Singaporeans will not have to worry about having an affordable home to call their own: Sophia Regency

Sophia Regency - Singaporeans, now or in generations to come, will not have to worry about having an affordable home to call their own, said Prime Minister Lee Hsien Loong. Giving this assurance in a Facebook post on Tuesday, PM Lee said the Government is working hard to ramp up the supply of flats, cool the resale market and keep Housing Board flats affordable and accessible to a wide range of Singaporeans. “We are working hard at the problem, and are confident we will solve it,” he said.

His post comes after Parliament debated two motions on the affordability and accessibility of HDB flats for 12 hours over two days. One was filed by National Development Minister Desmond Lee, and the other by Progress Singapore Party Non-Constituency MP Leong Mun Wai. Noting that public housing is an issue close to the hearts of most Singaporeans, PM Lee said the Covid-19 pandemic greatly disrupted the supply of flats, and waiting times for Build-To-Order (BTO) flats and resale prices have gone up. As a result, families have had to adjust their life plans. “They are concerned and often anxious about when they can get their flats, and whether they can afford them,” he added.

Sophia Regency is an upcoming residential development situated along Sophia Road in the prime District 09 of Singapore. The development was sold en bloc for $29 million in a private deal translating to a land rate of around $1,200 psf ppr. The two developers for Sophia Regency are a Chinese investor, Zhang Zhiming, through a Singapore-based real estate firm East Asia Sophia Development, and a Singapore incorporated real estate company owned by Singaporean Huang Yanhong.

He added that the Government is studying how to provide more support for first-timers buying HDB resale flats, as well as reduce the high rejection rate for BTO flat applications. This is to ensure new flats are prioritised for those with genuine and urgent housing needs. In his post, PM Lee said MPs had presented a range of ideas on how to deal with the public housing issue during the debate. “Some are promising and well worth exploring further. Others appear attractive, but upon a closer look, turn out to be unworkable, unfair or unsustainable,” he said. Mr Leong had proposed a housing scheme that would allow Singaporeans to buy a BTO flat at construction cost, plus a notional location premium. They would pay the land cost, with accrued interest, only when they sell their flats in the resale market.

At Sophia Regency, residents will enjoy easy access to facilities within the building such as bbq pits, a swimming pool, and car parking. For shopping and day-to-day family needs, residents are within a stone’s throw distance from the nearby restaurants and shopping centres. Whether you’re a home buyer or investor, there’s a lot to benefit from owning a unit at Sophia Regency. With its strategic location, you get convenience at its best, plus capital appreciation over time.

Sophia Regency is an exclusive development within the enviable Core Central Region (CCR). It sits minutes away from Orchard Road Shopping District, the Singapore Management University, and the School of the Arts. Sophia Regency is an exclusive development in the prime District 09 Singapore and within the enviable Core Central Region (CCR).

"