The escalating costs of housing in Singapore, whether private or public, have brought to the forefront the global conundrum of housing affordability. Amid the robust economy and high homeownership rates, the challenge persists—are Singapore homes inherently expensive, or is the demand driven by more than just basic shelter requirements?
The Feng Shui perspective is enlightening here. Feng Shui is the ancient Chinese practice of aligning the environment, including homes, to create a harmonious energy flow or Qi. It emphasises both tangible (location, design, layout) and intangible aspects (energy flow, surrounding elements) of a dwelling place. When applied to Singapore's current housing market scenario, Feng Shui principles can offer some intriguing insights.
The Urban Land Institute (ULI) report flags Singapore’s private homes as the region's priciest, with median prices touching US$1.2 million and rental costs leading the region. Despite these towering numbers, Singapore also clinches the “most attainable” title on ULI’s 2023 Asia Pacific Home Attainability Index. This index measures the affordability of homes in the Asia Pacific region, taking into account factors such as median income, housing prices, and rental costs. Singapore's ranking is mostly due to the availability of affordable public housing.
What could be driving such a paradox? Could Feng Shui play a role?
The philosophy of Feng Shui extends beyond the physical property and its internal layout. It also considers the environmental surroundings, both natural and man-made. This includes neighbourhood qualities, proximity to amenities, and community spirit—features that add to a place's overall 'Qi' or energy. These aspects not only fulfil more than basic housing needs but also contribute significantly to the value of a property.
The resilience and allure of Singapore as a 'Superstar City', a term coined by researchers to denote cities with unique characteristics making them desirable living spaces, could also be interpreted through a Feng Shui lens. A city with a harmonious blend of infrastructure, economic opportunities, and societal integration resonates with the principles of balanced Qi, thereby attracting global talent and wealth.
While international demand can spur housing price booms, local demand has been the primary catalyst of recent price hikes. The expatriate community, coupled with high-net-worth individuals drawn to Singapore, makes up a small fraction of the overall market. Instead, domestic demand, fueled by inter-generational wealth transfer, has been driving up the prices.
A parallel can be drawn here to the Feng Shui concept of heritage or ancestral Qi. This concept suggests that homes and wealth passed down through generations are considered to harbour beneficial energy. In the context of the housing market, this can be seen as the inter-generational wealth transfer that has been driving up prices. Although economically nuanced, this age-old tradition of wealth transfer fits neatly into the framework of Feng Shui.
Singapore's challenge is to balance housing affordability while acknowledging the aspirations of mid- to high-income Singaporeans. As Feng Shui encourages a balanced energy flow within a living space, the housing market must strive for a similar equilibrium.
The government's role in this dynamic scenario resembles a Feng Shui master. Like a master strategically aligning the energy of a living space, the government strategically aligns the housing market's energy to foster affordability, desirability, and societal prosperity. The 2023 budget announcement and cooling measures hint at this intent, focusing on first-time homebuyers and curbing interest from foreign and second-home buyers.
As we move forward, decisions impacting housing affordability in Singapore must be made carefully, akin to a Feng Shui master's careful calculation of Qi alignment. Only then can we navigate the complex housing affordability landscape, ensuring Singaporeans can access affordable homes that enhance their quality of life?
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