Experts consider the”lottery impact” of public housing in the Greater Southern Waterfront (GSW) may be mitigated by measures such as longer minimal occupancy intervals (MOP) and shorter rentals.
Stretching 30km across the southern shore, the GSW is set to be a portion of their central business district (CBD), featuring residential, commercial and recreational elements.
In 2016, National Development Minister Lawrence Wong said the government wishes to preserve HDB residing inside the CBD because it’s mindful of this rich-poor split.
On the other hand, the authorities would explore ways to tighten resale requirements for said components, ” he clarified afterward.
“The most important intention of the exciting assortment of HDB apartments is the fruits of this prime Greater Southern Waterfront will probably be for everybody — not only for the super wealthy,” said land analyst Ong Kah Seng.
“If it’s purely residential and private and business use… it would not be perfect because it is going to advantage out HDB dwellers or owners from having an opportunity to live at the Greater Southern Waterfront, an upmarket place.”
The”lottery result” was introduced under the limelight following Pinnacle@Duxton’s launching in 2004, reported CNA.
A number of these five-room units in Pinnacle were sold for over $1 million, even following the annually MOP, using one snapped for about $ 1.12 million in 2016 — the maximum resale price for an HDB apartment at the moment.
With this, land specialists provided ideas on how the authorities could dampen the”lottery impact” of GSW apartments.
“The government might need to introduce new policies which will deter speculative actions, like the resale limitations through more MOPs, greater resale levies, and sale rights,” said Associate Professor Sing Tien Foo, manager of the NUS Institute of Real Estate.
Cushman & Wakefield research head Christine Li additionally proposed selling the apartments in a 60- or 30-year rental, rather than 99 decades.
“When the rents are shorter, there’s limited capital upside down and will discourage investors from purchasing these apartments “