It wasn’t too long ago when the Centrale 8 saga of overpriced Design, Build & Sell Scheme (DBSS) housing going at 880k for a 5 room flat shocked the populace of this island, the recent asking price for a unit in Pasir Ris flat going at 900k had eyes popping out of their sockets.
With regards to the DBSS mad pricing, the authorities attempted to intercept the cut-throat schemes of the DBSS matter. And to prevent matters worsening, they halted the Sengkang DBSS plans as well.
Before the dust has settled, the new atrocity of a flat going for slightly less than 1M is simply incredible.
Public housing (HDB) is fundamentally Spartan, unfurnished, no additionally facilities, no personal parking lots, sometimes without lift landing on the level of dwelling, and land strata not inclusive. Looking back, Pasir Ris estate was developed somewhere in the 1990s, where construction employed pre-fabricated assembly systems. During which, material scarcity was 1 of the driving factors that hiked the costs, but for a 20-30yr old development, given that there aren’t any easy access to amenities… It is quite incomprehensible that public housing can be priced at such unimaginable prices, and is in essence ironic to the core values of what HDB was established to be right from the start – affordable housing for the citizens.
There are 2 sides of the coin; one being the seller is disillusioned, two, the seller is reluctant to sell his unit at all.