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Coffeeshop Chit Chat - Another old 5-rm HDB asking for $1M</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt89 <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>Feb-8 3:30 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 9) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>28316.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Another old 5-room resale HDB flat in Telok Blangah asking for nearly S$1 million dollars
February 8, 2010 by admin01
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http://www.temasekreview.com/2010/02/08/another-old-5-room-resale-hdb-flat-in-telok-blangah-asking-for-nearly-s1-million-dollars/
Written by Our Correspondent
Three days ago, we put up an advertisement of a 5-room HDB flat in Marine Parade selling for an eye-popping S$990,000.
Now we have another 5-room flat in Telok Blangah asking for S$999,000, $9,000 more than the earlier flat:
From the photos above, the flat appears to be situated in an older part of Telok Blangah and is at least 30 years old which means that it has at most 60 – 70 years left on its lease since all HDB flats are 99-year old properties.
The exorbitant prices asked by some property agents is a sign that the red-hot public housing market has got completely out of control.
The prices of resale flats increased by 8.2 per cent in 2009 when Singapore was mired in recession with Cash-Over-Valuation (COVs) doubling from $12,000 to $24,000 in the last three months:
The sky-rocketing prices are fueled largely by limited number of flats built between the years 2006 – 2008 coupled with the large influx of foreigners into Singapore during the same period of time.
Only 3,183 new flats were built in 2008 when there were over 90,000 PRs and 20,000 new citizens in the same year:
[Source: HDB Financial Report 2008/2009]
The resale market is popped up artificially by PRs and new citizens. According to Mr Mohamad Ismail, CEO of real estate agency Propnex, about 20 per cent of the buyers of resale flats are PRs. ERA and C&H quote their figures at 40 and 50 per cent respectively.
Despite widespread concerns, worries and frustration among Singaporeans at the rising prices of HDB flats, the ruling party continues to insist that they are “affordable”.
Prime Minister Lee Hsien Loong said lately that there is nothing his administration can do to control the prices of resale flats as they are set between the buyer and the seller themselves.
HDB has promised to increase the supply of new flats, but they will not be ready until a few years later.
In the meantime, home buyers will have to put up with the astronomical prices asked for by sellers and agents.
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February 8, 2010 by admin01
Filed under Headlines
Leave a comment
http://www.temasekreview.com/2010/02/08/another-old-5-room-resale-hdb-flat-in-telok-blangah-asking-for-nearly-s1-million-dollars/
Written by Our Correspondent
Three days ago, we put up an advertisement of a 5-room HDB flat in Marine Parade selling for an eye-popping S$990,000.
Now we have another 5-room flat in Telok Blangah asking for S$999,000, $9,000 more than the earlier flat:
From the photos above, the flat appears to be situated in an older part of Telok Blangah and is at least 30 years old which means that it has at most 60 – 70 years left on its lease since all HDB flats are 99-year old properties.
The exorbitant prices asked by some property agents is a sign that the red-hot public housing market has got completely out of control.
The prices of resale flats increased by 8.2 per cent in 2009 when Singapore was mired in recession with Cash-Over-Valuation (COVs) doubling from $12,000 to $24,000 in the last three months:
The sky-rocketing prices are fueled largely by limited number of flats built between the years 2006 – 2008 coupled with the large influx of foreigners into Singapore during the same period of time.
Only 3,183 new flats were built in 2008 when there were over 90,000 PRs and 20,000 new citizens in the same year:
[Source: HDB Financial Report 2008/2009]
The resale market is popped up artificially by PRs and new citizens. According to Mr Mohamad Ismail, CEO of real estate agency Propnex, about 20 per cent of the buyers of resale flats are PRs. ERA and C&H quote their figures at 40 and 50 per cent respectively.
Despite widespread concerns, worries and frustration among Singaporeans at the rising prices of HDB flats, the ruling party continues to insist that they are “affordable”.
Prime Minister Lee Hsien Loong said lately that there is nothing his administration can do to control the prices of resale flats as they are set between the buyer and the seller themselves.
HDB has promised to increase the supply of new flats, but they will not be ready until a few years later.
In the meantime, home buyers will have to put up with the astronomical prices asked for by sellers and agents.
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