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Thread: Resale flats in Bishan feel the chill

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    Default Resale flats in Bishan feel the chill

    SINGAPORE - It is home to two of the most expensive resale flats sold in Singapore.
    But, for the first time in five years, buyers have refused to pay extra for Bishan flats.
    Overall median cash premiums for Housing Board resale transactions in Bishan have slid into negative territory, according to flash estimates released by the Singapore Real Estate Exchange (SRX) yesterday.
    This came as the median cash-over-valuation (COV) for HDB flats overall continued to tumble last month, registering a new low of $3,000 since October 2006.
    This is down from the median COV of $5,000 in the month before.
    The report found that more than a quarter of the 28 HDB towns here logged a zero or negative overall median COV last month, led by Sengkang and Punggol. Other towns that recorded zero median COVs included Geylang, Jurong West, Sembawang, Woodlands, Yishun and Bishan.
    Bishan recorded a zero median COV for the first time since February 2009.
    Mr Jeremy Lee - co-founder of StreetSine, the company behind SRX - told MyPaper that the median COV for the area last year, at $45,000, was a "rosy" figure, compared to that of other HDB towns. A 1,750 sq ft executive maisonette in Bishan changed hands at $1.01 million last year.
    In December, it was reported online that another executive maisonette in Bishan Street 13 was sold for a record-breaking $1.05 million.
    But the latest figures, explained Mr Lee, show that, "despite the popularity of the area, the prices in Bishan, as a whole, are not immune to the softening trend in HDB prices".

    Record deals tend to be "one-offs that exaggerate the town's actual pricing trends", he added.
    Mr Alan Cheong, senior director of research and consultancy at Savills Singapore, pointed out that the additional housing curbs for newly minted Singapore permanent residents (PRs) may also have reduced demand for homes in the area, contributing to a markdown in the COVs.
    Singapore PRs have to wait three years after obtaining their status before they can buy an HDB resale flat.
    "Bishan has always been a popular area for PRs, who have been paying top dollar for a home in the area," noted Mr Cheong.
    Still, PropNex Realty chief executive Mohamed Ismail said that the January COV figures could have come with transactions for homes "located on the lower floors, or with minimal or no renovations".
    "There are still many units (in Bishan) that command prices above valuation, especially the executive maisonettes that offer patio space," he said.
    On the whole, Mr Darren Ng, senior division director of Dennis Wee Group, expects median COVs for HDB homes to dip further, at least until the end of the year.
    Mr Nicholas Mak, director of research and consultancy at SLP International, said: "Get used to the new reality - that low or zero COV will become increasingly common."
    - See more at: http://business.asiaone.com/news/res....UX9LjK8s.dpuf

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    people of bishan must be very angry with Ah Khaw

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    Quote Originally Posted by Lovelle View Post
    people of bishan must be very angry with Ah Khaw
    Buyers will be happy.
    Stayers will be neutral
    Sellers will be angry.

    Ultimately, it's the majority's sentiment that counts.

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    Have to balance up as sellers even sell below value still earn a tidy sum..

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    Bishan is over rated.

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    Quote Originally Posted by princess_morbucks View Post
    Buyers will be happy.
    Stayers will be neutral
    Sellers will be angry.

    Ultimately, it's the majority's sentiment that counts.
    Woh! Good analysis.
    For me anyway is happy.
    Waiting to buy low or sell high.

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    [QUOTE=3C;461338]Woh! Good analysis.
    For me anyway is happy.
    Waiting to buy low or sell high.[/QUOT


    buyers will always be happy then unhappy when became sellers...

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    xebay11 is offline New Launch Project Specialist
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    Quote Originally Posted by el loco View Post
    Bishan is over rated.
    Way over rated, TPY is better to me.

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    Quote Originally Posted by Lovelle View Post
    Quote Originally Posted by 3C View Post
    Woh! Good analysis.
    For me anyway is happy.
    Waiting to buy low or sell high.

    buyers will always be happy then unhappy when became sellers...
    LOL...that will be 5 years or later .

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    Quote Originally Posted by Lovelle View Post
    people of bishan must be very angry with Ah Khaw
    They deserve it since they chose to stick with a failure like WKS.

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    Quote Originally Posted by xebay11 View Post
    Way over rated, TPY is better to me.
    High 5! Bishan is too congested and not as connected in term of both public and private transport as tpy in my opinion.

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    They won't. They will be happy. Singaporeans wanted HDB prices to drop. They should be glad that it is dropping.



    Quote Originally Posted by Lovelle View Post
    people of bishan must be very angry with Ah Khaw

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    They should vote WKS out. PAP want prices to go up. Oppositions want prices to go down. Long live oppositions !!



    Quote Originally Posted by august View Post
    They deserve it since they chose to stick with a failure like WKS.

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    they are many hard core WKS supporters at bishan. These are Well to do people

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    Too bad. They should have voted for oppositions. HDB price should go back to basic. 300k for a 5 bedroom. Not too far though. Coming soon.



    Quote Originally Posted by Lovelle View Post
    they are many hard core WKS supporters at bishan. These are Well to do people

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    Quote Originally Posted by thomastansb View Post
    Too bad. They should have voted for oppositions. HDB price should go back to basic. 300k for a 5 bedroom. Not too far though. Coming soon.
    if opposition can do any good, the world will be so peaceful... look at thailand u will know...

    opposition are only good at fanning negative feelings and dissent... they thrive and feed on negativity.... while u feel angrier and angrier opposition get richer and richer..

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    No.. Opposition is wonderful. They managed to bring down the prices of HDB flats. Now, everybody is happy. We got what we wanted in GE 2011 - low HDB price. Not really that low but it is coming soon



    Quote Originally Posted by Allthepies View Post
    if opposition can do any good, the world will be so peaceful... look at thailand u will know...

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    The bishan Opposition has disbanded, they cant even survived

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    We have enough opposition voices to bring HDB prices down. HDB is basic. Shouldn't have profit and can only sell back to HDB on a depreciating value. No COV.


    Quote Originally Posted by Lovelle View Post
    The bishan Opposition has disbanded, they cant even survived

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    u are so naggy

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    Will many HDB owners vote against them in 2016 GE?

    Quote Originally Posted by Lovelle View Post
    people of bishan must be very angry with Ah Khaw

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    Quote Originally Posted by teddybear View Post
    Will many HDB owners vote against them in 2016 GE?
    hard to say, because housing is not the only issue, mrt, healthcare, blah blah are all group together under pap.

    So if one screws up, then opp gain, thats the issue with putting everything into one basket

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    i don't think anyone wants the market to crash, apart from those who missed the boat. even the last GE, it was about the affordability of public housing and the inproportionate property price hikes vs wage increase.

    in crude terms, market crash = owners die, HDB die, CPF die, banks die, SG economy die

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    Quote Originally Posted by Lovelle View Post
    people of bishan must be very angry with Ah Khaw
    COV drop nia, overall HDB prices still chiong-ed up alot between now and 2009

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    Quote Originally Posted by xebay11 View Post
    Way over rated, TPY is better to me.
    yes agree, though bishan is not bad lar. But TPY is better...

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    cant find a less crowded place nowadays

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    i remember last time no one alight at braddell mrt station, but now

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    whether its TPY or Pasir ris or Jurong east or bishan, all same same

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    Quote Originally Posted by princess_morbucks View Post
    Buyers will be happy.
    Stayers will be neutral
    Sellers will be angry.

    Ultimately, it's the majority's sentiment that counts.

    not that couple who paid super premium last mth ...

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    Quote Originally Posted by Lovelle View Post
    cant find a less crowded place nowadays

    have


    theres a small estate next to Interlace ....

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