Public Housing in Singapore
Due to land scarcity in Singapore, housing is a BIG problem especially for young couples that are planning to get married. This problem has been coupled by the influx of foreigners who has been investing in Singapore property and hence caused the property prices to appreciate ridiculously. A resale (second-hand) HDB flat in Pinnacle@Duxton can easily cost over SGD1million due to its strategic location (Reference: http://www.stproperty.sg/articles-property/financial-guide/million-dollar-public-housing-in-singapore-a-look-at-recent-developments/a/107836)
*This is MADDNESS!*
Whilst Sweetie Muffin and Da Rabbit are planning for wedding, housing is a big factor that we have to consider when doing our budgeting.
Resale Flats
Resale Flats are pre-owned flats that are circulating in the property markets.Pros:
- You get to choose the location - i.e. in a matured estate
- The surface area is bigger when compared to the newer flat designs
Cons:
- They can be exorbitant - Besides paying for the Market Valuation, the owner might be 'extorting' Cash Over Valuation (COV) which potential buyers have to cough out if they are really keen on buying the flat. Well, you have to pay a premium for a flat in your desired location...
- Renovation costs more - if you are dissatisfied with the existing renovation, you might need to pay extra to hack off the existing fixtures and replacing with your desired design
New Flats
New flats are sold by HDB in the following exercises:
- Build-to-Order (BTO)
- Sales of Balance Flats (SOBF)
Build-to-Order (BTO)
BTO is a mode of sales which allows HDB flats to be built according to housing demand and offers flexibility in location and timing for flat buyers.
Pros:
- You get to stay in a brand new flat
- Renovation costs are lower as no hacking is required
- It is cheaper to get a BTO as you need not pay for COV for resale flats
Cons:
- This mode of sales is on a ballot basis i.e. it is really dependent on your luck whether you get it or not
- The locations where these new flats are built mostly are in more 'rural' areas with much inaccessibility
- The layouts of the flats are smaller than the older ones
- You have to wait at least 3 - 5 years for the flat to be built and to be in move-in condition - there are many uncertainties during this timeframe e.g. couples might break up and call off their wedding during this period of wait; the couple might be expecting their first kid during the wait and their existing house might be too crammed for kids (if they are staying with their parents whilst waiting for the new flat to be ready) etc etc
We all know that BTO is desirable as it is friendly to our pockets, however we do not have much time to wait for the flat to be completed as our targeting wedding date was early 2015. And, I do not wish to stay with my in-laws as many other issues might arise when you stay with your in-laws. I just want more privacy with Sweetie Muffin after wedding.
Sales of Balance Flat (SOBF)
SOBF consists of:
- Balance flats from earlier BTO exercises
- Surplus Selective En-bloc Redevelopment Scheme (SERS) replacement flats
- Repurchased Flats
Pros:
- Balance flats are cheaper than resale flats as no COV is involved
- The waiting time is shorter than BTO as the flats are mostly under construction or near completion
Cons:
- As there is higher demand for SOBF, chances of getting a flat under the SOBF exercise are slimmer
- The waiting time is longer when compared to getting a Resale flat
- Not much choices as they are considered the "leftover" flats from previous BTO exercises
- The SOBF is only launched when HDB has accumulated sufficient flats for sale - this means you cannot just apply for SOBF anytime you desire
We have tried to apply under the SOBF exercise in May 2013 after more than half a year of waiting - we have to wait for HDB to launch the exercise before we can apply and hence there were a lot of uncertainties whilst waiting. We applied for a 5-room flat in the Seng Kang area but we failed to get it as the Queue Number assigned to us were twice the number of the supply of units available in Seng Kang i.e. we had a Queue Number of 400+ when there were only 200+ 5-room flats available -- this means that we will only get our chance if the first 300+ people in the Queue forfeits their chance of getting the SOBF :(
So we did not get our house after the May 2013 application after all and have decided to go for Resale Flat in 2014 instead if there isn't any more SOBF launches this year.
However, thank God there was another SOBF exercise launched in November 2013:
Extracted from: http://www.hdb.gov.sg
Town / Estate | Flat Application Category | Flat Supply | Selling Price (excluding Grants) | |
Bukit Batok | Studio Apartment | 3 | From $100,000 | |
3-room Standard | 2 | From $235,000 | ||
3-room Premium (11 units) / 4-room (19 units) | 30 | From $215,000^ | ||
5-room (18 units) / Executive (1 unit) | 19 | From $425,000 | ||
Bukit Panjang | Studio Apartment | 4 | From $81,000 | |
3-room Standard | 8 | From $174,000 | ||
4-room | 20 | From $266,000 | ||
5-room | 8 | From $323,000 | ||
Choa Chu Kang | Studio Apartment | 2 | From $82,000 | |
3-room Standard | 9 | From $166,000 | ||
4-room | 433 | From $234,000 | ||
5-room | 324 | From $295,000 | ||
Hougang | Studio Apartment | 8 | From $84,000 | |
3-room Standard | 3 | From $206,000 | ||
4-room | 23 | From $279,000 | ||
5-room (8 units) / Executive (1 unit) | 9 | From $354,000 | ||
Jurong East | 3-room Standard | 8 | From $170,000 | |
4-room | 13 | From $298,000 | ||
5-room | 1 | $456,000 | ||
Jurong West | Studio Apartment | 121 | From $89,000 | |
3-room Standard | 9 | From $164,000 | ||
4-room | 15 | From $304,000 | ||
5-room | 8 | From $360,000 | ||
Punggol | Studio Apartment | 5 | From $96,000 | |
3-room Standard | 15 | From $176,000 | ||
3-room Premium (44 units) / 4-room (271 units) | 315 | From $209,000^ | ||
5-room | 59 | From $347,000 | ||
Sembawang | 3-room Standard | 1 | $211,000 | |
4-room | 13 | From $264,000 | ||
Executive | 1 | $485,000 | ||
Sengkang | Studio Apartment | 6 | From $86,000 | |
3-room Standard | 11 | From $178,000 | ||
3-room Premium (2 units) / 4-room (114 units) | 116 | From $229,000^ | ||
5-room (40 units) / Executive (3 units) | 43 | From $356,000 | ||
Woodlands | Studio Apartment | 173 | From $73,000 | |
3-room Standard | 6 | From $192,000 | ||
3-room Premium (1 unit) / 4-room (25 units) | 26 | From $204,000^ | ||
5-room | 13 | From $336,000 | ||
Yishun | Studio Apartment | 93 | From $79,000 | |
3-room Standard | 24 | From $181,000 | ||
3-room Premium (1 unit) / 4-room (49 units) | 50 | From $215,000^ | ||
5-room | 17 | From $342,000 | ||
Ang Mo Kio | Studio Apartment | 8 | From $105,000 | |
3-room (51 units) / 4-room (37 units) | 88 | From $243,000 | ||
5-room | 24 | From $471,000 | ||
Bedok | Studio Apartment | 2 | From $98,000 | |
2-room | 143 | From $171,000 | ||
3-room (107 units) / 4-room (221 units) | 328 | From $232,000 | ||
5-room (32 units) / Executive (1 unit) | 33 | From $379,000 | ||
Bishan | Studio Apartment | 2 | From $129,000 | |
4-room | 3 | From $357,000 | ||
5-room | 3 | From $549,000 | ||
Bukit Merah | Studio Apartment | 4 | From $167,000 | |
2-room | 8 | From $232,000 | ||
3-room (50 units) / 4-room (57 units) | 107 | From $281,000 | ||
5-room | 14 | From $596,000 | ||
Central | S1 Apt | 1 | $671,000 | |
S2 Apt | 1 | $770,000 | ||
Clementi | 2-room | 115 | From $213,000 | |
3-room (89 units) / 4-room (50 units) | 139 | From $295,000 | ||
5-room | 15 | From $599,000 | ||
Geylang | Studio Apartment | 3 | From $159,000 | |
3-room (5 units) / 4-room (3 units) | 8 | From $188,000 | ||
Kallang/ Whampoa | 3-room (326 units) / 4-room (232 units) | 558 | From $251,000 | |
5-room | 1 | $646,000 | ||
Pasir Ris | Studio Apartment | 3 | From $86,000 | |
2-room | 111 | From $141,000 | ||
3-room (4 units) / 4-room (10 units) | 14 | From $227,000 | ||
5-room (1 unit) / Executive (3 units) | 4 | From $426,000 | ||
Queenstown | Studio Apartment | 2 | From $125,000 | |
2-room | 9 | From $230,000 | ||
3-room (14 units) / 4-room (10 units) | 24 | From $275,000 | ||
Serangoon | 3-room (2 units) / 4-room (2 units) | 4 | From $237,000 | |
Tampines | Studio Apartment | 57 | From $90,000 | |
2-room | 19 | From $153,000 | ||
3-room (14 units) / 4-room (19 units) | 33 | From $194,000 | ||
5-room | 8 | From $414,000 | ||
Toa Payoh | Studio Apartment | 6 | From $100,000 | |
3-room (1 unit) / 4-room (4 units) | 5 | From $246,000 | ||
Total | 3,974 | |||
As we plan to have a family after our wedding, a 5-room flat would be ideal for us.
From the table above, it seems that the supply of 5-room flats are pretty limited for us as well :(
According to Sweetie Muffin's analysis, the ratio of application for a 5-room flat in Punggol was 1:4.2 and for Seng Kang, it was 1:4.3. This means that over 4 applicants will be vying for a unit with us.. However, we went ahead to apply for a 5-room flat in Punggol since the chances of getting is slightly higher...
"HOPE knows no fear. HOPE dares to blossom even inside the abysmal abyss. HOPE secretly feeds and strengthens promise." ~ Sri Chinmoy
Despite knowing that the chances are really slim, but I really do harbour some hope of getting a flat through the SOBF exercise to resolve our housing woes. We cannot move on with our wedding without a our housing issue resolved.
In fact, I got really frustrated when we know the stats of the SOBF application.. The chances were so slim that there is no way we can rely on ourselves to beat others in the balloting. We can only place our hopes and faith upon God this time round. If He is willing...
"Now FAITH is the substance of things hoped for, the evidence of things not seen." ~ Hebrews 11:1
We can only rely on our Heavenly Father's divine intervention if we really want to get the SOBF desperately...
"With man this is impossible, but with God all things are possible." ~ Matthew 19:26
Since we have both decided to establish our relationship and marriage within the Lord, all we have to do is to have faith in God that He has his wonderful plans for us.
Jehovah Jireh (The Lord will provide).
I Know Who Holds Tomorrow
I was moved to sing this hymn after so long...
Lyrics:
I don't know about tomorrow, I just live from day to day.
I don't borrow from its sunshine, For its skies may turn to gray.
I don't worry o'er the future, For I know what Jesus said,
And today I'll walk beside Him, For He knows what is ahead.
[Chorus]
Many things about tomorrow, I don't seem to understand.
But I know who holds tomorrow, and I know who holds my hand.
Every step is getting brighter, As the golden stairs I climb,
Every burden's getting lighter, Every cloud is silver lined.
There the sun is always shining, There no tear will dim the eye.
At the ending of the rainbow, Where the mountains touch the sky.
*Chorus*
I don't know about tomorrow, It may bring me poverty,
But the one who feeds the sparrow, Is the one who stands by me,
And the path that be my portion, May be through the flame or flood.
But His presence goes before me, And I'm covered with His blood.
*Repeat Chorus*
Other posts about my housing:
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