MND SURVEY: PEOPLE TEND TO OVERESTIMATE HDB PRICES & THINK ITS EXPENSIVE

A survey by the Ministry of National Development showed that 20% of Singaporeans interviewed had plans to buy a flat in the next five years. The expensive price of new flats have been a major concern for Singaporeans and Minister Khaw has promised to fix this issue when he took over MND’s portfolio.

Based on survey results, new HDB flat prices are overestimated by the public, and the majority of prospective flat buyers are willing to pay more than the current average prices. Despite multiple cooling measures such as the delinking of new flats from resale market, the public still perceives BTO flats are expensive and unaffordable.

Last year, the average price of a four-room unit in a non-mature estate was $295,000.

A third of the respondents did not know how much such flats cost, while another four in 10 overestimated the price.

The most common estimate, chosen by 28 per cent, was between $300,001 and $400,000.

That price range is higher than the average and includes many of the priciest units. Last year, more than 80% of new four-room flats went for under $350,000.

Another 11 per cent thought such flats cost between $400,001 and $500,000, while 5 per cent thought they cost even more.

Of the other respondents, 19 per cent estimated a price of $200,001 to $300,000, and just 3 per cent thought they cost less.

The survey was conducted via telephone with 1,477 randomly selected Singapore residents aged 20 and above. The results were weighted to be representative.

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