03 May '11, 5pm

New Queenstown HDB flats cost $120K to construct. After government "subsidy", the price becomes $300K? #dunchgeddit

Feb 1, 2010 - PropertyGuru.com.sg Share | | Comment | E-mail to friend | Bookmark & Share HDB has awarded a contract worth $99.8 million to Sim Lian Construction Co. for the building works at Queenstown Redevelopment Contract 30, which will have a total of 774 housing units, according to business weekly, the Edge. The contract, which translates to a construction cost of $129,180 per unit, is slated to begin in March 2010 and is expected to be completed by February 2013. The statutory board Singapore Land Authority owns the land parcel. Once completed, the flats are likely to fetch over $300,000 per unit, as the project is located in the prime district of Queenstown. HDB flat prices have increased in recent years by more than 30 percent, while the average earnings of ordinary Singaporeans remains the same. Some Singaporeans feel that HDB is making a huge “profit” at their e...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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