Despite facing overpopulation in Singapore, the HDB under-supplied housing by as much as 6 times in the case for 4 and 5 room flats at Bidadari estate near Toa Payoh on Tuesday (Nov 17).
Five-room units in Bidadari, costing between S$500,000 to S$858,000, are more than six times oversubscribed as of 8.15pm Wednesday, with 948 applications for 151 units. Four-room units, costing between S$515,000 to S$555,000, are also oversubscribed with 1,537 applications for 1,228 units offered.
Three-room units, costing between S$360,000 to S$428,000, are however unwelcome with only 183 applications for 567 units.
Most BTO launches are situated in the far-flung areas of Choa Chu Kang and Punggol. Land parcels for developed towns like Tampines, Bishan and Queenstown are mostly sold to private developers to build condominiums. However, sales of private properties are rapidly declining because foreign investors shun the Singapore property market as rental yield is negative and there are no room for further capital growth.