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BTO flat prices too high? No, it’s runaway resale flat prices we have to watch out for

Record-high prices for HDB resale flats have fuelled anxiety over rising housing prices across the board. In fact, new BTO flat prices in non-mature estates have held constant – but can this continue forever?

Record-high prices for HDB resale flats have fuelled anxiety over rising housing prices across the board. ST PHOTO: ALPHONSUS CHERN
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The same month the news was all about how crazy-expensive Housing Board prices have become, a young man I know shared in a group chat the price list of a new executive condominium project in Tengah. A three-bedroom deluxe unit, sized at 936 sq ft, would be $1.18 million, or $1,260 per sq ft (psf).

He added with a laughing emoji: “3x the price of my bto.” His Tengah Build-To-Order flat, due for completion in 2023 or 2024, is 990 sq ft and costs $380,000. After grants, he and his fiancee will pay $350,000. After a couple of unsuccessful tries for a more centrally located flat, they had gone for the new estate of Tengah, close to where they both live in the western part of Singapore.

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