Must be to witness why HDB can $1mil, why???
Junior
Must be to witness why HDB can $1mil, why???
Junior
CNA: http://www.channelnewsasia.com/stori...225606/1/.html
Expect more million dollar resale flats in resale market
By Olivia Siong | Posted: 12 September 2012 1832 hrs
SINGAPORE: Singaporeans can expect a few more million dollar Housing Development Board flats in the resale market soon.
This is according to one property agent that Channel NewsAsia spoke to, who said the high asking price of some flats can be attributed to their prime location and large liveable space.
The deal for a million dollar resale flat in Queenstown has been confirmed on Wednesday.
It is a record amount for a public housing flat.
The transaction for the executive apartment at Block 149 Mei Ling Street has turned a few heads, with a Cash-Over-Valuation (COV) of S$195,000.
The flat is a five minute walk from the Queenstown MRT station and is also located close to public amenities like the Queenstown Sports Complex.
Channel NewsAsia understands that the property is reported to have three bedrooms and a study, and was built in 1995. The seller has been living in this place for about six to seven years and has bought the place at under S$800,000 at the time.
The sellers are the second owner of the flat and are said to be a Singaporean couple in their 30s and 40s. They will be moving into a landed property after selling the flat.
Taking into account renovation costs of about S$50,000, this means the seller will make a profit of about S$150,000.
The 1614 square-foot flat is sold at about S$620 per square foot.
That is half the average price paid per square foot for the condominium next door last month.
About 10 parties viewed the flat before the property was sold in about three months. An offer of S$950,000 was also rejected.
The buyers are a Singaporean couple who have just sold their private property.
Dennis Wee Realty's associate director Irene Ho said: "The things that attract them to the flat are the size, floor and the decor of the house. I would say the seller and the buyer's tastes are very similar. The renovation actually suits the buyer so he doesn't have to do a major renovation on it. It is just some minor touch ups."
Property firm Propnex's chief executive officer, Mohamed Ismail said he even expects some resale flats to go above a million dollars.
This includes the Pinnacle@Duxton whose owners will complete their minimum occupation period in the next few years.
But Mr Ismail said there is no reason for Singaporeans to be alarmed.
Mr Ismail said: "The median COV islandwide is only S$30,000 so people are relatively cautious in their approach and you're not paying such high COVs islandwide.
"I think Singaporeans by and large are prudent and know what they are buying into and even those who pay hundred over thousands. They do understand these are selected properties that have a good demand, and on that basis, they feel it is justified paying such price."
The transaction for the Queenstown flat is expected to be completed in the third week of October.
Senior
Huat for all HDB dwellers...one day your high floor....next to MRT....palaces will be worth 1mil SGD
Music of the night
Median cov only 30k, looks who is talking lol
Ride at your own risk !!!
Senior
newspaperman...Originally Posted by phantom_opera
Senior
$150k profit in 6 to 7 years is not that fantastic.
Senior
its pathetic.... should have just rented out the flat...sure get fantastic yield...
mutant powerpuff
How come when the present seller bought the flat 6-7 years ago for about 800k, no one talked about it? I remember during 2005 to 2006, property prices were quite stagnant.
Junior
http://www.mrbrown.com/blog/2012/09/so-much-wayang.htmlMust be to witness why HDB can $1mil, why???
Junior
during then all were busy working so too busy to complain. now many have very comortable lives and want to start to "upgrade" to condo so start to complain and hope price will come down loh. : )
Senior
I believe previous owner must have spent a bomb renovating it. Actual profit taking into acct cost of replacement house is quite minimal n cld b negative.
mutant powerpuff
$50 k reno not very much leh.
Then already 6-7 years ago, things will start breaking down.
What about the pipes, waterproofing all these?
The property market is so hot .... fever really high.
Too high can get brain damage
As it is I feel so sick reading all these sky high transactions.
Junior
Its should be about $500k+ in 05/06, seller must have told the newsman 'intensionally' different, or was seller told to tell its about 800k?
Iron Man
If it's true that the current seller bought 800k previously then the winner is still the previous owner of this current seller..
Senior
relax sis enjoy the ride people want to pay $$ what can we do...willing buyer willing seller...recently i went to see one unit at le-conney park...that time was selling for 1.2mil...then unit was taken out of market...recenty i spoke to the agent he said seller now wants 1.35mil....after seeing all this stupid HDB news...$50 k reno not very much leh.
Then already 6-7 years ago, things will start breaking down.
What about the pipes, waterproofing all these?
The property market is so hot .... fever really high.
Too high can get brain damage
As it is I feel so sick reading all these sky high transactions....i beggining to give up...somemore bank indicative only 1.1 mil how to buy
TCSS
Read carefully. The article says "The seller has been living in this place for about six to seven years and has bought the place at under S$800,000 at the time"
Under $800k is a big range. $400k, $500k, $600k all possible.
mutant powerpuff
Yup, you are right.
They just gave a vague answer.
Market so hot and feverish...... people get delusional when get high fever and cannot think right...it is really a vicious cycle.
Newbie
Yest cna news said It was bought 2 years ago ...did I hear wrongly...
mutant powerpuff
This link was posted earlier by bro dtrax.
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1225606/1/.html
SINGAPORE: Singaporeans can expect a few more million dollar Housing Development Board flats in the resale market soon.
This is according to one property agent that Channel NewsAsia spoke to, who said the high asking price of some flats can be attributed to their prime location and large liveable space.
The deal for a million dollar resale flat in Queenstown has been confirmed on Wednesday.
It is a record amount for a public housing flat.
The transaction for the executive apartment at Block 149 Mei Ling Street has turned a few heads, with a Cash-Over-Valuation (COV) of S$195,000.
The flat is a five minute walk from the Queenstown MRT station and is also located close to public amenities like the Queenstown Sports Complex.
Channel NewsAsia understands that the property is reported to have three bedrooms and a study, and was built in 1995. The seller has been living in this place for about six to seven years and has bought the place at under S$800,000 at the time.
The sellers are the second owner of the flat and are said to be a Singaporean couple in their 30s and 40s. They will be moving into a landed property after selling the flat.
Taking into account renovation costs of about S$50,000, this means the seller will make a profit of about S$150,000.
The 1614 square-foot flat is sold at about S$620 per square foot.
That is half the average price paid per square foot for the condominium next door last month.
About 10 parties viewed the flat before the property was sold in about three months. An offer of S$950,000 was also rejected.
The buyers are a Singaporean couple who have just sold their private property.
Dennis Wee Realty's associate director Irene Ho said: "The things that attract them to the flat are the size, floor and the decor of the house. I would say the seller and the buyer's tastes are very similar. The renovation actually suits the buyer so he doesn't have to do a major renovation on it. It is just some minor touch ups."
Property firm Propnex's chief executive officer, Mohamed Ismail said he even expects some resale flats to go above a million dollars.
This includes the Pinnacle@Duxton whose owners will complete their minimum occupation period in the next few years.
But Mr Ismail said there is no reason for Singaporeans to be alarmed.
Mr Ismail said: "The median COV islandwide is only S$30,000 so people are relatively cautious in their approach and you're not paying such high COVs islandwide.
"I think Singaporeans by and large are prudent and know what they are buying into and even those who pay hundred over thousands. They do understand these are selected properties that have a good demand, and on that basis, they feel it is justified paying such price."
The transaction for the Queenstown flat is expected to be completed in the third week of October.
- CNA/fa
Junior
The big winner is the first owner...
But a million dollar hdb ....goodness !!!
tweet @condoexchange
'under' usually means just below. if its far from the figure it would be 'below'
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