Man who bought Holland Drive HDB flat for $26k on $250 salary 50 years ago reflects on inflation
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It is almost impossible to catch up with the cost of living in Singapore, says a man.
Stomper Casey still remembers when he purchased a brand new HDB flat over 50 years ago. He paid for the five-room Holland drive flat in instalments, on his monthly salary of $250 as a clerk at UOB.
The 77-year-old retiree shared: "I worked as a clerk in the bank for two years, with a wife (housewife) and a son to support. Yet, I could put food on the table for a family of three and still afford to buy a new five-room HDB flat at $26,000.
"If I am a teller at UOB now with two mouths to feed, I doubt I can afford a brand-new HDB flat at Ulu Sembawang, let alone Holland Drive, which HDB has classified as a prime area and is upping the prices there."
The father of one sold his Holland Drive flat for $180,000 "a few years down the road".
He added: "Those who waited just before the Selective En bloc Redevelopment Scheme (Sers) sold their flats for around $900,000."
In June 2018, a five-room HDB resale flat at Block 18C Holland Drive was sold for a record $1.1 million. In July 2017, a unit at neighbouring Block 18D sold for $1.03 million.
The five-room Holland Drive HDB flat sold for $1.1 million is on the 38th floor. Photo: Lianhe Wanbao
Casey is currently staying with his wife in a four-room new generation HDB flat that was built in 1978. The couple purchased the place for $680,000 using their Central Provident Fund (CPF) savings.
He told Stomp: "What I am trying to say is that cost of living has gone up so much that it's well nigh impossible to catch up."
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