Hi All Singapore Stuff,
The news recently reported that one single buyer bought all 20 apartments of one condominium (Eden by Swire Properties) located in Orchard. The 20 apartments were sold for a total of SG$293 million (SG$4,827 per sq ft).
Nearby is another 11-storey condominium (Abelia at Ardmore Park) owned by Singaporean tycoon and investor Peter Lim with his family.
One Twitter user @tenderculture has rightfully called this into question – why are the rich allowed to purchase one entire condominium whilst we are degrading our land (e.g. chopping down trees) for people who need homes? Why is it that these tycoons are able to purchase an entire building while Singaporeans who need a house have to vie for the only “affordable” but very limited housing, HDB? (I have written affordable in quotations here because even our HDBs are no longer that affordable as prices continue to rise due to our space-scarce land.)
Even if the poor could never afford such housing, rules could have been in place to limit these rich to one or two apartments/houses. The condominiums in these “prime areas” can fill up with rich people all they want, but at least the developers wouldn’t continue taking up land areas to build condominiums that will only attract the elite market. Instead, these land areas could have more HDBs being built.
From a Singaporean who sees myself living with my parents for many more years to come,