When tourists think of Singapore, it’s how efficient, pristine, and prosperous we are. And when Singaporeans think of Singapore, we think of our heartland homes – HDB flats.
Did you know that around 80% of Singaporeans live in HDB flats? That’s a huge number!
I love HDBs; they are so comfortable to live in. The best part about living in an HDB estate is that every housing estate has an MRT station and bus-stops that link residents to many other parts of the country.
HDB is more than just a roof over the head, they are also regarded as one reasonable hedge against inflation.
Does SIT sound familiar to you? I don’t mean Singapore Institute of Technology. This SIT I’m referring to is Singapore Improvement Trust (SIT), as set up by the British.
Both HDB and SIT had the same goal. Which is to build affordable public housing for Singaporeans.
However, SIT could not solve the issues, and many Singaporeans of that time were living in slum-like settlements. So, there was a need for a solution.
As such, HDB was set up in 1960.
Do you, as a Singaporean know where the first HDB blocks were built?
Well, it was in Queenstown! Block 45, 48 and 49 Stirling Road are Singapore's oldest HDB flats. You could easily spot it most probably due to its old school look.
Credits: Screen capture from http://www.mycommunity.org.sg/
Many of you may think, isn’t the first HDB flat located in Tiong Bahru? Well, actually the Tiong Bahru area was just first developed by SIT prior to the formation of HDB.
In the span of 5 years, from 1960 to 1965, HDB managed to build over 54,000 units. This is it when you talk about Singaporean efficiency.
Today, we have approximately 1.1 million units! We really have come a long way.
The cost of HDB flats ranges from $89,000 for a two-room non-mature BTO (Build-To-Order) unit to $700,000 for a five-room resale unit.
Whenever we touch on property, most of us would want to make good money out of it. This also depends on the market sentiment at the point of selling in the future after the 5 years MOP (Minimum Occupation Period).
Here’s a link for you if you want to know more of what you can do after MOP: https://www.hymkpropertyplace.com/property-reaching-mop
Other than BTO, there’s another type, the DBSS (Design, Build and Sell Scheme).
Instead of buying from HDB, you purchase the flat directly from the developer. These characteristic flats are usually sold at a higher price for its uniqueness, premium layout and features.
Lastly, the EC (Executive Condominiums). They were first built in 1999 and its popularity is increasing among people who are looking into upgrading to a better living standard.
ECs are a form of hybrid of public and private housing and they resemble private condominiums.
They are also definitely cheaper than private condominiums though it's subject to some HDB regulations, which is why it still falls under a form of public housing.
We have really come a long way from those slums before the 1960s, I mean, the highest recorded resale HDB flat is an awesome $1.18 million! Can you believe that?
To conclude, if you own an HDB, Congratulations, you are potentially holding on to an investment!
HDBs will always be part of Singapore’s identity, it will always be our home.
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