Lessons From The East On How To Build Residential Communities That Push Up Resale Prices
We like to think that we have all the answers when it comes to residential properties in the West. But that’s not always the case. In fact, there are many examples abroad of countries actually doing a much better job to serve the interests of all stakeholders.
Take Singapore, for instance. It’s come up with a system where local residents can decide on the type of improvements that they would like to see in their local area to improve their quality of life. These can apply at the block level – referring to their immediate environment. Or at the precinct-level, which includes surrounding buildings and residences that share facilities. The idea is to improve quality of life on the ground for all, increasing the value of the properties for the resale market, and encouraging long-term investment.
Affordable housing is a problem in many parts of the world, especially Singapore. Here the booming economy is leading to a rise in the cost of accommodation, and so the authorities are looking for a way to deal with this. One way to do so is through the country’s HDB housing scheme. The idea is to construct inexpensive housing that regular people can afford, allowing them to get onto the country’s property ladder. In the past, there were issues with areas becoming run down and derelict. But the neighborhood improvement scheme aims to correct this.
The following infographic goes into more detail. Perhaps we should be using schemes like this more in other parts of the world to give residents more choice.