Bigger HDB Flats Considered the Future of HDB Housing?

Bigger HDB Flats Considered the Future of HDB Housing?

Demographic specifics and population dynamics in Singapore are having a profound impact on the residential real estate market and the need for effective home renovations. According to some analysts, bigger HDB flats will soon be the future of housing in Singapore.

Why Bigger Singapore Flats Are Gaining Prominence: An Overview

A serious population boom has contributed to massive growth in public housing options. The number of resident households went up from 472,700 in 1981 to over 1.28 million in 2017.

The most rapid growth phases occurred during the 1980s and 1990s. Analysts and real estate experts predict that such levels are not going to be sustained in the years to come. Inevitably, this slowdown will have an effect on Singapore housing choices of preference.

Channel NewsAsia reported that resident household growth has stabilized at 2.08 percent in 2017 (in comparison to an annual growth rate of 4.62 percent in the 80s). Thus, the housing expansion is also going to slow down. Singaporeans will have to start thinking about what’s the most sustainable housing option to go for in 2019 and the years beyond.

There’s one more demographic specific that needs to be taken in consideration when such decisions are being made.

Since the 1980s, the size of the average Singaporean household has been reduced significantly. It went down from 4.87 household members in 1980 to an average of 3.3 household members in 2017. Two-person and three-person families currently make up four out of 10 households in Singapore.

A change in the demand for HDB flats is expected as a result of this very noticeable new demographic trend. Private developers increased the number of small flats being constructed. Households have also started looking for more affordable housing options.

While it isn’t 100 percent clear whether such social trends have a pronounced impact on the residential property market, reaching such conclusions is nothing but logical.

Analysts are now considering bigger apartments as a way to encourage Singaporean families to have more children. The number of jumbo flats is very limited, which is why they’re in demand, regardless of the demographic trends.

Analysis suggests that three groups of homeowners tend to have more children than everybody else – homeowners, families living with parents or siblings and families from older cohorts. Such information is presented in the Panel Study of Family Dynamics survey.

How HDB Is Responding to New Social Dynamics

HDB has been working to respond to the demand and the social dynamics in Singapore. Thus, the HDB housing options made available through the years have been largely predetermined by what households need.

In the late 1980s, for example, there was an over-supply of flats. The HDB decided to combine unsold three and four-room apartments to create jumbo flats. These were characterised by an area ranging from 147 to 199 square metres.

Jumbo flats offer luxury, a lot of space and tranquillity. There’s even space for additional developments like a study or a home office.

These jumbo flats are still sought after today, regardless of a reduction in the average household size. When several generations live together, the availability of space is of paramount importance. Still, jumbo flats represent a very small share of the residential properties for sale. These aren’t readily available and the average price comes between 650,000 and 950,000 dollars.

The creation of jumbo flats was planned as a single time event in order to deal with unsold apartments during the 1980s. Since then, HDB hasn’t made new large flats available.

Chances are that the situation may change in the future. Regardless of a decrease in the size of households, there’s a growing tendency among younger people to stay with their aging parents. Such multi-generational families need the right living space and the market currently offers limited options.

In Need of a Jumbo Flat?

If you need a jumbo flat but you cannot find one out there on the market, there are still options you could potentially utilise to resolve your housing dilemma.

Home owners can apply to the HDB Conversion Scheme. The aim of the scheme is to combine two adjoining three, two or one-room apartments for the purpose of creating one larger living space. To make use of this opportunity, however, it’s vitally important to select a Singapore interior design company that has enough experience and knowledge of the board’s guidelines and limitations.

Going through such a project isn’t easy, however. The two title deeds for the separate flats will have to be merged in order to create a jumbo apartment through the HDB Conversion Scheme. Once the merger occurs, the two apartments cannot be sold as separate properties in the future.

The largest new flats currently available on the market are five-room properties.

Some of the largest Singaporean five-room flats are located in Bishan, Yishun and Bukit Timah, Yahoo Finance reported. Some of the most affordable five-room flats are available at prices starting at 392,000 dollars. The costliest flats can reach up to 920,000 dollars, as per 2018 statistics.

Upgrading to a big HDB flat is a serious, life-changing decision. Take enough time to analyse the benefits, the consequences and the financial implications. There will be various types of additional costs but for many families, making the switch to a bigger housing option makes sense both in terms of comfort and an eventual return on investment.

If you plan to ensure a large and comfortable living space through a flat modification, you should get in touch with a reputable and HDB licensed team like Home Guide.

The Home Guide interior designers have carried out multiple residential projects, enabling owners to customise the living space to their taste and preferences. An extensive residential portfolio sheds more light on the Home Guide work and the attention to detail in each execution.

Are you interested in making your HDB flat feel bigger and more spacious? If so, a Home Guide HDB renovation will be a viable choice. Contact us today to let us know a bit more about the specifics and to book your first renovation consultation.

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