Got $780k? Then this Tiong Bahru flat is yours

July 4, 2007

Got $780k? Then this Tiong Bahru flat is yours

HDB owners hope to hit jackpot but few estates can command such high prices

By Joyce Teo, Property Correspondent

http://www.straitstimes.com/STI/STIM...S_JTPRICEY.jpg
FLAT WITH A VIEW: Property agent Melvin Tay admires the view from a high-floor five-room HDB flat in Kim Tian Place. The owners, who are preparing to move to Hong Kong, are asking for $780,000 for the flat. A same-size unit in the same block sold for $720,000 last month. -- ST PHOTO: MUGILAN RAJASEGERAN

THE owner of a five-room HDB flat in Tiong Bahru is asking $780,000 for her five-room home - just weeks after an owner in the same block sold his unit for $720,000.

And within two days of putting the Kim Tian Place flat on the market, chemist Louisa Yu received two offers, including one for $690,000.

Ms Yu, who is moving to Hong Kong with her permanent resident husband, has yet to have the flat with its skyline views valued but paid $500,000 for it a year ago.

Other HDB owners are also hoping to hit the property jackpot, prompted by the much publicised sales of two Tiong Bahru flats for huge profits last month.

Select areas near the city - such as Tiong Bahru and Queenstown - stand the best chance but others look more to be pie in the sky, with some hopeful owners demanding prices as much as $200,000 above valuation.

'The current frenzy is limited to just a few estates,' said the senior division director of property agency PropNex, Mr Eric Cheng.

Among the recent winners was a five-room flat, also in Kim Tian, that fetched $606,000, while a five-room unit in Jalan Membina went for $690,000. Both had yet to be valued.

This is not unusual in the area where a few cash-rich buyers have inked deals before valuations are done.

The Bukit Merah area is another high-price hotspot. A five- room flat in Bukit Merah View valued at $518,000 recently sold for $618,000, said PropNex.

Marine Drive has had its moments with a five-room unit selling recently for $695,000 before valuation. Not out of the ordinary, say agents, as Marine Parade flats with sea views traditionally attract keen buyers.

But owners in other areas may fall well short of their asking prices.

Housewife Esther Yeo wants more than $700,000 for her high- floor 1,700 sq ft flat in Toa Payoh Central. She told The Straits Times: 'I'm not a desperate case. I'm just riding the wave.'

Three other owners are also asking for more than $700,000 for their executive flats behind the Yellow Pages building in Toa Payoh.

But the highest price done in Toa Payoh, according to PropNex, was a $565,000 deal for a five-room flat in May.

Hopes are even higher for an owner of a three-room flat in Tanjong Pagar. He is asking for about $400,000, almost $200,000 above valuation, said the managing director of C&H Realty, Mr Albert Lu.

And an optimistic owner of an executive flat in Jurong West wants $600,000 - $250,000 above valuation, added Mr Lu.

'My agent had to refuse to sell for him,' he said.

In fact, some Jurong West flats are selling for below valuation. A five-room unit valued at $290,000 recently went for $280,000, said PropNex.

In Woodlands, a five-room flat just sold for $275,000, below its $278,000 valuation.

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ADDITIONAL REPORTING BY MALINI NATHAN AND JENNANI DURAI

Tanjong Pagar is within CBD and 1 MRT stop to Raffles Place. This is a far better location than Tiong Bahru and Redhill.
Shouldn't it deserves a much higher valuation than Tiong Bahru and Redhill ?

Quote:

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Originally Posted by Unregistered

Tanjong Pagar is within CBD and 1 MRT stop to Raffles Place. This is a far better location than Tiong Bahru and Redhill.
Shouldn't it deserves a much higher valuation than Tiong Bahru and Redhill ?

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So buy Icon/Southbank/Beacon/Citylights or Tanjong Pagar HDB?

BUT REDHILL AND TIONG BAHRU IS ONLY % MINUTES DRIVE TO ORCHARD.

BUT REDHILL AND TIONG BAHRU IS ONLY 5 MINUTES DRIVE TO ORCHARD.

Little India also 5 mins or less drive to Orchard. I sell you my Tekka flat for $800k.

Lavender/Beach Rd also 5 mins to Orchard.

Kampong Bahru also 5 mins to Orchard.

Chinatown also 5 mins to Orchard.

So all the above very high class? What talkin you?

Quote:

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Originally Posted by Unregistered

Little India also 5 mins or less drive to Orchard. I sell you my Tekka flat for $800k.

Lavender/Beach Rd also 5 mins to Orchard.

Kampong Bahru also 5 mins to Orchard.

Chinatown also 5 mins to Orchard.

So all the above very high class? What talkin you?

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That's a good one