HDB rents reached an all-time high last year and are still climbing. The programme Talking Point dives into the issue and finds out that some of the biggest increases have been in traditionally remoter areas, among other things.
SINGAPORE: Four years ago, single mum Katherine Chia paid S$1,000 to rent a four-room flat in Punggol. It is a monthly rate that would have been unimaginable even two years ago.
What is fuelling the bullish rental market? And what are the consequences, for renters and the wider population? The programme Talking Point finds out.CAUSE #1: CONSTRUCTION DELAYS In 2021, the proportion of Build-To-Order projects delayed beyond their estimated completion date was more than 90 per cent. Last month, the Housing Board reported that this has been reduced to about 40 per cent of ongoing projects.In the HDB resale market, demand for flats increased between 2019 and 2021, noted Sandrasegeran.At the same time, a growing number of flats reached their five-year minimum occupation period, when their owners were eligible to rent or sell the flats.
Traditionally, they are attracted to Clementi — one of Singapore’s oldest residential towns — said Sing Tien Foo, the Provost’s Chair Professor in the department of real estate at the National University of Singapore’s Business School. The pandemic paved the way for some young adults to look for more conducive work-from-home conditions, TODAY reported in 2020.
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