Results 1 to 16 of 16

Thread: $1m HDB flats 'best value' for money

  1. #1
    Join Date
    Oct 2011
    Posts
    10,829

    Default $1m HDB flats 'best value' for money

    http://www.straitstimes.com/premium/...money-20121009

    $1m HDB flats 'best value' for money

    More cash-rich buyers seek such homes as condo prices rise faster

    Published on Oct 09, 2012

    By Rachel Chang


    A GROWING group of cashed-up home buyers - armed with a budget of $1 million or more - is waiting for premium Housing Board flats.

    They are usually private-property downgraders or young couples armed with budgets that would previously take them to condominium showflats only, said real estate agents.

    With the growing price differential between private property and HDB flats in prime locations such as Bishan, Queenstown and Clementi, they find that a premium HDB flat which commands a seven-figure sum is actually the best value for their money.

    Data from the Singapore Real Estate Exchange showed that in five HDB towns - Clementi, Bukit Merah, Bishan, Toa Payoh and Queenstown - the price per square foot (psf) of flats has increased 15.5 per cent in the past two years.

    In contrast, the price psf for non-landed private properties in those areas has increased by 27.7 per cent in the same period - giving rise to a widening price gap.

    Nationwide, the gap has also grown but at a slower pace. Over the past two years, the psf price of resale flats grew 16 per cent, while that of private residential units grew 23.4 per cent.

    It is also difficult to find condo units above a certain size in these locations, said agents.

    The executive flats which have sold for more than $900,000 this year average about 1,600 sq ft.

    The $1 million Mei Ling Street executive maisonette, at 1,615 sq ft, cost $620 psf. This is about half of what units in the nearby Queens condominium go for.

    Real estate agent Henry Wong, who recently sold an executive apartment in Toa Payoh Lorong 2 for $910,000, said that such buyers usually start off looking for private property, sometimes even in further-off locations.

    "After comparing options, they find that an HDB flat is much more worth it. It's difficult to find a four-bedroom condo and it will not cost you less than $2 million," he said. He is now looking for such flats for two separate buyers in Toa Payoh.

    Certain flats, like the executive maisonettes in Queenstown and Bishan, cause a feeding frenzy among agents every time one comes up for sale.

    Agent Thomas Hee, who represented the buyers of a $980,000 Bishan Street 13 flat, said that there are about 20 to 30 buyers waiting for a similar unit to come up for sale.

    Agent Irene Ho, who represented the sellers of the $1 million Mei Ling Street unit, said that she is in touch with several other residents of such flats on Mei Ling Street, although these residents are not currently planning to sell their flats. "I call them every few months, just to keep in touch and see if things have changed."

    Residents report real estate agents' fliers slipped daily under their doors, phone calls every week, and even late-night house visits from agents.

    "Some don't like it," said Mrs Pamela Tao, 55, who lives on Mei Ling Street. "They come quite late. You're just relaxing at home and don't want to entertain them."

    But interest looks unlikely to abate as young professionals like Ms Oh Chai Yee, 26, take their house hunt to top-end HDB flats.

    The lawyer and her boyfriend have a first-home budget of $1 million to $1.5 million, which they have found can get them only a two-bedroom or smaller condominium in locations like Clementi or Mountbatten.

    "With our combined income, we are not eligible for Build- to-Order flats or even executive condominiums like Heron Bay," she said. "And we want a place that is at least 1,000 sq ft, in a good location."

    As they have gym memberships, they do not mind forgoing the amenities of a condominium, and find the absence of management fees a bonus.

    "From our point of view, these HDB flats which go for $1 million are a decent deal."

    [email protected]

  2. #2
    Join Date
    Apr 2010
    Posts
    1,788

  3. #3
    Join Date
    Nov 2008
    Posts
    9,217

    Default

    Fresh law graduates are getting at least $5k. Not surprise to hit the limit. Some are getting about $7-8k.
    Quote Originally Posted by Lovelle

  4. #4
    Join Date
    Jun 2011
    Posts
    6,134

    Default

    Quote Originally Posted by DC33_2008
    Fresh law graduates are getting at least $5k. Not surprise to hit the limit. Some are getting about $7-8k.
    one of my relatives a hot shot lawyer working for an international law firm told me his company charges $1200 hr for his lawyers fees...i almost fainted...

  5. #5
    Join Date
    Mar 2012
    Posts
    4,990

    Default

    I deal with patent lawyer, one hour 5000 and I managed to steal some of his time talk about the view from his office lol

  6. #6
    Join Date
    Jan 2012
    Posts
    3,294

    Default

    2 fresh lawyers already 10k hit cap liao.

    these days eve 1 fresh grad banker / broker can already hit 12k single salary

  7. #7
    Join Date
    Feb 2011
    Posts
    8,926

    Default

    I am not a lawyer and I think my salary cannot beat them

    So I say let it be ... let them buy 1m HDB and think it is decent
    Ride at your own risk !!!

  8. #8
    Join Date
    Jan 2012
    Posts
    3,294

    Default

    Quote Originally Posted by reporter2
    As they have gym memberships, they do not mind forgoing the amenities of a condominium, and find the absence of management fees a bonus.

    "From our point of view, these HDB flats which go for $1 million are a decent deal."

  9. #9
    Join Date
    Jun 2011
    Posts
    6,134

    Default

    Quote Originally Posted by carbuncle
    I deal with patent lawyer, one hour 5000 and I managed to steal some of his time talk about the view from his office lol
    my god thats an obscene amount of money...

  10. #10
    Join Date
    Jul 2011
    Location
    Earth
    Posts
    4,063

    Default

    I believe the above lawyers are the top end ones.
    I know of a few who still reside in HDB.

  11. #11
    Join Date
    Jul 2009
    Posts
    7,482

    Default

    Quote Originally Posted by buttercarp
    I believe the above lawyers are the top end ones.
    I know of a few who still reside in HDB.
    And have a few landeds in their name. Heh.

    Back to the point. There'll be a lot of sellers in the market if people were paying $1m for any 20-30year resale 5 rm.

  12. #12
    Join Date
    Feb 2011
    Posts
    8,926

    Default

    1m is quick losing purchasing power since m3 expanded 2x since 2006
    Ride at your own risk !!!

  13. #13
    Join Date
    May 2009
    Posts
    3,677

    Default

    Quote Originally Posted by kane
    And have a few landeds in their name. Heh.

    Back to the point. There'll be a lot of sellers in the market if people were paying $1m for any 20-30year resale 5 rm.
    then you'll find LH 3/4BR units in OCR hitting close to $2m. price chiong ah and all huat ah, till bubble burst!

  14. #14
    Join Date
    Feb 2011
    Posts
    8,926

    Default

    I don't think bubble will burst anytime now because increase in property price is supported by increase in M3 as well as rental

    2004
    Aug 208,381.6

    2012
    Aug P 472,405.7

    it means if a unit is valued at 600psf in 2004, we are looking at 1400psf in 2012 (of course for leasehold you have to factor in loss of lease)
    Ride at your own risk !!!

  15. #15
    Join Date
    May 2009
    Posts
    3,677

    Default

    Quote Originally Posted by phantom_opera
    I don't think bubble will burst anytime now because increase in property price is supported by increase in M3 as well as rental

    2004
    Aug 208,381.6

    2012
    Aug P 472,405.7

    it means if a unit is valued at 600psf in 2004, we are looking at 1400psf in 2012 (of course for leasehold you have to factor in loss of lease)
    if the common man's pay doesn't increase in the same tandem as property prices, the bubble will burst

  16. #16
    Join Date
    Feb 2011
    Posts
    8,926

    Default

    Quote Originally Posted by eng81157
    if the common man's pay doesn't increase in the same tandem as property prices, the bubble will burst
    PC is not for common man, it is only for top 15% of population
    Ride at your own risk !!!

Similar Threads

  1. Replies: 1
    -: 05-05-17, 15:19
  2. Replies: 5
    -: 21-08-15, 13:07
  3. Lose Money, always BLAME GOV..Make money, always THINK self smart!
    By leesg123 in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 14-10-12, 22:47
  4. HDB flats value for money, say most residents
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 22-02-10, 12:09
  5. HDB flats not for making money
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 1
    -: 28-07-09, 13:36

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •