The HDB has an ambitious plan for Singapore’s residents, launching no less than 5,795 BTO units, of which 1,502 units will be located in Bishan alone. These units will be apartments with two, three, four rooms, meant to suit the needs of various homeowners and families. The previously mentioned number of units will not be concentrated in one single area, as it will be spread across five different estates. This way, future homeowners will have the possibility to choose the area that answers best to their requirements. Launched on the 17th of November, this will be the last project of this kind of HDB for this year.
The needs of Singapore’s residents changed over the past years and will continue to change, as a way to adapt to the coming times. Out of the desire to make Singapore a smart and well-adapted country, authorities are already depositing efforts in creating future plans that will improve the lives of its people. What does this mean? It means that we should soon expect to see housing projects with smarter and more intuitive features. These features should not just make life easier and more convenient, but should also allow homeowners to enjoy their time more and worry less.
The plans of the HDB, regarding future homes in Singapore, are meant to span over 10 years, as the recently presented blueprint shows. This blueprint is the development plan of a project called Designing for Life and it targets both public and private developments in existing and future cities around Singapore. Three major concepts compose this project, created out of the desire to give Singaporeans of all ages the chance to a much-improved life. With the help of this project, people will Live Well, supported by an environment built to enhance life quality and health standards. Then, they will Live Smart, as future homes will incorporate advanced technologies that will transform residential units into sustainable and smart constructions. And, finally, they will Live Connected, as part of the project is the involvement of the entire community in the development of neighborhoods.
During the months of October, the volume regarding resale flats provided by the HDB decreased indeed, but we can’t say the same happened with their prices. Last month was the fourth month in a row when prices did not just stay steady but even increased, despite what everyone believed. This is a clear sign that demand still exists on the market, even if the pandemic threatened to ruin everyone’s plans.
Numbers show us that during last month 2,436 HDB units were sold. In comparison with what happened in September, the number of transactions dropped by 2.1%. Even so, these numbers exceeded any prediction and managed to become the months with the highest number of transactions of this kind. The last time such a phenomenon took place on the real estate market was back in 2018, during the month of June when units summing up $11 million were resold.
In times when predictions are hard to make, as incertitude governates the background of many industries, the sale of two governmental land parcels managed to surprise everyone. Although it was not expected for developers to jump in making considerable investments, taking into account the unstable real estate market, these two land sales managed to stir interest beyond the prediction of specialists. We are talking about parcels located on the Yishun Avenue 9 and Tanah Merah Kechil Link.
The URA and HBD released a 99-year lease for parcels located at the previously mentioned addresses, as part of the government land sale program. The parcel on Yishun Avenue could bring 600 new homes, a fact that made bidders go as much as $374 million for this opportunity. On the other hand, the Tenah Merah Kechil Link provides, besides an approximate number of 265 residential units, a 2000 square meters commercial space, on the first story of the future development. This made developers bid up to $249 million for the change to invest here. Of course, before announcing the official winner, the authorities will have to closely evaluate each bid and development proposal.