View Full Version : The $1M HDB flat
http://www.straitstimes.com/premium/singapore/story/the-1m-hdb-flat-20120913
The $1M HDB flat
17-year-old HDB executive flat in Queenstown sets record resale price
Published on Sep 13, 2012
By Daryl Chin & Goh Shi Ting
A HOUSING Board flat has hit the $1 million mark for the first time, surpassing the previous record that was set only last week.
The sale of the high-floor executive apartment, at Block 149 Mei Ling Street in Queenstown, has turned a few heads, with a cash over valuation (COV) of $195,000.
The 17-year-old unit, with a floor area of 1,615 sq ft, has an unblocked view of Queenstown stadium and is close to food centres, supermarkets and Queenstown MRT station. The buyers and sellers are both Singaporean couples.
"It was love at first sight for them," said Dennis Wee Group agent Irene Ho who represented the sellers. The buyers previously owned a private property.
After the flat was put on the market in June, Ms Ho received more than 50 bids.
"But from the very beginning, the sellers had already set their sights on a price of $1 million. The deal was struck once that price was met," she said. The price works out to be about $620 per square foot.
Yesterday, both buyers and sellers met at the HDB Hub in Toa Payoh for staff to vet documents and do eligibility checks. The sale is slated to be wrapped up in two months.
Property analysts The Straits Times spoke to said such high prices, although rare, could soon become the norm when other coveted units - such as those at Pinnacle@Duxton - enter the resale market.
Last Saturday, National Development Minister Khaw Boon Wan set out to reassure Singaporeans and urged them not to be "traumatised" by the price at which the Queenstown flat changed hands.
There will always be "units with fantastic views that fetch fantastic prices". He said: "More important is the larger picture."
Mr Khaw added: "Are prices affordable generally for most units? I think we have largely achieved that in the last few months with the pricing of the new Build-To-Order flats."
The previous benchmark was set last week when an executive maisonette in Bishan fetched $980,000, inclusive of a COV of $200,000.
PropNex CEO Mohamed Ismail said: "Although a new milestone has been set, when you look at the upward movement in property prices and taking inflation into account, a $1 million price tag for a flat, perhaps unimaginable 10 years ago, might be common for sought-after flats now."
Dennis Wee Group spokesman Lee Sze Teck was more circumspect and said prices are generally affordable for most new flats.
"It all boils down to the buyers. Prices will skyrocket as long as they find something they like and are willing to put a premium on it," said Mr Lee, pointing out that the overall median COV is still about $30,000.
But not all HDB owners want to cash out. Commodities trader Baljeet Singh, 57, who bought his Mei Ling Street executive unit from the HDB for $295,000 in 1994, is not selling.
He gets fliers slipped under his door daily, promising about a million for his 1,600 sq ft home. "I'm close to three hospitals and my grandchildren go to a nursery nearby. Why should I sell, when this is the only investment I can leave for my children?" he said.
[email protected]
[email protected]
Tony Blair
13-09-12, 11:42
1mil dollar HDB flat whoa.
Last time was 1000psf whoa.
http://www.businesstimes.com.sg/specials/property/million-dollar-hdb-deal-set-motion-20120913
Published September 13, 2012
Million-dollar HDB deal set in motion
Buyer, seller have gone through HDB appointment with agreed $1m price
By Felda Chay
IT'S almost confirmed: A million-dollar record price for a public housing flat looks ready to be set after the buyer and seller of an executive apartment along Queenstown's Mei Ling Street went through the first appointment with HDB yesterday, with that agreed-upon price.
The 150 square metre (1,614.6 square foot) home with three bedrooms and a study comes up to about $619 per sq ft (psf), also a new record for HDB flats. Both buyer and seller are Singaporeans.
BT reported last week that the $1 million deal was in the works, and that the buyer had agreed to pay a cash premium of $195,0000 for the flat, which is located near the Queenstown MRT station.
What is also noteworthy is the level of interest that the flat drew.
According to DWG property agent Irene Ho, who handled the sale, there were about 10 parties who did not baulk at the seller's asking price of $1 million, and still went ahead to view the apartment - which Ms Ho said is located on a high floor of a 16-story block, although she declined to reveal the exact level, citing privacy concerns.
"I received many calls from people interested in the flat, and had to filter them because some were not willing to meet the asking price."
But even then there were about 10 people who, even when they heard that the seller was asking for $1 million, still expressed interest.
"In fact before this deal was done, there was an offer to buy the flat at $950,000 but the seller was very firm on the price, so that deal did not go through," said Ms Ho.
The agent said that she began "aggressively marketing" the unit some time around late May or early June.
Earlier, market specialists had expressed little surprise at the new record, saying that flats in the area were popular, and have seen a slew of buyers willing to fork out top dollar for the location.
But they also highlighted that such transactions are the minority of deals in the HDB resale market, and are not representative of the market.
Regulators
13-09-12, 14:14
pay $1 million for a flat to look at the sea or greenery not so bad, but this is to look at surrounding hdb flats and buildings. I have been to mei ling st a number of times and you really have to climb up a hill to get to the block. There are also no malls that i can see within walking distance, all small eateries and coffeeshops
phantom_opera
13-09-12, 15:21
Queenstown is very happening, our British royal friends very impressed
No wonder is 1m
http://www.tremeritus.org/wp-content/uploads/2012/09/548232_517656324916027_1937318081_n.jpg
phantom_opera
13-09-12, 15:34
after royal touch, Mei Ling street now asking for 1.1m
http://www.propertyguru.com.sg/listing/hdb-for-sale-149-mei-ling-street-11266474
after royal touch, Mei Ling street now asking for 1.1m
http://www.propertyguru.com.sg/listing/hdb-for-sale-149-mei-ling-street-11266474
KenoBiWan will use his Jedi mind tricks to soothe our nerves. Don't worry.......
Queenstown is very happening, our British royal friends very impressed
No wonder is 1m
http://www.tremeritus.org/wp-content/uploads/2012/09/548232_517656324916027_1937318081_n.jpg
Wah mobilized so many part timers ah. :doh:
after royal touch, Mei Ling street now asking for 1.1m
http://www.propertyguru.com.sg/listing/hdb-for-sale-149-mei-ling-street-11266474
10 parties view the flat, 1 down and 9 more to go.
Queenstown is very happening, our British royal friends very impressed
No wonder is 1m
http://www.tremeritus.org/wp-content/uploads/2012/09/548232_517656324916027_1937318081_n.jpg
Wah lau... this is damn wayang man... WTF were they thinking? :doh:
First time see so many "care leh feh".
after royal touch, Mei Ling street now asking for 1.1m
http://www.propertyguru.com.sg/listing/hdb-for-sale-149-mei-ling-street-11266474
some goondu will buy:rolleyes:
"The future king of england once passed by the walkways of this beautiful estate. Must buy!":D
Queenstown is very happening, our British royal friends very impressed
No wonder is 1m
http://www.tremeritus.org/wp-content/uploads/2012/09/548232_517656324916027_1937318081_n.jpg
If Queenstown is the right place for the British Royal to visit.. Then Geylang is suitable for which big shot?
If Queenstown is the right place for the British Royal to visit.. Then Geylang is suitable for which big shot?
The king of Thailand...:scared-1::scared-1::scared-1::scared-1::D:D:D
some goondu will buy:rolleyes:
seriously this doesnt make sense at all. just top up a bit can buy landed or big size condo. why settle for this:banghead:
My Tiong Bahru 5 room HDB is around 800kSGD now.
My parents and in-laws HDB combined is also around 1 mil SGD now.
My recently bought Flamingo Valley probably still stays at 1.57+mil SGD now.
I am aiming to get a MM for investment purpose.
My Tiong Bahru 5 room HDB is around 800kSGD now.
My parents and in-laws HDB combined is also around 1 mil SGD now.
My recently bought Flamingo Valley probably still stays at 1.57+mil SGD now.
I am aiming to get a MM for investment purpose.
eh, please stop your trolling lah.....go clear your HDB and condo loan first.
buttercarp
14-09-12, 09:51
My Tiong Bahru 5 room HDB is around 800kSGD now.
My parents and in-laws HDB combined is also around 1 mil SGD now.
My recently bought Flamingo Valley probably still stays at 1.57+mil SGD now.
I am aiming to get a MM for investment purpose.
Wow, bro yowetan you suddenly become rich!
Now even talking about investing!
My Tiong Bahru 5 room HDB is around 800kSGD now.
My parents and in-laws HDB combined is also around 1 mil SGD now.
My recently bought Flamingo Valley probably still stays at 1.57+mil SGD now.
I am aiming to get a MM for investment purpose.
where are you going to get the cash front?
your FV DP is already 1.57mil x 10% = 157000.
then your 2nd mortgage LTV60%, 400k x 40% = 160.000
dont tell me only you apply for staff loan for FV, ownership also only your name) and your wife will apply for staff loan for this MM.
if your HDB and this FV joint name, your next purchase will incur ABSD.
My Tiong Bahru 5 room HDB is around 800kSGD now.
My parents and in-laws HDB combined is also around 1 mil SGD now.
My recently bought Flamingo Valley probably still stays at 1.57+mil SGD now.
I am aiming to get a MM for investment purpose.
Tio ToTo si bo?
Or life too boring so start something for us to discuss & argue again?
My Tiong Bahru 5 room HDB is around 800kSGD now.
My parents and in-laws HDB combined is also around 1 mil SGD now.
My recently bought Flamingo Valley probably still stays at 1.57+mil SGD now.
I am aiming to get a MM for investment purpose.
U now hv 3 HDB and 1 FH Condo...Ooops, u hv more properties than me...
well, more entertainment coming...
welcome to the mickey mouse club dear yowe
Regulators
14-09-12, 13:21
Crouching tiger, hidden dragon
U now hv 3 HDB and 1 FH Condo...Ooops, u hv more properties than me...
well, more entertainment coming...
seriously this doesnt make sense at all. just top up a bit can buy landed or big size condo. why settle for this:banghead:
Read from one of the chinese newspaper, the buyer said, the pc around the area cost about $1.3m for approx 1,300 sq ft but this HDB cost $1m for 1,600 sq ft, so worth it. :rolleyes:
U now hv 3 HDB and 1 FH Condo...Ooops, u hv more properties than me...
well, more entertainment coming...
We have been confused, the 2 HDBs owned by his parents and in-laws are not his.
Sleepyhead
16-09-12, 10:41
We have been confused, the 2 HDBs owned by his parents and in-laws are not his.
Yes but when they sell up the $$ will be his to invest in MM. :)
buttercarp
16-09-12, 10:44
Read from one of the chinese newspaper, the buyer said, the pc around the area cost about $1.3m for approx 1,300 sq ft but this HDB cost $1m for 1,600 sq ft, so worth it. :rolleyes:
This person has confused government housing with private housing.
stupid of the buyer to compare apple with lemon
The agent is gd (from seller's perspective)
buttercarp
16-09-12, 13:11
The agent is gd (from seller's perspective)
Yup....the agent is God sent for both seller and buyer (good that the buyer is enlightened despite paying the hefty sum).
wait for Duxton to hit MOP. $1m will be a norm
Read from one of the chinese newspaper, the buyer said, the pc around the area cost about $1.3m for approx 1,300 sq ft but this HDB cost $1m for 1,600 sq ft, so worth it. :rolleyes:
totally agree with the replies to this. not on apple to apple comparison. no matter how spacious it is, HDB is still HDB. he must have liked queenstown a lot
ikan bilis
16-09-12, 19:12
nothing wrong lah... queens is at 1300psf, double of the 630psf HDB EM... for outside central most of the private is about 2x of hdb's psf...
ikan bilis
16-09-12, 19:22
My Tiong Bahru 5 room HDB is around 800kSGD now.
My parents and in-laws HDB combined is also around 1 mil SGD now.
My recently bought Flamingo Valley probably still stays at 1.57+mil SGD now.
I am aiming to get a MM for investment purpose.
bro,... 800K+1mil+1.6mil = 3.4mil ... you already so rich liow... why bother to add another MM ??... if finger too darn itchy hor, can go casino or play 4d/toto small small to soothe the itch mah !... :rolleyes: ;)
bro,... 800K+1mil+1.6mil = 3.4mil ... you already so rich liow... why bother to add another MM ??... if finger too darn itchy hor, can go casino or play 4d/toto small small to soothe the itch mah !... :rolleyes: ;)
Like Monopoly. buy many properties and ppl step on, pay rent!
Like Monopoly. buy many properties and ppl step on, pay rent!He already has 4 properties (although not all under his name), can change for a hotel... :D
Read from one of the chinese newspaper, the buyer said, the pc around the area cost about $1.3m for approx 1,300 sq ft but this HDB cost $1m for 1,600 sq ft, so worth it. :rolleyes:
That is a good one, heard the $1m HDB seller bot nearby condo, Queens maybe. What was seller thinking then? Hahaha...
That is a good one, heard the $1m HDB seller bot nearby condo, Queens maybe. What was seller thinking then? Hahaha...
the extra few hundred sqft probably meant the world to the buyer.
phantom_opera
16-09-12, 22:23
lai liao lai liao
HDB Apartment For Sale - 147 Simei Street 2 (D18)
S$ 840,000 (View to Offer)
S$ 534.69 psf (built-in)
1571 sqft / 146 sqm (built-in)
147 Simei Street 2, 520147
HDB Apartment 99-year Leasehold
4 Beds 2 Baths EM (Exec Maisonette) HDB
Listed on Sep 16, 2012
200k above valuation
http://www.streetdirectory.com/api/map/world.cgi?level=12&lon=103.9558707&lat=1.345504553&sizex=260&sizey=260&star=1
looks like nows the best chance for hdb owners to upgrade to private, anyhow shout COV. if someone hits you on your offer, you're in luck.
phantom_opera
16-09-12, 22:35
dual key HDB OMG
http://www.propertyguru.com.sg/listing/hdb-for-sale-460-tampines-street-42-11301785
asking > 1m in Tampines
ikan bilis
16-09-12, 22:38
the other bishan one why hdb records say 970K only leh ??...
135 Bishan St 12 21 to 25 150.00 Maisonette 1987 $970,000.00
~~~~~~~~~~~~~
4rm also gone crazy, done pray-pray....
26B Jln Membina 26 to 30 85.00 Model A 2009 $753,000.00 Sep 2012
8B Boon Tiong Rd 16 to 20 100.00 Model A 2005 $760,000.00 Aug 2012
120 Kim Tian Pl 26 to 30 101.00 Model A 2001 $790,000.00 Aug 2012
25B Jln Membina 21 to 25 90.00 Model A 2009 $768,000.00 Jul 2012
91 Tanglin Halt Rd 06 to 10 90.00 Model A 2008 $750,000.00 Sep 2012
130 Clarence Lane 06 to 10 104.00 Model A 1996 $755,000.00 Aug 2012
48 Strathmore Ave 36 to 40 85.00 Model A 2006 $750,000.00 Aug 2012
:scared-2:
HDB owners anyhow shout price liao.
ikan bilis
16-09-12, 22:48
wow, 3rm flats !! somemore most 40yr old, must be lok-kok-kok..... think tomorrow i better go cheong some MM liow.... i should not be stubborn... :scared-4:
24 Tiong Bahru Rd 01 to 05 88.00 Standard 1973 $635,000.00 Sep 2012
25 Lim Liak St 01 to 05 88.00 Standard 1973 $595,000.00 Jul 2012
29 Lim Liak St 01 to 05 88.00 Standard 1973 $573,000.00 Jun 2012
61 Jln Tenteram 01 to 05 94.00 Terrace 1972 $810,000.00 Sep 2012
63 Jln Ma'Mor 01 to 05 108.00 Terrace 1972 $810,000.00 Aug 2012
46 Jln Bahagia 01 to 05 92.00 Terrace 1972 $825,000.00 Jul 2012
12 Farrer Pk Rd 26 to 30 62.00 Model A 2004 $565,000.00 Jun 2012
53 Stirling Rd 01 to 05 81.00 Terrace 1968 $752,800.00 Aug 2012
53 Stirling Rd 01 to 05 81.00 Terrace 1968 $752,800.00 Jul 2012
Those sizes should be 4 room flat.
buttercarp
16-09-12, 23:14
dual key HDB OMG
http://www.propertyguru.com.sg/listing/hdb-for-sale-460-tampines-street-42-11301785
asking > 1m in Tampines
This unit should be almost 30 years old.
LOL.... why some parts of the house not renovated, eg the bedroom with the fridge.
And the ad said they spent 110k on reno.
This unit should be almost 30 years old.
LOL.... why some parts of the house not renovated, eg the bedroom with the fridge.
And the ad said they spent 110k on reno.
Got lah. Those feature wall plus flooring an all. Just that whether the 110k was wisely spent for maximum effect is a separate matter altogether.
buttercarp
16-09-12, 23:19
lai liao lai liao
HDB Apartment For Sale - 147 Simei Street 2 (D18)
S$ 840,000 (View to Offer)
S$ 534.69 psf (built-in)
1571 sqft / 146 sqm (built-in)
147 Simei Street 2, 520147
HDB Apartment 99-year Leasehold
4 Beds 2 Baths EM (Exec Maisonette) HDB
Listed on Sep 16, 2012
200k above valuation
http://www.streetdirectory.com/api/map/world.cgi?level=12&lon=103.9558707&lat=1.345504553&sizex=260&sizey=260&star=1
Wah.... and not even within walking distance to the MRT station!
$200k COV will be the new benchmark that HDB sellers will match up against... :scared-4:
When rental yield is so high, I always wonder what yield multiples they use to value the flat. It alwaysseems on the low side.
lai liao lai liao
HDB Apartment For Sale - 147 Simei Street 2 (D18)
S$ 840,000 (View to Offer)
S$ 534.69 psf (built-in)
1571 sqft / 146 sqm (built-in)
147 Simei Street 2, 520147
HDB Apartment 99-year Leasehold
4 Beds 2 Baths EM (Exec Maisonette) HDB
Listed on Sep 16, 2012
200k above valuation
http://www.streetdirectory.com/api/map/world.cgi?level=12&lon=103.9558707&lat=1.345504553&sizex=260&sizey=260&star=1
Waw, huat ah!!! This is near to MRT (anywhere in Simei is near to MRT), the low-rise 2-storey Maisonette type and seldom got ppl selling. Lets see?
buttercarp
17-09-12, 09:30
Waw, huat ah!!! This is near to MRT (anywhere in Simei is near to MRT), the low-rise 2-storey Maisonette type and seldom got ppl selling. Lets see?
Oh.... Ya now looking at it again, it is near MRT
:o .
wow, the floodgates have burst open much earlier than I expected.
wow, the floodgates have burst open much earlier than I expected.
Yes indeed, I tot will be next year, and now its here. More to come.
Shunfu HUDC $1.28mil... done?
damnit, with this kind of price, HDB landlords wil find an excuse to raise rent once lease is up
why dammit? you renting hdb now?
damnit, with this kind of price, HDB landlords wil find an excuse to raise rent once lease is up
Ah B will be furious to hear this. He'll need to sell more meesiam to pay his rent. :D
Dammit I'm mad... Nice palindrome.
ikan bilis
17-09-12, 20:55
suites @ paya lebar top 2014 lah !!...
why dammit? you renting hdb now?
YESSSSSSSSSSSSSSSSSSSSSSSS :scared-4:
Ah B will be furious to hear this. He'll need to sell more meesiam to pay his rent. :D
Is the same B who camps at changi beach? need to pay rent?
suites @ paya lebar top 2014 lah !!...
NOOOOOOOOOOOOOOOOOOOOOOOO !! gonna kill FG if 2014! :simmering: :simmering: :simmering: :simmering:
PropertyGuru understands the recent purchase of a HDB flat in Queenstown for in excess of S$1 million was made by a Singaporean citizen who was born in the city-state.
Earlier media reports had originally suggested that the purchase had been made by a new Singapore citizen; however sources involved with the transaction have confirmed to PropertyGuru that the purchaser was a “true born Singaporean”.
Andrew Batt, International Group Editor of PropertyGuru, said: “We are well aware of the current on-going debate and the issues surrounding this watershed transaction. Our original story claimed the buyer was a PRC new Singapore citizen but we now understand this not to be true. We are happy to correct this matter and apologise for the misunderstanding.”
phantom_opera
18-09-12, 18:09
HDB 1m is like Gangnam style
http://www.straitstimes.com/sites/straitstimes.com/files/imagecache/listing-page-large/jlkgstv1.jpg
buttercarp
18-09-12, 18:29
PropertyGuru understands the recent purchase of a HDB flat in Queenstown for in excess of S$1 million was made by a Singaporean citizen who was born in the city-state.
Earlier media reports had originally suggested that the purchase had been made by a new Singapore citizen; however sources involved with the transaction have confirmed to PropertyGuru that the purchaser was a “true born Singaporean”.
Andrew Batt, International Group Editor of PropertyGuru, said: “We are well aware of the current on-going debate and the issues surrounding this watershed transaction. Our original story claimed the buyer was a PRC new Singapore citizen but we now understand this not to be true. We are happy to correct this matter and apologise for the misunderstanding.”
Actually why the differentiation of Singaporeans?
Singaporean means singaporean lah, no need to bother whether born and bred here or not.
behind him is hdb block???
Regulators
18-09-12, 20:48
singaporean citizenship has little value, become citizen for two years can be mp :doh: very soon new citizens can become mp immediately after getting singapore ic :doh: In truly democratic countries, how will new citizens ever be allowed to even stand for election
Actually why the differentiation of Singaporeans?
Singaporean means singaporean lah, no need to bother whether born and bred here or not.
Jump starting this conversation 5 years later.
Look like 1 mil only touch certain HDB and only one or two units.
It may take another 5 years to reach the 1 mil level for mass majority of HDB to be defaulted to 1 mil min.
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