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Purchasing A Singapore HDB Property
For the uninitiated, HDB stands for the Housing & Development Board and is the public housing authority in Singapore. This authority was set up to resolve a severe housing shortage that arose in the years preceding the countrys independence from Britain in 1965 and they oversaw the erection of mainly blocks of flats that were intended to be used as rented accommodation by families on low incomes.
In todays Singapore, HDB properties have become highly sought after as they are still fairly affordable as compared to some of the other buildings. The fact that these HDB estates are almost self sufficient has added to their popularity, with most comprising of facilities that include shopping centers, medical centers, schools, recreational facilities and good public transport routes. It is not hard to see, therefore, why millions of people over the years have coveted an HDB flat at some stage or another.
People who are interested in purchasing a Singapore HDB property would do well to pay heed to some of the useful information that abounds which is related to HDB flat purchasing and which will put them in a much better position to make a more informed choice.
Singapore HDB flats can actually be broken down into six distinct categories: two, three, four and five roomed units, as well as studio apartments and so-called executive units. Obviously the smallest type is the studio apartment, which also happens to be low maintenance, and is therefore ideal for elderly or infirm individuals. Next up in step is the two bedroom HDB units which are designed to house very small families of two or three persons who are usually at or near the bottom of the income scale.
Families who are classed in the middle income group are usually targeted toward the three and four room units, which obviously afford a bit more room for larger families. At the top end of Singapore HDB property ladder are the five room and executive units which are intended to accommodate those larger or extended families. These top end flats usually have additional rooms such as extra bathrooms or living rooms, which ensure that these larger families can live more comfortably. These flats can also vary in size and design depending on the owners personal tastes or the layout of the particular state the HDB is located.
People that want to apply to become a tenant of one of these HDB properties have first got to fulfill certain criteria. These people should be able to satisfy the respective regulations set aside for the particular units they require and should be able to take part in either a built-to-order process (BTO) or a balloting exercise (BE). Built-to-order processes involve submitting a tender for construction of the particular estate they are interested in and a balloting exercise means vying for existing units with other interested parties, much like an auction.
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