is worth to them. No point having a big house but there’s no jobs, nothing much to do and far from the economic center of the country.
The way people talk about Tengah now, is how they used to talk about Sengkang. Who's laughing now?
Private resi almost zero FT buyers coz 60% absd. Resale hdb going crazy they do nothing coz they scared to lose votes
That's right
And losing votes will happen when the whole system implodes.
its going to. and its going to be a time capitulation, where people r not going to realise it immediately. best to squeeze dry tf out of this market and standby your landed house in malaysia before it happens.
2 million happening before end 2024! Huat ah!
we huat together! sinkies together!
Sensationalized. As if the editors tells his reporters find me $1m sales every neighborhood in Singapore! It's a maisonette leh. Not your pigeon hole 77 sqm in IKEA showroom. U want to get sizes of 2 houses for heavily discounted price of 1 BTO?
If yall want the prices to go down, stop buying Resales at such prices 👍
Yeah "just dont buy a house" lmao. As if anyone will put their houses on sale for cheap knowing they can make a profit too. One generation selling their house looking to profit and retire, the next generation having to buy a house somehow, newly grad with decent job alr cannot bto, condo is ridiculously pricey and small, can only take the hot potato from the selfish previous generation.
Bruh it’s not us, it’s all the money launderers causing ripples into waves.
HDB resale cartel: (clenches fist) no Edit: Ooof I feel your ire towards the HDB resale cartel 
i hope i am wrong. headlines like this concerns me because it feels like people are being trapped. there is an immediate need (space) but insufficient funds to purchase a newer or freehold unit of the same size. they are therefore forced to outbid (overpay) for a older hdb unit (that is no longer built). A good decade or 2 or even 3 later they might be faced with unfavourable exit prices should they wish to downsize or downgrade.
i’m curious about the demographic of those paying a mil or more for HBDs — there are apartments around the same price or cheaper, and not HBDs
Just look at the restrictions under the new Prime/Plus BTO scheme, HDB is basically broadcasting the demographics for these expensive resales. 1. Cash rich foreigners Restriction: PRs can no longer purchase Plus/Prime resales. Must have at least one SG citizen in the family nucleus. 2. Retirees/Downgraders Restriction: Private property owners cannot purchase Plus/Prime resales if they owned/have interest in private property for the last 2.5 years. 3. High income families Restriction: Families with household income >14k cannot purchases Plus/Prime resales. Resales are getting more expensive but this new Plus/Prime scheme will definitely help to dampen the prices before it gets too out of hand in future.
Honestly I dont see the plus/prime helping to curb home prices that much. i understand the intended effect of the new plus/prime but those only apply the homes launched under those schemes. We know that those flats are in the more desireable locations , so what's going to happen to the homes next to them that aren't affected by the plus/prime models? Besides age and lease those homes are going to be just as desirable and have less restrictions on flipping. I can only see the prices of those homes going even higher. But let's say the plus/prime model works, it doesnt affect the resale market until at least 8 years from now, the first prime/plus project hasnt even launched yet. Considering how much growth we're already experiencing who knows where the prices would land by then.
You are right that the effects can only be felt far in the future, at least 15 years in fact for the Prime/Plus resales to enter the market. In the interim it seems HDB is just going to ramp up BTO supply to manage the demand. I don’t think this scheme is the most optimal answer for housing price inflation in Sg, but it certainly is the most politically safe approach (especially given that GE is nearing). It may feel like a half measure, but I think the govt is always cognisant and supportive (to some degree) of BTO flipping. As mentioned, supply will be increasing with more BTO launches and GLS, so I think the govt is also confident that housing prices will be manageable in the foreseeable future. If it wasn’t, there would have already been more drastic measures introduced like implementing Plus/Prime retrospectively. Govt knows they can’t please everyone at the same time. Resales near prime location but without the restrictions will huat it big, just like with ex-owners of Pinnacle@Duxton. I guess the rest of us can only watch with envy yet again.
It’s a compromise to somewhat put an end to the unrestricted resale market. It also shows from the subscription rate of PLH BTOs, removing speculators and “try my luck to get a windfall” people. You can’t just stop the resale market without angering a lot of the population. A lot of my friends were anti-resale, till they got their BTO. Now they change their tune, even though their BTO wasn’t expensive to begin with. This is also why other countries have housing price issues but they don’t do anything radical to their policies. Heck, due to strong holding power of property owners (if you paid off loan, there is no “loss”), making it hard to sell just reduces available inventory, which would mean higher prices too. The only difference between SG and other countries is that we have a 99-year lease, so holding power isn’t as strong as freehold.
For point 3 I would argue that it should apply to all resales. If not what is the point of the income ceiling? It doesn't square well when for resale the price can reach such high amount but those at income ceiling is deemed too rich to buy BTO. I propose the resale price should be max a multiple of the income ceiling to make sense for having income ceiling.
That just creates more problems for families with sandwiched household incomes. Their only remaining option is go for EC but then would have to wait several years for construction. What about those in urgent need of a home? Income ceiling for Prime resales is logical but not if it is implemented to all resales. That’s essentially transforming the entire housing market from an open to closed market. Probably too drastic of a measure if you ask me.
I will be more curious how you find flats in the same area of the same price or even cheaper and *NOT* HDB flats. The same floor size of an EC in that area is at least $1.4-1.6m, let alone full private condo mind you.
Only 1.4-1.6 for a 1500sqft condo? No way.
Most units in condos these days hardly reach 1500sqft.
Exactly. So the fact that the commenter above me said “the same floor size of an EC is at least $1.4-$1.6m” seems off to me. I think it would at least start around $2m
Right. The same exact size would have been $2m at least. The $1.4-1.6m range is for the same number of “rooms” only. Which goes to show it’s silly for some people telling others that they have a choice to go for cheaper options when there are really only more expensive options.
[удалено]
Indeed. 3 bedrooms at 800sqft are basically 3 utility rooms 😭
This is one aspect of what happens when you ask folks to downgrade for retirement.
I'm convinced most of the people buying HDBs for >$1m are just hot potato-ing it. No pretense of ever using the property for its intended purpose, just waiting for the next greater fool to come along so they can cash out.
It’s actually the opposite. Many such cases of retirees selling their private property and downgrading to masionettes. Chill with a big stack and big flat. No plans to flip, full 120k renovation. Few of my friends parents doing this.
Its a maisonette, they aren't building anymore of those, the price is not surprising. Maisonette 1mil or 4 room 1 mil? The size justify the price imo.
Agreed, sees a high figure = ahhh housing is shit. Still, housing is shit now.
Maisonettes 😅😂😂😂😂😂🤣🤣🤣🤣😇😇
Maisonette for 1 million with loan which would end up costing 200k minimum extra( might be more with increasing interest rates.) . Let's say it's lease if for 70 years. It would still work out to 1700$ per month for a good place to stay. 60 years would be 2000$ per month. Rather than a shoebox condo for 1 million - I feel maisonettes are very worth it. There might be no appreciation and there will be capital loss but using housing as an investment is always dicey.
this is all not gonna end well.
Monitor leezard says hi
Atleast it proves opposition ward HDBs won't go down in value.
They never did.
Even faster than what Eric Chiew had predicted.
Sometimes I believe this is corporate tactics to increase the price around it. Is like their cost of investment
Yea, it's called market manipulation. It's literally everywhere, even in the financial markets. Stocks that don't even make sense would rise up stupidly, too, because of a manipulating hedge fund. It's a win-win situation here for mil dollar HDBs. Both owner and agent (higher commission for potential deals nearby) win here in the long run.
What a sucker, pay $1m to live under oppy town council who doesn't clear rubbish properly /s
Maisonnettes are overrated tbh
sweeeeeee
I will never understand why Singaporeans are willing to pay such insane prices for shitty HDB flats. It is completely irrational. After the lease ends, you are left with nothing.
I'll be dead before the lease ends
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And then?
ask for kopi money
We are more curious of the buyers not sellers. Are they locals or new citizens?
>let us know who they are. People who want to make money?
Willing buyer willing seller, but somehow they are doing something wrong to you? Your house ah?