Of all the prized possessions and assets in the world, here in Singapore, there’s one thing that seems to magically defy gravity. For some unique reason, price of public housing no matter how mature or run down, will almost never suffer from the effects of deflation.
Despite the massive increasing price per-square-foot of new public housing from the Housing Development Board (HDB), better known as Built-To-Order (BTO), there’s never a time where the population is lacking in need of a roof over their heads.
The governance of this land, should already have the numbers at the back of their hands, when they look at the census and numbers for childbirth over the decades. And in anticipation, should already be able to anticipate the rise & fall in demands.
Bidadari site is perched somewhere between the Woodleigh, Bartley & Potong Pasir MRT stations along the North-East Line. And it’s only a stone’s throw away from Macpherson Road, while Bendemeer Road leads road users straight into the heart of the city within 15min (subject to traffic conditions).
The sad reality of being a single/ unmarried/ widowed/ divorced citizen, the entitlement to a BTO is restrictive. And quite often redirected to larger resale (matured) units, where not only is the price heavily inflated, but also requires major renovation overhaul, particularly the kitchen and all bathrooms.
When more than 2400 applicants were bidding for a mere ±150 four bedroom units priced at more than half a million dollars, sirens should be blaring like a WWI & WWII air raid.
Public housing in this day and age is built using pre-fabricated systems, and rightly so, is also based on economy of scale in lieu of the BTO model. However, it would quite often require an average Joe & Jogette a whopping quarter of a century to pay out their housing loan, for a space in the air, without land strata. Why are we overpaying? Why should home owners bear the cost of the land, when they don’t even own a slice of it?
So, now, with the over-subscription of the Bidadari development, is another indication that the new generation of home buyers are no longer like mindless sheep, but are savvy to consider their options thorough.
If a home buyer was required to bleed the same amount for a home with great inconvenience & inaccessibility, compared with one that comes with immense convenience & accessibility, the choice is a no-brainer. Quite frankly, the Bidadari site is one of the very few locations that I too would have applied for, if I was blessed with a spouse.
Based on the numbers, we can also deduce that it is highly unlikely that there will be left overs for balloting and/or walk-in selection. In order for a chance to possess 1 of the units at Bidadari, keep your fingers crossed that someone runs into bad credit situation & gets evicted.
Or, adopt the kampong spirit, have the extended families (20pax) move into the elders’ homes, and all re-experience the lives of cramped up living in squatters or slums, except it’s high-rise.
Hot demand for Bidadari BTO flats – http://www.straitstimes.com/singapore/housing/hot-demand-for-bidadari-bto-flats
Demand for Bidadari BTO flats continues to rise – http://www.channelnewsasia.com/news/business/demand-for-bidadari-bto/2286918.html
Bidadari flats big draw in latest HDB BTO sale – http://www.businesstimes.com.sg/real-estate/bidadari-flats-big-draw-in-latest-hdb-bto-sale
Second-timers dominate demand for Bidadari units – http://www.todayonline.com/singapore/bto-flats-bidadari-4-times-oversubscribed-after-24-hours