Singapore News: Nostalgia Hits as Reddit Post Reveals Historic HDB Pricing

In a surprising revelation, a recent Reddit post has sparked a flood of nostalgia among Singaporeans, highlighting the remarkably low downpayment prices for HDB flats back in 1984. A photo shared by a Redditor displays the price list and downpayment requirements for 3, 4, and 5-bedroom flats, including simplified 4-room models and executive apartments, all dated July 1, 1984.

Believe it or not, the downpayment for a 3-bedroom flat in areas like Woodlands or Yishun was just a mere $6,600! For those looking to purchase a more spacious 5-bedroom flat, the initial payment required was only $14,600. Fast forward to 2023, and these figures seem almost unbelievable as property prices in Singapore have skyrocketed to unprecedented levels.

To put this into perspective, a 3-room flat in New Town was priced at $37,300, making it the least expensive HDB option back then. In contrast, the priciest Executive Apartment located in the central urban area sold for $166,000. Fast forward to today, where the entry point for a decent 3-room flat can easily exceed $400,000, and property prices have become a significant concern for many aspiring homeowners.

Interestingly, the Reddit thread didn't just focus on the prices; it evolved into a rich tapestry of reminiscing about the past. Comments flowed in, including one that pointed out spelling changes during the Speak Mandarin Campaign. For instance, Choa Chu Kang was once spelled as "Caicuogang," leading others to recall similar name changes in neighborhoods such as Nee Soon, which became Yishun, and the peculiar spelling of Hougang.

One comment that generated surprise was the mention of the currency exchange rate in 1984 – one Malaysian ringgit was valued at approximately S$0.92. This information provoked further nostalgia as users reminisced about the lack of the internet during that time, the days of analogue TVs, and the socio-political landscape that included the existence of the USSR.

Moreover, one user humorously predicted that in 2064, future generations would look back at 2024 and marvel at the mere $250,000 downpayment for a Yishun 5-room flat, illustrating how quickly the real estate market can shift.

As our society continues to evolve and property prices seem to climb higher than ever, this trip down memory lane serves as a stark reminder of just how much has changed in Singapore's housing landscape over the last four decades. The conversations ignited by this Reddit post underscore the feelings of nostalgia and perhaps even regret among some, reflecting on the affordability of yesteryears that many currently long for.