In Singapore, public housing is managed by the HDB (Housing and Development Board), a statutory board of the MND (Ministry of National Development). The vast majority of residential property developments in Singapore are governed and developed publicly and roughly 80-85% of Singaporeans live in those types of houses. The locations of these dwellings are housing estates, complete with schools, clinics, supermarkets, business centers, cooked food centers, sports facilities, and recreational facilities.
The primary goal of HDB flats is the provision of affordable housing for Singaporeans. From the beginning there has been a variety of flat types with different designs and layouts to fit different budgets, but the changing demands have brought about the development of more up-market public housing.
Compared to public housing in other countries, public housing in Singapore is not seen as a sign of lower living standards or poverty, but as a sound option for anyone who is eligible. To be taken into account is the fact that even though they are less expensive than privately built houses, public homes come in a variety of types and qualities, catering to all types of monthly income groups, including middle and upper middle income households.
HDB new flats
New flats are mainly purchased directly from the HDB. Ever since the introduction of HDB dwellings, many sales programs have been used, the latest being the BTO (Build-to-Order) exercise launched in 2001. The BTO is run together with the SBF (Sale of Balance Flats) exercise that manages the sales of flats repossessed by the HDB, balance flats from earlier Build-to-Order schemes and unsold SERS (Selective En bloc Redevelopment Scheme) replacement flats. Sales of DBSS flats (Design, Build and Sell Scheme) and ECs (Executive Condominiums) are handled by the respective private developers. I will recommend The Brownstone EC
Seeing as construction of BTO flats can only occur after the BTO scheme successfully achieves 65-70 % sales, eligible applicants for these types of flats normally wait years for the flats to be built before they are able to move in. Those wishing not to wait and move in immediately must participate in the SBF exercise or choose a resale flat.
HDB resale flats
Existing flats can be sold by current owners on the open market to eligible buyers for a mutually agreed upon price. The HDB does not regulate these transactions, but both seller and buyer must declare the true resale price to the Housing and Development Board. Up until March 10, 2014, prices for resale flats were established by professional valuers and topped off by the COV (Cash-over-valuation). After this date, the MND practically eliminated the COV from resale transactions.
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