5 room flat is almost 1 million!

[BuiKia]

SINGAPORE: More five-room resale flats have been sold above the S$900,000-mark, especially in estates like Redhill, Queenstown, Toa Payoh and Marine Parade.

A 10-year-old flat measuring 1,184 square feet at Block 23 Jalan Membina, near Tiong Bahru MRT station, was sold for S$945,000.

This means that its price of S$800 per square foot is similar to suburban executive condominiums but half the price of private condominiums in the area.

According to the HDB, just in the first two months of this year alone, 10 resale flats were sold for more than S$900,000 each.

And, the Singapore Real Estate Exchange said prices have risen by 5 per cent in the past year.

Senior manager for training, research and consultancy at DWG, Lee Sze Teck, attributed the high prices of these resale flats to them being in "mature estates (where) the BTO supply is limited. Also, because of the high private property prices in these areas."

"We expect the resale market to remain stable, because the government is going to build a lot more BTO flats. We only expect resale flat supply to increase in the second half of 2013," he said.

 

[Bigfuck]

Masturbation maths by traitors of the country. At 5% yield you need to have rental income of 4.1K/mth. At 2.5% it is around 2K/mth. You think every foreigner willing to pay you 1K for a room with common toilet/bath and one kitcheN? Siao. EP even at 4.5K, you think he can rent one whole unit? Now studio apartment unserviced at Bukit Timah is around 3.8K/mth for 65sqm.

 

[Microsoft]

HDB Town	Flat Type	Lease Commencement	Resale Price	Resale Approval Date
Bendemeer Rd	Executive	1994​	$918,000.00​	Jan-13​
Bishan St 13	Executive	1987​	$940,000.00​	Jan-13​
Bishan St 13	Executive	1987​	$1,010,000.00​	Jan-13​
Bishan St 22	Executive	1992​	$901,888.00​	Feb-13​
Bishan St 22	Executive	1992​	$938,000.00​	Jan-13​
Bishan St 23	Executive	1992​	$902,000.00​	Jan-13​
Geylang East Ave 1	Executive	1987​	$900,000.00​	Jan-13​
Holland Dr	5 Room	1975​	$920,000.00​	Jan-13​
Jln Membina	5 Room	2008​	$925,000.00​	Feb-13​
Jln Membina	5 Room	2003​	$930,000.00​	Jan-13​
Marine Cres	5 Room	1975​	$935,000.00​	Jan-13​
Marine Dr	5 Room	1977​	$910,000.00​	Jan-13​
Marine Ter	5 Room	1975​	$905,000.00​	Jan-13​
Queen'S Cl	5 Room	1996​	$900,000.00​	Jan-13​
Strathmore Ave	5 Room	2006​	$901,888.00​	Feb-13​
Tg Pagar Plaza	5 Room	1977​	$965,000.00​	Jan-13​
Hougang Ave 2	HUDC	1990​	$1,065,000.00​	Jan-13​
Hougang Ave 2	HUDC	1988​	$960,000.00​	Jan-13​
Hougang Ave 7	HUDC	1986​	$1,040,000.00​	Jan-13​
Shunfu Rd	HUDC	1986​	$1,250,000.00​	Jan-13​

<tbody>
</tbody>

Source: HDB Resale Flat Prices

 

[Equalisation]

Gaja Muda,

walaneh .... what about attap house with pond full of green moss ?

 

[streetsmart73]

affordable

 

[Microsoft]

Gaja Muda,

walaneh .... what about attap house with pond full of green moss ?

Nothing...chenghu will take bk wo paying u a single cent...then build 40 storey 5rm flat at 1M ea...huat ar...

 

[Equalisation]

Nothing...chenghu will take bk wo paying u a single cent...then build 40 storey 5rm flat at 1M ea...huat ar...

walaneh, ini macham pun boleh ah ?

 

[laksaboy]

http://www.tomatobubble.com/id39.html

The "business cycle" is very simple. When the rate of growth in money supply (debt supply) exceeds the rate of growth in the general economy (GDP), the excess "money" has to go somewhere. It creates an illusion of prosperity. Artificial bubbles will form either in housing, stocks, currency, etc. Eventually the market always corrects for these phony excesses and the bubbles burst. (just like the poker game.)

 

[Bigfuck]

http://www.tomatobubble.com/id39.html

Banks and governments allow so much borrowing that there is nothing worth to buy or make and sell, then you talk cock and say a piece of land or some bricks cost a fortune into an unknown and unverified future. Fail maths fake scholar traitors of Leegime will do this kind of shit.

 

[Microsoft]

walaneh, ini macham pun boleh ah ?

Datok...many yrs ago...moi got a classmate staying in old Bishan graveyard...when de govt take bk de land...heard dey set strange rules like...if got no cement floor no count...no fence no count...heard in de end dey oni get a 3 rm AMK flat at discounted price...

 

[Equalisation]

Datok...many yrs ago...moi got a classmate staying in old Bishan graveyard...when de govt take bk de land...heard dey set strange rules like...if got no cement floor no count...no fence no count...heard in de end dey oni get a 3 rm AMK flat at discounted price...

Rajah Tua,

Then what happen to bollywood vege patch ?

 

[Don Muthuswamy]

Malboro Tan will tell u ITS AFFORDABLE!!!!!

 

[tonychat]

Paid so much, in the end, the flat still not own by the sinkie...

why sinkie so stupid , pay for something that he cannot own...

 

[B Man]

Someone should investigate if all these outlier sales are the result of the property agents doing purchases to pump the prices.

As you know.. higher prices -> higher commissions.

And what more, there are so many property agents these days since most of the local grads and non-grads found this as a job when there are none others.
Bound to be creative ways to make money fast..

 

[greedy and cunning]

huat ah !!!!!!!!!

scum set a minimum salary to 'enable' sinkie to buy.
but these scums conveniently 'forgot' to set a max limit in salary.
this allow millionaire to buy a 5 room hole even though he can afford a private property ,
and caused the price to increase.

if they are genuinely concerned about the welfare of the working class,
they should set a max value too.

 

[GOD IS MY DOG]

let's weep for the buyers......................little do they know...........the massive losses that's to come.................

 

[GoldenDragon]

In the next 1-2 years, lots of millionaires at Duxton. Gift from LKY. Pity the next generation.

 

[GoldenDragon]

let's weep for the buyers......................little do they know...........the massive losses that's to come.................

If die-die don't sell, no losses involved. Takes a bigger fool to purchase from them.

 

[Scrooball (clone)]

$1 million can get you a big nice house with own garden and garage in Australia. Maybe some spare change for a beat up car.

 

[longbow]

I fail to see why this is bad. All Singaporeans can buy direct from HDB and need not buy from resale market. So the people affected are non Singaporeans.

The person selling the $1M flat is likely a Singaporeans selling to foreigner. What is wrong with that. With more available new flats and a new grant scheme, problem will be solved.

Currently, 90% of Singaporeans own their houses, flats. Most have appreciated in value. Any wholesale change in the game plan could great panic and cause price to drop. So it is much better to have grants to make flats affordable.

As is a 4 rm at Compassvale Cape can be had for $270K after grant. Why not offer another $70K grant for families in need and that will bring monthly payments down to $800 a month. If that is too much then perhaps go for 3 rm flat which goes for $159K. Gov can kick in another 50K and bring the selling price to $109K which brings the payment down to $400 a month. For a family making $1500 a month, that $400 should be ok.

If Gov is willing adjust grants such than families need not pay more than 30% of they income a month on housing that, to me = affordability. Hey if they can later sell it in the open market to foreigners for $500K that is wealth enhancement to them.

I do not see any need to tinker with anything else. Just make sure that waiting periods for flats are shorter, financing for 1st home buyer is there and that the poorer Singaporeans get greater grant such than a person making $1K a month can still afford a place of their own (maybe a 2 room flat but it is still theirs).

Of course these heavily subsidized units will not be in prime locations and will be in low floors and poor facing. Those that want new flat in prime location (Queenstown) will have to pay market price (which is fair).

There really is not need to come out with 60 year flats. Let me ask you, who in the world would want a 60 year flat knowing that with increase life span (you buy at 25 + 60 years = 85) you could easily outlive the lease on flat.

A home is not industrial property. Businesses have short life cycles. It is either they make in and quickly outgrow their premises or go kapu in 5 years. So a 30 year cycle is more then enough.

With a 99 year flat, if you bought at 25, at 80 year old, you still have 40 plus years left on lease. If you cockup and blew your cpf on KTV, you can still reverse mortgage and fund the last 10 to 20 years of your life - assuming you live to 100. With a 60 year lease you would be out on the street at 85 years old! HDBs can be your last firewall for a decent retirement.

In short HDB should offer more grants for needy family, build more flats, build ahead of demand and leave the rest alone