Friday, May 6, 2011

Construction of new Queenstown HDB flats

Saw this News, its BULLSHIT! where in the HELL is our public housing heavily subsidized?!?! and to think they are earning so MUCH out of it ans yet still can say they are not earning PROFIT! where has all this money gone to?!?

Check it out here

Construction of new Queenstown HDB flats costs $120,000 per unit

HDB has awarded a contract worth $99.8 million to Sim Lian Construction Co. for the building works at Queenstown Redevelopment Contract 30, which will have a total of 774 housing units, according to business weekly, the Edge.

The contract, which translates to a construction cost of $129,180 per unit, is slated to begin in March 2010 and is expected to be completed by February 2013.

The statutory board Singapore Land Authority owns the land parcel.

Once completed, the flats are likely to fetch over $300,000 per unit, as the project is located in the prime district of Queenstown.

HDB flat prices have increased in recent years by more than 30 percent, while the average earnings of ordinary Singaporeans remains the same.

Some Singaporeans feel that HDB is making a huge “profit” at their expense, despite its repeated claim that public housing is “heavily subsidized” in Singapore.

When HDB declared that it had incurred a loss of more than SGD$2 billion dollars in 2009 from “subsidizing” Singaporeans in new flats, only a few bought its story.

Since Sim Lian Construction Co. is a private limited company, and it won't be gaining any profit from the project, the exact cost price of each flat is likely to be less than $129,180.

National Development Minister Mah Bow Tan continues to insist that HDB flats remain “affordable” to ordinary Singaporeans despite growing worry on the ground at the sky-rocketing prices of HDB flats.

While he admitted that he was caught unprepared by the rising resale flat prices, he promised to “monitor the situation” closely in order to “address concerns” that prices may be spiraling out of control.

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