Commentary: The million-dollar flat narrative only serves to play games on the minds of people

A HOME And ASSET?

In August, Mr Lee cautioned against a “psychological powerful” that has contributed to rising straight pricing, with news of million-dollar offers prompting sellers to increase their asking prices.

This psychological factor suggests that supply-and-demand dynamics of enclosure offer are not the only factors driving our expectations of public housing. They are not merely affected by the natural conditions or characteristics of our common housing lands.

Instead, there is a second socio-cultural part that is shaped by our wider societal discussion regarding social aspirations as well as public casing. Urban thinkers frequently refer to this socio-cultural surface of a town as an “urban hypothetical.”

Urban imaginaries are frequently referred to as the metaphorical realm of a city, which is shaped by the public conversation that frequently swirls around these ideas and views and is shaped by the social values and perceptions held by the state’s citizens.

Singapore’s public discourse seems to be dominated by the idea that HDB flats represent quickly-acquired assets that can ( and should ) be monetized for significant financial gains.

These viewpoints could have been expressed following the 2007 Global Financial Crisis, with Singapore’s swift recovery from the turmoil strengthening home demand. Late in 2008, HDB resale prices started rising steadily and have n’t stopped.

Property providers have exacerbated the issue by pursuing home users in new estates to promote their apartments, a move that has been motivated by commissions from high-value transactions. Over 200 homes have resorted to putting up “do not disturb” symptoms in the Bidadari house to protect themselves from these real estate agents, many of whom have just passed their maximum occupancy periods.

This is in line with growing expectations that HDB flats should fetch a high transaction value once they hit the resale market, especially with home owners ‘ desire to “upgrade” to a private property once they are able to sell their apartments.

Additionally, according to the ERA survey, 35 % of millennials want to own a private condominium, compared to 59 % of Gen Z respondents.

A transactional view of home ownership contradicts the rules of public housing, which is fundamentally focused on making sure all Singaporeans can afford to live comfortably. The operative words here are “affordable” and ‘ home”.

For affordability, it is necessary for young families and those with limited financial resources to not be priced out of the HDB resale market. At the very least, a house should n’t be sold to the highest bidder.

More importantly, intentional efforts are required to reshape Singapore’s urban imaginary to become more inclusive and less transactional in nature. This means cutting back on resale transactions and focusing instead on less important aspects of home ownership, like building relationships and encouraging family relationships in our homes.

So, do n’t share a million-dollar flat post that you’ve made on social media or let it affect how you view your own, built-up home, wherever it may be.

Dr. Woo Jun Jie is a Senior Lecturer at the National University of Singapore’s Lee Kuan Yew School of Public Policy.