HDB resale price increase: 32yo man says, “working class locals like me with stagnant wages will be priced out”

SINGAPORE: Seemingly anxious after seeing the HDB resale prices go up, a 32-year-old single man took to social media to share that he’s worried he won’t be able to avail himself of the unit he originally saved up for.

“The working class locals like me with stagnant wage will be priced out for an ideal 4 room flat and forced to compete in competitive ballot and even so, had to settle in small and cramped BTO not ideal for family building,” the man shared on r/Singapore Raw on Wednesday (Jan 31).

In the post, the man said that he could only buy a flat once he turned 35 and that he was hoping to purchase a four-room resale so that, in the event of an emergency or if he ever lost his employment, the rental income from his tenants would cover his expenses until his passing. 

However, the skyrocketing price of properties may hinder him from reaching this objective.

He also added, “For each passing month after the start of COVID, HDB flats are getting more expensive with immigrants turning PR/SGcitzens flooding the housing market and push up the demand higher and faster even in areas that was once considered affordable, like Marsiling.”

He claimed that those units, which used to cost about S$300,000 before COVID, were now going for S$500,000 for even an old 30–40-year-old flat.

“Do you see the mismatch between your wants and your own means?”

Several Singaporean Redditors expressed their disapproval of the man’s concerns in the post’s comments section, questioning why, as a single man, he wanted to buy a larger flat.

One Redditor commented, “Singles can easily afford a 2-room and even a 3-room. You’re upset that public housing targeted for bigger house holds is more expensive? Do you see the mismatch between your wants and your own means?”

Another said, “Let me get this straight, you as a single want a cheap 4-room flat so you can maximize your profit and returns by renting it out? Is this why so many sinkies are complaining about the property prices? Because they can’t maximize their profit and returns due to the high prices?”

Yet another Redditor also explained that Singapore has limited land, and if every single person thinks “like him,” then the country will have a housing crisis, adding, “4br should be priced at an affordable level for a couple.

If you single and can afford a 4br, either your income too high or hdb prices too cheap. Hdb is actually meant for own stay and not so much as an investment tool.”

HDB Resale Price

According to a report earlier this week, real estate experts, such as OrangeTee, Huttons, and PropNex, predict that resale prices of HDB properties will continue to increase in 2024, although at a “moderate” rate, as a number of factors continue to influence the current state of the property market.

Read related: HDB resale prices will keep climbing up for 2024, but “modestly”