Let me share with you my 1 year experience before successfully getting a good flat. Perhaps my friends who are reading this could take this into consideration when planning for a flat.
1) The $8k Ceiling
Many couples actually do earn more than that ceiling. Even if the couple is earning more than the EC cap of $12k, a private condominium located in Seng Kang now costs at least $1million. Exception is if you don't mind a second floor unit. Omg... I wonder if I could reach that worth after a whole life's of slogging away.
I must say that I have been bogged down by this ceiling for quite a while. I stopped applying for flats for 4 months earlier this year. I was waiting for my Company to effect a change in my pay structure. During this agonising process, I must say I felt really frustrated. The administrative function in my Company was a failure! They were a mess. Firstly, they effected the change in pay structure without the increment. Secondly, after an adjustment, they still got it wrong! They paid me using the old structure. With all these in and out printed on my payslips, I wasn't surprised when HDB asked me about these adjustments.
2) Ever increasing prices
A year ago when we were already looking for BTO projects, the prices of the flats ranged about $300k. The flat that we have chosen now costs over $400k. (My guess is that wait somemore and the flat prices will hit half a million) Projects launched 2 months after mine now costs the same price as mine but the difference is that mine is a premium project (with flooring and walls done up for you) whilst the latest ones are only standard (ie flooring and walls not done up for you) HDB flats.
The launch of the Tampines DBSS caused a big hoo-haa just a few weeks ago. Ridiculously priced at over $800k, I wonder what the Singaporeans who bought in this project were thinking. You could get an EC or a low floor private condo with that money.
3) It's all about luck
After 1 year of balloting, we came to a conclusion that the ballot number really depends on your luck. We had many chances when applying for the Bukit Panjang project but it still didn't work out well.
:D I'm happy to say that I have been lucky this time round. I managed to get a good number for this premium project. Even luckier is that I was given the opportunity to get a unit with balcony out of the mere 85 units available. :D
The main challenge is to wait out the 3 years for the HDB to be built.
4) The changing regime
HDB has just launched a preview of the upcoming projects for the year. I believe young couples probably welcome this change.
From the BTO perspective, those who chose a project would be concerned whether the 70% demand mark would be reached for the project to build. As more and more couples realise that the ballot number comes from luck and accumulated chances play minimal part in it, they would rather wait out for a good number. With an increase in supply, they most probably keep balloting until they get their best number. And the vicious cycle begins...
Conclusion
Much as I feel lucky I got a flat now, I am still apprehensive of the fact that I need to pay half a million for a roof over my head.
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Before I end, I must thank Christie for inspiring me to blog again. I thought all my readers gave up on me... :D after neglecting this space for so long.
