Public housing in Singapore is a unique phenomenon. Organised and not segregated purely by class, the value of public housing flats here are similarly subjected to market forces.
HDB flat prices lower than its peak but still surpasses that from a decade ago
While the government has been trying to keep HDB flat prices from skyrocketing, prices of resale HDB flats have far surpassed the prices at the turn of the century.
Resale HDB flat prices fell for the 6th consecutive quarter last month but a record was set for the sale of a 5-room HDB flat in Holland Drive. The 38th-storey flat at Block 18C was sold for $1.1 million. It is only the second flat to be sold for more than $1 million within the period of a year. The highest ever paid for a HDB unit was $1.18 million for a 5-room DBSS (design, build and sell scheme) flat.
Last November, a unit at Pinnacle@Duxton which sold for $1.14 million. 2 other units in Commonwealth. and another unit at Block 18D in Holland Drive all breached the $1 million mark.
Holland a prime area for locals and expatriates
With the recent en bloc sale of a massive land plot at Holland Village, the Holland area is set to be even more vibrant than it already is.
The area has a healthy variety of public, private non-landed and landed housing. It is frequented by locals and expatriates alike and is also situated near schools such as the National University of Singapore and Singapore Polytechnic. It has a good mix of the old and new and many successful and popular eateries have set up businesses there over the years.
The Holland Drive unit offered a panoramic view of the Holland area and is also a renovated unit. Larger units in older estates may be popular with locals who may have been displaced by the recent en bloc activity and may be looking to downgrade.
Analysts predict that the recent collective sale fever may inject some interest into the HDB market though high prices such as this may be a rare occurrence rather than the norm.