A private developer’s DBSS launch in Tampines, with the upper end of the 5 room units priced at $880,000, caused a stir in the social media. The negative reaction was not surprising.
DBSS is a class of housing type between HDB flats and Executive Condos (EC)/private condos. It forms a tiny portion of the total housing options for Singaporeans.
While HDB flats are designed and priced by HDB, DBSS flats are designed and priced by private developers. If the private developer prices it too high and there are no takers, there will be no sales.
Netizens would like MND to come in and tell the private developer to cut its price. When they tendered for the land, price control was not a term of the tender. If contracts, after they are awarded, can be varied arbitrarily, this will damage Singapore’s reputation as a business hub, with severe repercussions.
But netizens are not powerless. If buyers find a price too high, they can walk away.
Neither am I. On my part, I am ramping up more BTO launches and pricing them appropriately. I am currently preparing the next BTO launch.
I am launching 25,000 units this year. 12,000 units have already been launched. Another 13,000 units will be launched this year, averaging 1,800 units per month.
I have been advised to do larger launches. Large launches offer buyers a wider range of choices, and reduce the odds of repeated disappointment. I think this is sound advice.
I am therefore working with HDB to see how the June and July launches can be combined for a larger launch. And I will price them wisely. Certainly, they will not be near what the recent DBSS launch suggests.
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