Bedok used to have this bus interchange that has been there for more than 2 decades. The govt sold the land to private developers to build a condo project. It will be a good place to live because it is next to the MRT station and near a new bus interchange that will be build next to the project. I'm quite sure the location is good because I lived for more than 10 years in my father's 4-room HDB flat no more than 100 meters from this development. My dad's HDB? Something like $50 psf. My dad sold it to another owner for $80psf. While condos fetch a premium because they have facilities and a nicer build, I still find this $1250psf startling. A small 800 sq feet unit will cost $1M. It will take someone working as an enginner or software programmer decades to pay off his loan.
I met my dad for lunch over the weekend and asked him how he paid for his 4 room HDB flat. He did in 3 years because he already had some savings in his CPF before he bought the flat. My dad worked as a technician.
The PAP's mantra for workers is make yourself cheaper, better and faster. to be more competitive. But how does one compete when costs are so high. Workers elsewhere enjoy cheaper cost of living even those in Australia or USA, can get a home just outside the city for less than $150K and drive to work for the cost we pay for public transport. The responsibility for our competitiveness does not rest solely on the shoulders of our workers. The high cost of housing eats into everything - our competitiveness, our quality of life, our ability to save and retire ..and ability to start a family.. Ex-minister Mah explained that prices are high to fill the govt reserves - selling homes at lower price is equivalent to raiding our reserves.
Lets not forget the lessons from the financial crisises and property bubbles in Spain, Ireland and USA. When the debt builds up and prices come tumbling down, the negative effects will be long lasting. For Singaporeans, whose ability to retire, is linked to property ownership because our CPF accounts have been emptied for the purchase of HDB flats...when things go wrong, they can go very wrong.
Business Times - 22 Nov 2011
Queues return for Bedok condo launch
By UMA SHANKARI
(SINGAPORE) CapitaLand will start the sale of its newest condominium Bedok Residences only tomorrow - yet a queue of more than 400 people had already formed at the project's showflat by last night.
The developer said that prices of the 583-unit project at Bedok Town Centre have not been finalised, but agents said last week that prices could start from around $1,250 per square foot (psf) for the smaller units and $1,150 psf for larger units.
CapitaLand, South-east Asia's biggest property group, confirmed yesterday that it would start selling units only tomorrow. But a queue started to form outside the project's showflat on Sunday, BT understands.
The 99-year leasehold development offers a mix of one, one-plus- study, two, three, and four-bedroom apartments, as well as penthouses.
The developer hopes that the project's location would ensure good take-up.
Bedok Residences is part of a 15-storey integrated development comprising homes, a shopping mall and a transportation hub linked to Bedok MRT station. CapitaLand is developing the entire project jointly with its retail unit CapitaMalls Asia.
Wong Heang Fine, chief executive of CapitaLand's Singapore residential arm, expects strong demand for Bedok Residences, 'given its strategic location in one of the most popular residential estates in Singapore and unparalleled connectivity to various parts of the island'. 'Sitting atop a shopping mall and transportation hub, we believe Bedok Residences will rejuvenate the Bedok residential estate and enjoy the exuberance and convenience of the lively Bedok Town Centre,' he said.
Nearby, UOL Group and Singapore Land intend to roll out their newest project, the 577-unit Archipelago @ Bedok Reservoir, within this week or next week, BT understands. The project is located on Bedok Reservoir Road.