There is demand for multi—generational flats: analysts

SINGAPORE: Analysts have said that it’s timely to rebuild multi—generational flats, in view of Singapore’s changing demographics.

Their comments follow National Development Minister Khaw Boon Wan’s announcement that such flats may be built in Yishun, to test demand.

The units at block 633, Yishun Street 61 built in 1987 are some of HDB’s multi—generational flats rolled out in 1986.

These flats, typically consist four or five room units and, are built beside a studio apartment and facilitate extended—family living.

Construction for these flats stopped sometime in the early 90’s.

Housing experts said the resale prices for such mega flats range from S$610,000 to S$980,000.

And with Singapore’s ageing population, they said the HDB should promote multi—generational living.

One analyst though added that measures should be in place to prevent such flats from being abused.

Director of Chris International, Chris Koh said: "HDB does not build any more executive flats, they only build up to five—room size and even the five—room units are smaller than five—room flats of 20 years ago.

"So to buy a big flat, there is not many like you said, that’s why there’s a demand for it. People who are applying for it should form a nucleus of a multi— generation, if not it will be taken advantage of. A couple with no children may end up buying such a flat. And what do they do? They rent out half of it or in future look at it for capital appreciation."

— CNA/ck