HDB – the biggest landlord & developer of Singapore

Residential property in Singapore can be broadly classified into land properties, private and public housing. The vast majority (80%) of Singapore residents live in public housing estates while the rest reside in private estates. The HDB (Housing & Development Board) is the organization that plans and develops affordable and comfortable residential estates

The HDB is the statutory board of the Ministry of National Development responsible for public housing in Singapore. It’s headquarters were previously located at Bukit Merah. The new HDB Hub is now located at 480 Lorong 6 Toa Payoh since 10 June 2002. The HDB’s comprehensive housing programmes have involved the provision of not only the residential units but also the supporting facilities in the housing estates such as shops, childcare centers, carparks and industrial workshops.

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The HDB is generally credited with clearing up the squatters and slums of the 1960s and resettling residents into low-cost government-built housing. About 80-90% of Singapore’s population are currently living in HDB flats. Costing between S$110,000 to S$800,000, these units are the most common form of accommodation for locals in Singapore. Thus, in Singapore’s context, HDB flatas or the public housing is not considered a sign of poverty or a lower standard of living; as compared to public housing in other developed countries. For example, an HDB 4-room flat depending on age, environment and surrounding amenities can have a sale value of between S$300,000 to above S$400,000. Adding to the variety of public housing is the design, build and sell scheme (DBSS) introduced in 2005. Under DBSS, designated sites are sold to private developers, who are then responsible for designing, building and selling the flats.

An intermediate category of housing to bridge the gap between HDB flats and private condominiums was introduced in 1995. Called executive condominiums, these units offer the standard of private condominium living but at lower prices even though they are built and sold by private developers. The reselling of such units is subject to certain restrictions, which are lifted only after a minimum occupation period of ten years. (more…)