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Coffeeshop Chit Chat - Construction cost of new HDB at $120K</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt89 <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>8:32 pm </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 3) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>27928.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Construction cost of new Queenstown HDB flats at $120,000 per unit
January 31, 2010 by admin
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http://www.temasekreview.com/2010/01/31/construction-cost-of-new-queenstown-hdb-flats-at-120000-per-unit
Written by Our Correspondent
According to business weekly, the Edge, Sim Lian Construction Co. has been awarded a contract worth $99.8 million by the Housing & Development Board for the building works at Queenstown Redevelopment Contract 30 with a total of 774 dwelling units.
The contract is scheduled to start in March 2010 and be completed by February 2013.
This amounts to a construction cost of $129,180 per unit. The land cost, as for previous projects is unknown as HDB has never revealed the exact breakdown costs of HDB flats.
The land is owned by Singapore Land Authority, a government-linked company.
As the project is situated in the prime district of Queenstown, the flats are likely to fetch more than $300,000 per unit when completed.
The prices of HDB flats have sky-rocketed in recent years by more than 30 per cent while the median wages of ordinary Singaporeans remain stagnant.
Though HDB has insisted that public housing is “heavily subsidized” in Singapore, there is a pervasive perception among Singaporeans that it is making a huge “profit” at their expense.
When HDB released that it has “lost” more than SGD$2 billion dollars last year “subsidizing” Singaporeans in new flats, few buy its story.
In this case, the exact cost price of each flat is likely to be less than $129,180 since Sim Lian Construction Co. is a private limited company and it will not bid for the project if it is not going to make a profit from it.
Despite rising frustration, anger and resentment on the ground at the sky-rocketing HDB prices, National Minister Mah Bow Tan continues to insist that public housing remains “affordable” to ordinary Singaporeans.
While he admitted that he has been “caught off guard” by the increasing prices of resale flats, he promised to “monitor the situation” closely to “address concerns” that prices may be spiraling out of control.
By the time Mr Mah realized the severity of the problem, HDB flats may well be priced beyond the reach of Singaporeans. Perhaps he will have to adjust to “afffordability benchmark” to above 30 per cent so that HDB can continue selling them at exorbitant prices.
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January 31, 2010 by admin
Filed under Headlines
Leave a comment
http://www.temasekreview.com/2010/01/31/construction-cost-of-new-queenstown-hdb-flats-at-120000-per-unit
Written by Our Correspondent
According to business weekly, the Edge, Sim Lian Construction Co. has been awarded a contract worth $99.8 million by the Housing & Development Board for the building works at Queenstown Redevelopment Contract 30 with a total of 774 dwelling units.
The contract is scheduled to start in March 2010 and be completed by February 2013.
This amounts to a construction cost of $129,180 per unit. The land cost, as for previous projects is unknown as HDB has never revealed the exact breakdown costs of HDB flats.
The land is owned by Singapore Land Authority, a government-linked company.
As the project is situated in the prime district of Queenstown, the flats are likely to fetch more than $300,000 per unit when completed.
The prices of HDB flats have sky-rocketed in recent years by more than 30 per cent while the median wages of ordinary Singaporeans remain stagnant.
Though HDB has insisted that public housing is “heavily subsidized” in Singapore, there is a pervasive perception among Singaporeans that it is making a huge “profit” at their expense.
When HDB released that it has “lost” more than SGD$2 billion dollars last year “subsidizing” Singaporeans in new flats, few buy its story.
In this case, the exact cost price of each flat is likely to be less than $129,180 since Sim Lian Construction Co. is a private limited company and it will not bid for the project if it is not going to make a profit from it.
Despite rising frustration, anger and resentment on the ground at the sky-rocketing HDB prices, National Minister Mah Bow Tan continues to insist that public housing remains “affordable” to ordinary Singaporeans.
While he admitted that he has been “caught off guard” by the increasing prices of resale flats, he promised to “monitor the situation” closely to “address concerns” that prices may be spiraling out of control.
By the time Mr Mah realized the severity of the problem, HDB flats may well be priced beyond the reach of Singaporeans. Perhaps he will have to adjust to “afffordability benchmark” to above 30 per cent so that HDB can continue selling them at exorbitant prices.
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