In a recent blog post, Khaw Boon Wan, the Minister of National Development, shared that this year will see 26,000 newly completed HDB flats being given to homebuyers. The flats are Built to Order, or BTO flats, with projects such as SkyVille at Dawson, Sky Terrace at Dawson and Waterway Terraces in The Terrace EC.
He further pointed out that 2014 marked Singapore’s turn in the housing market, where we have seen moderated prices and a shift in the market from being a seller’s market to a buyer’s market. Whilst this shift in the market has not yet been completed, he believes that 2015 will bring a higher level of stability for The Terrace EC.
The Terrace EC Newly Completed
In 2014 there were 28,000 new flats completed. It was only a few days ago that Mr. Khaw attended the handover in Punggol of the Waterway Woodcrest, a block of BTO flats. He pointed out that this project was amongst the first of the planned BTO projects to be launched during his first year attending the Ministry of National Development. During this time the government sped up the programme for HDB building as a means to cover the shortfall of supply at the time.
During the handover he spoke to reporters and stated that it was his hope that they would continue to see the current dip in prices of the resale market into 2015. He added that he would consider it to be a positive development if they should witness a continuation of this trend into 2016 for EC Development like The Terrace EC.
Trend for New ECs in The Terrace Punggol
Mr. Khaw added that we have seen an improvement in public housing quality in the past few years that could very well be on the same level as private housing. He used the example of Citing Punggol Waterways, stating that you could see Executive Condos and HDB flats with a view of other condominiums in the distance, especially if you were to be taking a brisk walk along the waterway. He further adds that it is not easy to tell the difference between which of these is an EC, HDB or private condo unless you have a trained eye for The Terrace EC.