06 Apr '11, 3am

Home buyer: Buying HDB flat like trying to win lottery: The government is aware that Singaporeans are concerned

SINGAPORE – Wendy Cheng, 32, has been trying to buy a home for over two years but without success. Cheng and her American teacher husband cannot afford property on the open market where a government-built apartment can fetch as much as S$700,000, and they have been unsuccessful in balloting for flats available from the state at a cheaper price. At her last attempt to buy an apartment directly from Singapore’s Housing Development Board (HDB), she was given a queue number of 1,983 for the 200 units offered, which meant she could get a unit only if 1,783 of the people before her dropped out. “It’s like trying to win the lottery,” she said of her efforts to buy her own place, a predicament shared by an increasing number of young Singaporeans who feel they can no longer afford homes, unlike their parents’ generation. With general elections likely to be called soon, soaring prop...

Full article: http://www.temasekreview.com/2011/04/06/home-buyer-buying...

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