350,000 or 480,387 HDB flats older than 30 years?

I refer to “Buying an old HDB flat? Here are some things to consider” dated 13 April. (link)

1. According to the article, there are:
– One million HDB flats.
– 70,000 flats (7%) are older than 40 years.
– 280,000 flats are between 30 and 40 years old.

2. From the above figures, there are 350,000 flats older than 30 years or constructed before 1987. This contradicts HDB figures.

3. According to HDB statistics (pg 4-5), 547,867 flats were constructed between 1960 and 1985. Assuming a pro-rated number of 47,883 flats (119,708/5 X 2) constructed in 1986 and 1987, the total number of flats older than 30 years should be 595750 (547867 + 47883).

4  However, we have to take into account 115,363 flats (1107835 (total constructed) less 992472 existing flats) have been SERSed, demolished or privatised. As these are probably flats constructed before 1987, the net total should be about 480,387 (595,750 – 115,363) HDB flats at least 30 years old.

A summary of the figures in the table below:
5 Minister Lawrence Wong has cautioned against buying older resale flats, giving the prudent example of purchasing a 10-year old flat. But if it’s not prudent to select from 480,387 older units – almost half the number of HDB flats – does it not mean that public housing meant for ordinary citizens is unaffordable?

6 Or does it mean that our CPF scheme is flawed since it is unable to ensure retirement adequacy despite contributing 37% – highest globally – of our monthly wages?

Just how many flats are older than 30 years – 350,000 or 480,387? HDB should clarify.

PS

By 2030 when our population hits nearly 7 million, an additional 328,738 resale HDB flats will turn 30. In total, 809,125 flats will be at least 30 years old. Minister Wong would prefer buyers to go for resale flats of about 10 years old but how many are there and where are they located?

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2 Responses to 350,000 or 480,387 HDB flats older than 30 years?

  1. Confused says:

    Those missing flats of 130387 if they do exist, could be used to house those many 100k of foreign talents’ family units before they turned citizens?

    As Singapore is gearing from 5.5 million to 6.9 million and the eventual 10 millions(Akan datang??), the pap ought to bring in potential foreign talents for screening their “suitability” before offering them the prestigious “citizenship” to make up the pool.

    In the interim period, temporary cheap accommodation/housing would be required because they are not eligible to buy new or resale until they achieved PR or Citizen status. Otherwise, housing in Singapore is such a luxury item as a decent HDB room would cost easily from $600 to $1200 depending on the location. Many individual talent could be frightened off?

    The offer of HDB flat units as cheap temporary accommodation/housing would certainly be an added point to impress the foreigners in my opinion.

  2. Disappointed says:

    if an hdb flat more than 30 years old is a “poor” buy, then its price should plummet….
    so it’s no longer an asset? so you can lose serious money on it? if you need to sell, you are forced to downgrade for your next place of residence…if you can afford something younger?
    whatever it is, it will have to be a Lot smaller… the way traps are.
    does this mean that you are now forced to treat your home as a home, which should have been the case in the first place?
    does this mean that maintenance will continue to be ignored? and this even as Reduce, Reuse and Recyle is preached? doesn’t this encourage waste, Big-time? higher fixit bills, big-time?

    one suspects that land costs were added to the cost of an hdb flat to offer a reason to inflate its price and give it the guise of being an asset.

    LKY understood human greed well. he played on it, well. for a society that claims to be educated and sophisticated, too few of us acknowledge this basic trait. so we fall for scams and schemes which promise to make you rich, only to discover, after losing big-time, we got taken for a ride.
    how to be a smart nation when we fall for such basic ruses?

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