More affordable housing awaits Singaporeans

WHAT ARE THE TOP 3 WORK BENEFITS SINGAPOREANS SEEK

With more than four in 10 Singaporean employees (46%) looking for new jobs, a way for companies to retain their employees is to offer them benefits which can meet their needs.

According to a survey by data provider WTW, Singaporeans want their employees to focus on the following benefits: retirement, health, and flexible work. Of these three, Singaporeans want flexible work the most.

Employees wanting their organisations to focus on retirement and health benefits is a reflection of their concerns for “long-term financial security,” according to WTW.

“Adding flexibility to the benefits package can help signal to employees that they are being heard and go further to delivering on their needs. When this happens, it’s a boost for employee retention. With a better understanding of how employees value their benefits, and how their needs are changing, companies have an opportunity to shape programmes that meet employees where they are and help boost workforce productivity.” said Eva Liu, Head of Strategic Development, Health & Benefits, Asia and Australasia, WTW.

Better benefits

Based on the study, even employees planning to stay with their current employers but who feel stuck are open to offers (20%).

The study added that 85% of employees more likely to remain with their organisations when their benefits package meets their needs.

“The findings suggest that employees continue to job hunt and there’s pressure for employers to find ways to better meet their needs, particularly on issues such as wellbeing, engagement, skills development and career structure to tip the scales so that employees choose to stay,” added Liu.

About 150,000 new homes can be built in the area once the base is moved out

More affordable housing awaits Singaporeans

Singaporeans can look forward to a more affordable housing supply following the relocation of the Paya Lebar Air Base (PLAB), according to a property expert.

OrangeTee’s Senior Vice President of Research & Analytics Christine Sun said once the airbase is relocated, 150,000 new public and private homes can be built in the future town.

“The ramp-up in housing units in Paya Lebar may help reassure Singaporeans that there will always be sufficient land to meet the housing needs of all Singaporeans,” the property expert said.

According to Sun, there could be around 100 to 130 build-to-order (BTO) launches from the Paya Lebar site ranging from 700 to 1,500 units for each project; this is if there are 100,000 to 120,000 units planned for HDB BTO flats.

“If five projects are launched per year, we can expect the BTO supply to last 20-25 years,” she added.

For private homes, Sun said there can be around 40 to 70 EC and condo launches with 500 to 1,000 units each, assuming 30,000 to 50,000 units will be planned for private housing in the area.

“This area is considered to be Outside of the Central Region (OCR). There should be healthy upgrader demand should new condos being built in the area. Moreover, due to the generous space available, larger land parcels or bigger condo projects offering ample facilities can potentially be built,” she said.

Sun, however, underscored that the redevelopment of Paya Lebar will not take place immediately, thus, the current supply crunch will not be resolved yet.

“This means that demand for housing, especially in the suburbs, will remain tight in the short term,” she added.

Meanwhile, Prime Minister Lee Hsien Loong also announced plans to lift building height restrictions in Paya Lebar and its surrounding areas once the airbase moves out.

According to Sun, the change may lift the en-bloc potential of some resale condominiums in areas around Paya Lebar, Marine Parade and Hougang.

“Some of the condominiums launched in the past that are below 20 storeys may have the potential for future redevelopment. These condominiums can be torn down and rebuilt to a much higher level in the future,” Sun said.

“There are 8,871 flats in Hougang and Marine Parade completed before/on 1980. These older flats could be redeveloped under Sers to better optimise the land use since the height restrictions have been lifted and taller flats can be built now,” the property expert added.

We can expect the BTO supply to last 20-25 years