Understanding Middle Income Housing
When many are attracted to high income looking neighborhoods as a wise investment in real estate, few are able to consider housing projects that cater to middle income or even low-income housing. This is due of course of the low property value. While it is known that property values happen as to actualities, not plans, there is a period of time when a real estate investment gets announced and when house pricing begin to increase. Low-income people and families have basic needs and priorities like everyone else. They need a home that is pleasing to look at, convenient to important amenities, and of course, has a solid foundation and structure. This means that when looking into this type of housing, investigate the history of the home and ask the basics like the last major renovation, the plumbing, wiring, and roof structure.
Take for instance the Housing and Urban Development Company or HUDC in Singapore. HUDC are housing types that is only found in Singapore. Established in 1974, the HUDC aims to cater to a citizens of Singapore who are in the middle class and can afford midway to upscale housing than the usual housing projects. Public housing is called Housing and Development Board or HBD housing. HUDC home owners cannot afford private housing as is was the trend in the 1970s when there were the fewer housing for private citizens in Singapore.
However, in 1987, HDB discontinued building HUDC flats as the demand decreased. In total, there are 18 HUDC estates with 7,731 houses and 23 shops. Rio Casa is one of the HUDC that were privatized recently. It has been sold for $575 million Singapore dollars to Oxley-Lian Beng Venture. It composed of Oxley Holdings, KSH Development, Apricot Capital, and Lian Beng Group as joint partners for Oxley-Lian Beng Venture.
Sources say that the joint venture firm aims to apply for the 99 year lease for Rio Casa and to redevelop or re build the site. Rio Casa has 7 blocks of 286 units. It has a site area of 36,811.1 square meters. Active home sales and the growing positive feeling in the residential real estate have ignited demand for developing sites like Rio Casa. The experts revealed that the purchase price of Rio Casa in the land ratio is about $706 Singapore dollars per sq. ft. per plot ratio, based on its gross floor area of about 1,109,447 sq ft. It is zoned for residential use according to the Master Plan of 2014.