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Worries loom over speculative trends in HDB market as S$1M transactions dominate headlines

Four HDB flats at Bidadari’s Alkaff Vista estate recently crossed the S$1 million mark after reaching their Minimum Occupation Period (MOP). The surge in property agent visits prompted residents to put up signs to deter them. Netizens are concerned about speculative trends in the HDB resale market, particularly as properties in mature estates are viewed as lucrative investment opportunities.

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Earlier, it was reported that four HDB flats at Bidadari’s Alkaff Vista estate recently crossed the S$1 million mark following the completion of their Minimum Occupation Period (MOP), signalling the rising demand for homes in the centrally located estate.

These high-value transactions took place between August and September 2024, with the highest being a five-room unit that sold for S$1.2 million last month.

The other three, all four-room flats located at Block 106B and Block 106A, changed hands for prices ranging from S$1.08 million to S$1.17 million.

According to HDB’s website, another unit at Block 105A, a low-floor flat, was sold for S$937,500.

Property Agents Flood Estate, Prompting Residents to Put Up Signs to Ward Them Off

In a report by Shin Min Daily News, several residents have complained about being inundated by property agents.

Some residents have reported daily visits from agents, prompting them to put up signs requesting that agents refrain from knocking on their doors, as they have no intention of selling.

At least 200 residents have reportedly placed “Do Not Disturb” signs outside their homes to ward off these unsolicited visits.

According to residents, agents typically knock on doors during weekday evenings, but since the signs were posted, many agents have taken the hint and now leave brochures instead.

Alkaff Vista is a Build-to-Order (BTO) project consisting of four blocks, was initially launched between 2015 and 2016.

Prices for four-room flats ranged from S$433,000 to S$682,000 during that period, depending on factors such as floor level and location, according to PropertyNets.SG.

Social Media Users Fear Rising Housing Costs May Impact Future Generations

Public reaction to these million-dollar flat sales has been mixed, with many expressing concerns on social media about the rising costs of public housing.

Some worry that the trend of million-dollar flats making headlines could make it more difficult for future generations to afford homes.

One comment recalled that the government had previously stated only about 2% of transactions would exceed S$1 million.

He expressed concern for future generations, stating that even with grants, they may still need to pay more than S$500,000 for a new flat.

He questioned how Singaporeans can increase the birth rate while also ensuring sufficient retirement savings.

The comment referred to a recent statement from HDB asserting that public housing in Singapore remains affordable and attainable for citizens.

It noted that million-dollar flats made up only 2 percent of total resale transactions in the past 1½ years.

HDB also pointed out that these high-value flats primarily consist of maisonettes, executive apartments, jumbo flats, and five-room units with desirable features, such as prime locations.

Netizens Voice Concerns Over Speculative Trends in HDB Resale Market

A netizen even questioned whether the current HDB resale market has “become a lottery”, with some hoping to secure en bloc or BTO units in high-demand areas. “This island is one big casino!” he remarked.

Another echoed this sentiment, noting that those who pay over S$1 million for an HDB flat are often individuals who have sold their landed properties and downsized to single-storey flats for retirement, freeing up cash in the process.

Another netizen pointed out that some view properties in mature estates as profitable investment opportunities.

The comment suggesting that buyers are rushing to purchase properties there, hoping to cash in once they are eligible to sell after the five-year mark, potentially earning a fortune for the first owner.

He suggested that if the government sells flats to citizens who no longer need them, it should take the flats back at a reasonable price and resell them to those in need.

He emphasised that these flats should not be placed on the open market, as they must adhere to HDB regulations, noting that HDB properties are not private assets to begin with.

A comment expressed frustration and concern over the government’s allowance of high-value HDB flat sales, which they believe contradicts the purpose of subsidised housing meant for poor and middle-income citizens.

He highlighted perceived loopholes in the system, as rising prices make it difficult for some citizens to afford homes, even with CPF (Central Provident Fund) assistance.

One netizen propose implementing an income ceiling for resale flat buyers and recalling subsidies for those who profit from selling their flats.

The comment also expresses dissatisfaction with the current Minimum Occupation Period (MOP), suggesting that it is ineffective in curbing speculative trends.

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SMRT cleans ‘spotty’ train flooring after Lim Tean’s public complaint

SMRT addressed concerns about train flooring in a Facebook post, sharing photos of workers cleaning the fourth-generation C151A trains. The operator noted that this cleaning has been completed on most trains in the C151A fleet. Netizens pointed out the timing, as the cleaning followed a complaint from Peoples Voice chief Lim Tean about “speckled” flooring observed while riding the East-West Line.

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SINGAPORE: Last Friday (4 Oct), SMRT addressed concerns regarding the flooring in some of its trains through a Facebook post, explaining that the surfaces may appear “dull and spotty” due to dirt accumulation trapped within the sealant.

The train operator outlined the steps being taken to restore the flooring to a cleaner condition.

Accompanying the post were photos showing SMRT workers cleaning the fourth-generation C151A trains.

After the initial cleaning is done, workers will then apply a fresh layer of sealant on the floor.

The cleaning process involves two steps: first, scrubbing away the trapped dirt, followed by the application of a fresh layer of sealant.

SMRT also noted that this process has been completed on most trains in the C151A fleet.

While many netizens expressed appreciation for SMRT’s efforts to enhance the appearance of train floors, some suggested extending cleaning maintenance to various stations.

One user pointed out the presence of thick dust and grime, particularly in high-traffic areas such as Orchard, Dhoby Ghaut, Little India, and Farrer Park.

The discussion also referenced a recent Facebook post by Lim Tean, the leader of the Peoples Voice (PV), who first raised the concern about the train floors.

On 1 October, Lim shared an image taken while riding the East-West Line, highlighting the “speckled flooring” he claims is a common sight.

“Doesn’t this look like a train in a third-world country? Has SMRT gone Bohemian, thinking that the trains they operate should exhibit a ‘natural wear and tear’ look, in line with their philosophy of not over-maintaining?” he questioned.

Lim further critiqued the privatisation of public services, alleging that corporate shareholders reap generous returns year after year at the expense of everyday commuters.

Lim’s post has since attracted over 220 shares, sparking further conversation about the state of public transportation in Singapore.

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Will Reddit post claiming 7 BTO failures be POFMAed?

Would a Reddit post from 1 October 2023, claiming seven failures in BTO applications, be POFMAed? The post highlights the frustrations of first-time applicants, though the claims remain unverified.

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Will a Reddit post published on 1 October 2024, titled “Shorter waiting time, but apply 7 times never get home?” be POFMAed as it raises concerns over Singapore’s Build-To-Order (BTO) process?

The post with unverified claims has gained significant attention as it highlights the challenges faced by first-time applicants trying to secure a BTO flat.

It sparked a flurry of responses from other frustrated users, many sharing their own unverified personal experiences of repeatedly failing in the BTO application process. The original poster (OP) expressed frustration after applying for seven projects without success, stirring further discussion on the system’s perceived flaws.

One Reddit user, who shared similar challenges, stated, “Second time applying for the choiciest location, 4-room only, because of my WFH [work from home] and wife’s needs. Probably won’t get it, but it’s OK.”

The user highlighted the importance of accessibility and space, particularly in more desirable locations near essential amenities and transport links. However, like many of the claims made in the thread, this account remains unverifiable and reflects personal anecdotes rather than confirmed data.

Another user shared their own frustrations, saying, “Applied 10 times total, 2 at Tengah without getting a queue number. The rest at odds 3-5, and still didn’t get it. Emailed to appeal, also no use—just ask us to try again.”

This echoes a common sentiment in the thread: that the current BTO balloting system may be flawed, particularly for applicants targeting flats in mature estates.

The discussion also took a more critical turn, with one Reddit user questioning the original poster’s application strategy.

“Every time someone complains about failing to get a BTO more than five times, I ask them to list every single project they’ve applied for. It’s usually followed by radio silence,” the user remarked.

The original poster responded with a list of areas such as Dakota Breeze, Bedok Beacon, and Tampines Green Foliage—popular locations that typically have high application rates.

In response, the user who initially questioned the OP’s strategy pointed out that applicants who repeatedly fail tend to ballot for the most sought-after locations. They added that, based on the list, the OP may have been “unlucky” due to applying for high-demand areas like Bedok and Tampines, while noting that Bedok Beacon was a project from 2016.

The discussion then shifted to why the OP had only applied five times over the past eight years, to which the OP clarified that they had also participated in the Sale of Balance Flats (SBF) and open booking exercises, suggesting they had been actively seeking housing through different avenues.

Although these claims of systemic shortcomings are based on individual experiences and lack official verification, such concerns are common.

Members of Parliament regularly raise questions in Parliament, prompting the Ministry of National Development (MND) and the Housing & Development Board (HDB) to address public housing issues, including unsuccessful applications.

In January 2023, People’s Action Party (PAP) MP Cheryl Chan raised concerns in Parliament about first-time BTO applicants who had failed more than four times between 2017 and 2022.

In response, Minister for National Development Desmond Lee revealed that approximately 2,200 first-time families had been unsuccessful after four or more attempts, with 99% of those applying in mature estates.

Mr Lee advised applicants to consider non-mature estates (NMEs), where competition is lower, and applicants have a better chance of success due to additional ballot chances.

In September 2023, Workers’ Party MP Sylvia Lim questioned whether the HDB flat balloting system could be adjusted to give more weight to applicants with multiple unsuccessful attempts.

In response, Mr Lee reiterated the government’s commitment to helping first-time families, with at least 95% of four-room and larger flats in BTO and SBF exercises set aside for them. First-timer families already receive two ballot chances compared to one for second-timers.

To further improve the chances for first-timers, Minister Lee announced the introduction of the First-Timer (Parents and Married Couples) category.

He noted that in the upcoming BTO launches, this group will receive three ballot chances, providing additional support for families with children under 18 or married couples below 40. These families also benefit from extra priority under the Family and Parenthood Priority Scheme, aimed at addressing their urgent housing needs.

Mr Lee noted that since 2008, first-timers applying in non-mature estates (NMEs) who have had two or more unsuccessful attempts are given an additional ballot chance. He affirmed the government’s ongoing review of the flat allocation system, focusing on keeping public housing affordable and accessible while ensuring that families with the greatest housing needs secure homes in a timely manner.

Will the Reddit post be POFMAed?

The use of POFMA to address public housing claims may be driving Singaporeans to anonymous platforms like Reddit to express their frustrations.

Reddit’s anonymity offers users a safer space to voice concerns, such as dissatisfaction with the BTO system, without the fear of personal consequences that are more likely on identifiable platforms like Facebook.

Mr Desmond Lee has previously issued POFMA directives on HDB-related matters, highlighting the government’s sensitivity to misleading information.

While POFMA is intended to correct falsehoods, its enforcement may push discussions onto less transparent platforms like Reddit, where users feel more secure. As housing remains a sensitive issue, people may turn to anonymous spaces to engage in candid discussions that could invite scrutiny on public forums.

The case of Shaik Amar, a property agent who was issued with a POFMA correction in August 2024, illustrates how enforcement can lead citizens to anonymous platforms.

After his video criticising Singapore’s Ethnic Integration Policy (EIP) led to a correction, Shaik revealed the emotional toll it took on him, his family, and his career. He described the experience as “traumatic,” and shared that it led to confusion and distress within his family, affecting his mental health.

Shaik’s case underscores the deterrent effect POFMA may have on public discourse. His experience suggests that the risk of being publicly named or shamed could drive ordinary citizens to more anonymous spaces like Reddit to voice critiques, particularly on sensitive topics like housing policies.

In these forums, users may feel freer to speak out without facing the social and professional consequences that Shaik endured.

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