Daiwanese Couple Paid $650k for 4Rm Flat

[makapaaa]

<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD height=8></TD></TR><TR><TD class=msgtxt><TABLE border=0 cellSpacing=0 cellPadding=0 width=560><TBODY><TR><TD vAlign=top width=550 colSpan=2>Bras Basah flat sets HDB price record <!-- TITLE : end--><!--
A TAIWANESE couple have paid $650,000 for a four-room flat in Bain Street - smashing Housing Board (HDB) records and reflecting the strength in the red-hot resale market. --></TD></TR><TR><TD>

</TD></TR><TR><TD vAlign=top width=550 colSpan=2 align=left><TABLE><TBODY><TR><TD><TABLE><TBODY><TR><TD class=content_subtitle>Jessica Cheam</TD></TR><TR><TD class=content_subtitle align=left>Fri, Mar 26, 2010
The Straits Times </TD></TR></TBODY></TABLE></TD><TD width=400 align=right><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR><TD vAlign=top align=right> </TD><TD height=15>

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A TAIWANESE couple have paid $650,000 for a four-room flat in Bain Street - smashing Housing Board (HDB) records and reflecting the strength in the red-hot resale market.
The sale price works out to be $736 per sq ft (psf) for the 30-year-old flat on the 25th floor of a block at Bras Basah.
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<!-- Zone Tag : SPH In-Text --> http://www.asia1.com.sg/</TD></TR></TBODY></TABLE>That is the highest psf price paid for an HDB property and is on a par with prices of private homes in suburban areas.
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[makapaaa]

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Coffeeshop Chit Chat - Pee R spoils HDB prices again!!</TD><TD id=msgunetc noWrap align=right> </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>bushtucker_ <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>8:24 pm </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 6) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>30627.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Bras Basah flat sets HDB price record
By Jessica Cheam
A TAIWANESE couple have paid $650,000 for a four-room flat in Bain Street - smashing Housing Board (HDB) records and reflecting the strength in the red-hot resale market.
The sale price works out to be $736 per sq ft (psf) for the 30-year-old flat on the 25th floor of a block at Bras Basah.
That is the highest psf price paid for an HDB property and is on a par with prices of private homes in suburban areas.
But the Taiwanese, who are permanent residents (PRs), bought the 883 sq ft flat last month for its proximity to their work place in the City Hall area, its designer interior and panoramic views, said ERA Realty agent William Koh, who brokered the deal. The couple paid $70,000 above the flat's valuation.
The sellers were a young Singaporean couple who have a child. Both buyer and seller declined to be interviewed.
The price trumps the old record set last November when a four-room, 969 sq ft flat at Strathmore Avenue in Queenstown sold for $653,000 or $674 psf.
Housing analysts were surprised at the price achieved in Bain Street.
ERA Asia-Pacific associate director Eugene Lim said the purchase was unusual although demand 'is still strong', with upgraders, downgraders and PRs propping up the market.
The HDB recently tightened rules on the resale market. Buyers of non-subsidised HDB resale flats must now occupy their property for at least three years before they can sell it. This is up from 2.5 years or one year previously, depending on the financing.
The HDB has also imposed limits on the number of HDB flats in each block and neighbourhood that can be sold to non-Malaysian PRs to prevent the formation of foreigner enclaves.
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[makapaaa]

<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><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>6/8,10/9, forums.delphiforums.com/anymos (ANYMOS) <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>9:01 pm </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>oscar676 <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (4 of 6) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>30627.4 in reply to 30627.3 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>

No evidence PRs, pte pty owners pushing up HDB flat prices: Mah

There is no evidence that specific buyer groups, like permanent residents (PRs) and private property owners (PPOs) are driving up prices of HDB flats.

National Development Minister Mah Bow Tan told Parliament on Friday that the median cash-over-value (COV) paid by PRs have been the same as the overall median COV paid for resale flats for the last two quarters.

‘Cases of PRs paying high COV are the exception, not the rule,’ Mr Mah said.

He said of the 37,205 resale transactions in 2009, 58 cases had COV exceeding $70,000 (US$49,995).

Of this, only eight cases or 14 per cent involved PRs.

Mr Mah added while PPOs pay higher COVs in general, their numbers are not large enough to drive up prices.

‘If we banned PPOs from buying HDB resale flats, what about HDB owners buying private properties? Should we ban that too?’ he asked.

‘I would urge that we take a longer-term view and not over-react, and do things we regret and have to reverse down the road.’

Source: Business Times, 5 Mar 2010
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