Housing In Singapore By Talha Lodhi


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Housing In Singapore By Talha Lodhi

  2. 2. SEQUENCE <ul><li>HOUSING DEVELOPMENT BOARD </li></ul><ul><li>POLICIES – IMPLEMENTATION </li></ul><ul><li>POLICIES – ELIGIBILITY CRITERIA </li></ul><ul><li>HDB FINANCES </li></ul><ul><li>GOVERNMENT SPENDING </li></ul><ul><li>ACHIEVMENTS </li></ul><ul><li>KNOWLEDGE BASED ECONOMY </li></ul><ul><li>APPREHENSIONS </li></ul>
  3. 3. HOUSING DEVELOPMENT BOARD <ul><li>Responsible for providing basic housing facility to Singaporeans. </li></ul><ul><ul><li>Builds, renovates, and upgrades the apartment complexes for Singaporeans. </li></ul></ul><ul><li>Established on 1 st Feburary,1960. </li></ul><ul><ul><li>Dormant till ’68. </li></ul></ul><ul><ul><li>90% of Singaporeans lived in slum areas. </li></ul></ul><ul><li>A Statutory board </li></ul><ul><ul><li>Reporting to Ministry of National Development. </li></ul></ul>
  4. 4. POLICIES – IMPLEMENTATION <ul><li>Site of construction is identified by Urban Rural Development </li></ul><ul><ul><li>To de-monopolize HDB's affairs. </li></ul></ul><ul><li>Construction on acquired land. </li></ul><ul><ul><li>Compensation, now at market rate. </li></ul></ul><ul><ul><li>Previously, compensation rate set by the government. </li></ul></ul><ul><li>One-stop operation. </li></ul><ul><ul><li>Major mortgage/loan provider bank branches at HDB office. </li></ul></ul><ul><ul><li>Takes about 4-6 hours for the entire application process to complete. </li></ul></ul><ul><li>Town councils maintain the estate upon completion of building project. </li></ul><ul><ul><li>Cont’d… </li></ul></ul>
  5. 5. <ul><li>Studio apartments for the senior citizens. </li></ul><ul><li>Apartment blocks, older than 33 years, demolished for new ones. </li></ul><ul><ul><li>Residents, moved en'block incase of renovation or up-gradation. </li></ul></ul><ul><ul><li>New accommodation provided by the govt. </li></ul></ul><ul><li>No bank loans/sovereign guarantees for the ventures of HDB allowed. </li></ul>
  6. 6. POLICIES – ELIGIBILITY CRITERIA <ul><li>An HDB housing applicant; </li></ul><ul><ul><li>Must be at least 21 years of age. </li></ul></ul><ul><ul><li>Must form a family nucleus i.e. married. </li></ul></ul><ul><ul><li>Must be Singaporean by nationality. </li></ul></ul><ul><ul><li>Must not own any private property </li></ul></ul><ul><li>Cumulative income cap of household per month is 8,000 SD. </li></ul>
  7. 7. HDB FINANCES <ul><li>Total Expenditure – 6.153 Billion SD </li></ul><ul><ul><li>Capital Expenditure – 2.265 Billion SD (37%) </li></ul></ul><ul><ul><li>Operating Expenditure – 3.888 Billion SD (63%) </li></ul></ul><ul><li>Buyer to pay for the price as fixed for a particular apartment. </li></ul><ul><ul><li>Usually financing it via CPF. </li></ul></ul>
  8. 8. GOVERNMENT SPENDING <ul><li>Government grants cover HDB’s annual deficit. </li></ul><ul><ul><li>Government bail-out, necessitated every year since HDB’s formation. </li></ul></ul><ul><ul><li>Cumulative grant by government since its inception has been 17.241 Billion SD. </li></ul></ul><ul><ul><li>Net deficit for FY 2007/08 was 1.081 Billion SD. </li></ul></ul><ul><li>Expenditure on infrastructure and estate up gradation. </li></ul><ul><li>Grants to Town Councils for estate maintenance. </li></ul><ul><li>Rebates on; </li></ul><ul><ul><li>Service and Conservancy charges </li></ul></ul><ul><ul><li>Rental charges. </li></ul></ul>
  9. 9. ACHIEVMENTS <ul><li>House ownership in Singapore - 90.1% </li></ul><ul><ul><li>Highest in the world. </li></ul></ul><ul><ul><li>82% stay in HDB provided flats. </li></ul></ul><ul><ul><ul><li>80% - house owners </li></ul></ul></ul><ul><ul><ul><li>2% utilizing house rental facility. </li></ul></ul></ul><ul><ul><li>982,036 flats for Singaporeans by HDB. </li></ul></ul><ul><li>Apartment flats at subsidized rates. </li></ul><ul><ul><li>2,3,4 bedroom and executive flats. </li></ul></ul><ul><ul><li>70% of Singaporeans own 3-bedroom apartment </li></ul></ul><ul><li>Rental flats for those who cannot afford to buy a HDB-house. </li></ul><ul><li>UN Public Service Award in 2008 </li></ul><ul><ul><li>Achievements of House Ownership Program . </li></ul></ul><ul><li>UN World Habitat Award in 1991. </li></ul><ul><ul><li>Approach in creating vibrant towns and communities. </li></ul></ul>
  10. 10. KNOWLEDGE BASED ECONOMY <ul><li>A key side-beneficiary of house ownership scheme. </li></ul><ul><li>Owing a house, difficult for an individual to migrate from Singapore. </li></ul><ul><ul><li>Putting a cap on brain drain. </li></ul></ul><ul><li>Ensuring investment retention in Singapore. </li></ul><ul><ul><li>Curbing the locals from leaving Singapore. </li></ul></ul><ul><li>Economic boost associated with Housing has been due to; </li></ul><ul><ul><li>Construction activities. </li></ul></ul>
  11. 11. APPREHENSIONS <ul><li>HDB, as a major player in real-estate may easily manipulate the market prices at the time of acquisition. </li></ul><ul><li>Private sector investment in Housing sector extremely low </li></ul><ul><ul><li>Owing to activism and monopoly of HDB. </li></ul></ul><ul><li>Standard of houses being provided cannot be subject to competitive challenge. </li></ul>