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Thread: The $1M HDB flat

  1. #1
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    Default The $1M HDB flat

    http://www.straitstimes.com/premium/...-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.

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  2. #2
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    Default 1 mil flat and $1000/psf

    1mil dollar HDB flat whoa.

    Last time was 1000psf whoa.

  3. #3
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    Default Million-dollar HDB deal set in motion

    http://www.businesstimes.com.sg/spec...otion-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.

  4. #4
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    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

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    Queenstown is very happening, our British royal friends very impressed

    No wonder is 1m

    Ride at your own risk !!!

  6. #6
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    after royal touch, Mei Ling street now asking for 1.1m

    http://www.propertyguru.com.sg/listi...treet-11266474
    Ride at your own risk !!!

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    Quote Originally Posted by phantom_opera
    after royal touch, Mei Ling street now asking for 1.1m

    http://www.propertyguru.com.sg/listi...treet-11266474
    KenoBiWan will use his Jedi mind tricks to soothe our nerves. Don't worry.......

  8. #8
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    Quote Originally Posted by phantom_opera
    Queenstown is very happening, our British royal friends very impressed

    No wonder is 1m

    Wah mobilized so many part timers ah.

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    Quote Originally Posted by phantom_opera
    after royal touch, Mei Ling street now asking for 1.1m

    http://www.propertyguru.com.sg/listi...treet-11266474
    10 parties view the flat, 1 down and 9 more to go.

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    Quote Originally Posted by phantom_opera
    Queenstown is very happening, our British royal friends very impressed

    No wonder is 1m

    Wah lau... this is damn wayang man... WTF were they thinking?

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    First time see so many "care leh feh".

  12. #12
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    Quote Originally Posted by phantom_opera
    after royal touch, Mei Ling street now asking for 1.1m

    http://www.propertyguru.com.sg/listi...treet-11266474
    some goondu will buy

  13. #13
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    "The future king of england once passed by the walkways of this beautiful estate. Must buy!"

  14. #14
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    Quote Originally Posted by phantom_opera
    Queenstown is very happening, our British royal friends very impressed

    No wonder is 1m

    If Queenstown is the right place for the British Royal to visit.. Then Geylang is suitable for which big shot?

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    Quote Originally Posted by Rysk
    If Queenstown is the right place for the British Royal to visit.. Then Geylang is suitable for which big shot?
    The king of Thailand...

  16. #16
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    Quote Originally Posted by radha08
    some goondu will buy
    seriously this doesnt make sense at all. just top up a bit can buy landed or big size condo. why settle for this

  17. #17
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    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.

  18. #18
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    Quote Originally Posted by yowetan
    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.

  19. #19
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    Quote Originally Posted by yowetan
    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!

  20. #20
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    Quote Originally Posted by yowetan
    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.

  21. #21
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    Quote Originally Posted by yowetan
    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?

  22. #22
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    Quote Originally Posted by yowetan
    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...

  23. #23
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    welcome to the mickey mouse club dear yowe

  24. #24
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    Crouching tiger, hidden dragon
    Quote Originally Posted by Laguna
    U now hv 3 HDB and 1 FH Condo...Ooops, u hv more properties than me...
    well, more entertainment coming...

  25. #25
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    Quote Originally Posted by graveyard
    seriously this doesnt make sense at all. just top up a bit can buy landed or big size condo. why settle for this
    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.

  26. #26
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    Quote Originally Posted by Laguna
    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.

  27. #27
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    Quote Originally Posted by Pynchmail
    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.

  28. #28
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    Quote Originally Posted by irisng
    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.
    This person has confused government housing with private housing.

  29. #29
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    stupid of the buyer to compare apple with lemon

  30. #30
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    The agent is gd (from seller's perspective)

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