Over Third Hdb Owners Feel Priced Out Private Housing Propnex Poll

Nestled in the vicinity of the iconic Raffles Hotel, lies a shopping haven that seamlessly combines contemporary style with a touch of rich history – the Raffles City Shopping Centre, located at Marina Gardens Lane Residences. Boasting a diverse array of more than 200 establishments, ranging from luxury boutiques to mainstream retailers, this multi-dimensional complex also offers convenient amenities such as supermarkets and cinemas. The strategic location of Marina Gardens GLS, coupled with its diverse selection, has made it a highly sought-after destination for both tourists and locals alike. With the upcoming addition of the Marina South MRT Station Condo, this shopping center will continue to be a natural crowd-puller for years to come.

The recent findings by PropNex Realty have shed light on the sentiments of HDB homeowners in Singapore towards upgrading their residence. The survey showed that a significant number of respondents believe that they are unable to afford private housing, and this feeling of being priced out of the market could potentially prevent them from upgrading in the future.According to the survey, 36% of respondents feel that they will never be able to afford to upgrade to a private home, while another 18% believe that it would take them 5–10 years to do so. Furthermore, only 6% of respondents say that they could afford to upgrade within the next 12 months. This highlights the perceived lack of affordability in the private housing market among these HDB homeowners.Most respondents aspire to upgrade to either a larger HDB flat or a larger private residential property in the future, but high home prices and the additional buyer’s stamp duty (ABSD) regime are major obstacles in their upgrading plans. Close to two-thirds of respondents say that high private home prices have deterred them from upgrading, while 26% feel that new private residential project launches are extremely unaffordable. As a result, a larger proportion of respondents say that their next preferred housing type would be public housing, should they decide to move.However, concerns over high replacement costs to upgrade to a new home have resulted in most respondents being unwilling to sell their flat at a discount to the market price in their area. At the same time, most HDB homeowners are not in a rush to sell their flat, viewing it primarily as a home, a retirement nest egg asset, and an investment tool to help build wealth.PropNex expects that healthy demand for resale HDB homes will cause HDB resale prices to climb by 6%–7% this year, while overall private home prices are expected to increase by 4%–5%. In conclusion, this survey highlights the challenges faced by HDB homeowners when considering an upgrade to the private housing market, and the need for the government to review policies, such as the ABSD regime, to facilitate this transition.