Public housing policy has been the bedrock of Singapore's asset ownership programme. Today, 80 per cent of Singaporeans live in HDB flats. HDB flats have also evolved from being just a home to also becoming an investment asset - and a stepping stone to a higher standard of living. The values of HDB flats today reflect Singapore's growth and prosperity since the 1970s.
By many measures, Singapore's public housing has been a resounding success. Undoubtedly, HDB has played, and will continue to play, an important role in the building of an inclusive society - by making housing available and home ownership affordable to all.
So what are the top 10 most expensive HDBs?
Factors to consider
The million-dollar HDB flat trend could be due to the shrink of condo and EC sizes. Some extended families need the larger space to have a more comfortable living environment and so they have had no choice but to purchase a HDB unit with the right size, even if they can buy a similar-priced condo with a smaller area. Such million-dollar flats are not many, and even if they are transacted, they do not fully represent the market as they form just a minority of HDB resale deals.
Will HDB flats remain affordable for future generations?
There are buyers who are prepared to pay more for a flat's inherent value - good location, high floor, proximity to good schools, and the list goes on. And these flats usually command a premium that buyers are always willing to pay more for.
But flats with such qualities are few - and we should stop seeing these flats as an indicator of our public housing prices skyrocketing. They are not in fact "warning signs" of uncontrolled housing prices.