Serious Great News! 12 Years Old Punggol HDB Sold for $900,000! Huat Ah!

[Pinkieslut]

2 HDB loft units in Sin Ming, Punggol sold for around $1 million this month
August 26, 2020
published at 5:57 PMByCandice CaiAsiaOne

Propnex Realty, AT Homez






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With high ceilings and living quarters spread over two-storeys, loft-styled HDB flats resemble condominiums more than subsidised government housing.
So it's no wonder they are popular and "typically get snapped up within a few viewings", according to Singapore property portal EdgeProp.


Just this month alone, two HDB loft units in Sin Ming Avenue and Punggol were transacted at prices hovering at the million dollar mark.

The Sin Ming unit, which is actually classified as an executive maisonette, has its bedrooms located on the first floor and an open-plan family area on the second floor.

PHOTO: Propnex Realty
Its $1.02 million listed value is also because of the unit's unblocked view of the surrounding greenery, as well as the swimming pool and tennis court of the neighbouring private condominium.
It was purchased in 1997 for $600,000 and put up for sale as its semi-retired owner was looking to downsize to a smaller unit. The unit was sold to a young couple, according to Edgeprop.

The 2,012 sq ft apartment could be one of the largest HDB flats ever built, said Laura Moo, marketing manager at PropNex Realty.
According to netizens, $1 million is a fairly reasonable amount to pay for such a unit, given the rarity of its style and large size.

Punggol HDB loft sold for $900,000
Over at Punggol, a loft unit at Punggol Sapphire estate transacted for $900,000 earlier this month and was the first loft unit to be sold since May last year.
The BTO unit was purchased directly from HDB for $468,000 in 2008.

PHOTO: AT Homez
In this 1,065 sq ft unit, the master bedroom is located on the upper floor of the apartment.
The couple who purchased the flat has two children, and reportedly snapped up the unit two weeks after viewing the place just once.
Looking to purchase a loft unit? Try SkyTerrace @ Dawson
Flats at SkyTerrace @ Dawson just reached the five-year minimum occupation period this year, and a five-room flat has already transacted this year for $1.01 million.
According to EdgeProp, a 1,313 sq ft five-room loft unit was listed last month for $1.25 million and has attracted 20 to 30 enquiries since.
[email protected]

 

[Dr Christopher Cheok C S]

Many are buying these expensive HDB units in full cash or little HDB loan. It is actually very worrying.

Some SME towkays are not doing well. They took out the cash in the company, and SME loans and use these money to pay for an ultra expensive HDB, in their own name or children's. Then when they go bankrupt, bankers cannot touch these HDBs (unless they are bought with bank loan) and when they die, their children can inherit it.

Imagine a weak SME towkay like @JohnTan have three options:
1. Retire now, only $100-300K savings
2. Continue business and risk getting bankrupt soon
3. Use remaining cash and take the Covid-19 SME loan to buy a million dollar HDB, then go bankrupt
Which will he choose?

Due to this loophole, HDB is a store of value for someone going bust.
More of such deals to come.

 

[bobby]

Paying $1m for a house that you cannot even knock holes to hang a picture or hide wiring or pipes......

 

[Scrooball (clone)]

Punggol is such a slum area. But it’s possibly the only location to get such a big floor size at that price. But the prices these days are ridiculous. Very soon AMK flats will hit $2 million

 

[Dr Christopher Cheok C S]

Punggol is such a slum area. But it’s possibly the only location to get such a big floor size at that price. But the prices these days are ridiculous. Very soon AMK flats will hit $2 million

You are right. Bankers will loan so much for HDB, not even HDB will. There is a very high cash component or full cash. I heard from insiders that some of these people don't even use their CPF-OA or take loans for such million dollar HDB transactions.

Then like you say, Punggol or old-HDB is like a slum. Got $500K or million dollar cash, need to scoop so low to buy HDB? Bear in mind, these people are not stupid. They can get a nice leasehold condo with enbloc potential or Freehold elsewhere. The game plan is to take the cash from the company, including those from the recent govt-backed SME loans (you can apply for multiple), hide these money in HDB and then go bust.

HDB is a safety net for these people.

 

[mahjongking]

Many are buying these expensive HDB units in full cash or little HDB loan. It is actually very worrying.

Some SME towkays are not doing well. They took out the cash in the company, and SME loans and use these money to pay for an ultra expensive HDB, in their own name or children's. Then when they go bankrupt, bankers cannot touch these HDBs (unless they are bought with bank loan) and when they die, their children can inherit it.

Imagine a weak SME towkay like @JohnTan have three options:
1. Retire now, only $100-300K savings
2. Continue business and risk getting bankrupt soon
3. Use remaining cash and take the Covid-19 SME loan to buy a million dollar HDB, then go bankrupt
Which will he choose?

Due to this loophole, HDB is a store of value for someone going bust.
More of such deals to come.

good analysis

as of 31 march 2019 there are 1,063,000 hdb flats in spore
how many are actually worth so much like this flats?
hdb flats are for staying in, not to speculate, so even if worth 10 million you need to have another place to stay if u sell
its all relative, if your 5 room hdb is worth 10 million then 1 plate of chicken rice will cost $50....lppl, worse still your $5k job will still be $5k or at most 10k

just be happy and continue to fuck pap for the mess spore is in

 

[Dr Christopher Cheok C S]

good analysis

as of 31 march 2019 there are 1,063,000 hdb flats in spore
how many are actually worth so much like this flats?
hdb flats are for staying in, not to speculate, so even if worth 10 million you need to have another place to stay if u sell
its all relative, if your 5 room hdb is worth 10 million then 1 plate of chicken rice will cost $50....lppl, worse still your $5k job will still be $5k or at most 10k

just be happy and continue to fuck pap for the mess spore is in

Ya, even in top locations like Clementi, old 3-rm HDB flats are just a quarter million.

 

[Narong Wongwan]

Punggol is such a slum area. But it’s possibly the only location to get such a big floor size at that price. But the prices these days are ridiculous. Very soon AMK flats will hit $2 million

Dun confuse there are 2 units in the report.
The Punggol one is only 1000sqft spilt over 2 floors so there’s even less usable space

 

[Narong Wongwan]

Ya, even in top locations like Clementi, old 3-rm HDB flats are just a quarter million.

Clementi is hardly a TOP location
Marine Parade old 3 rooms already almost half a million. But those come with sea view

 

[Dr Christopher Cheok C S]

Clementi is hardly a TOP location
Marine Parade old 3 rooms already almost half a million. But those come with sea view

ya, just mature estate.

 

[Scrooball (clone)]

Clementi is hardly a TOP location
Marine Parade old 3 rooms already almost half a million. But those come with sea view

clearly u know shit about property in Singapore. one of the best primary school Nan Hua is in Clementi and ppl will pay premium to be in the 1km vicinity. In addition, there is close proximity to the train station, bus interchange, town center and near polys and unis.

 

[JohnTan]

Many are buying these expensive HDB units in full cash or little HDB loan. It is actually very worrying.

Some SME towkays are not doing well. They took out the cash in the company, and SME loans and use these money to pay for an ultra expensive HDB, in their own name or children's. Then when they go bankrupt, bankers cannot touch these HDBs (unless they are bought with bank loan) and when they die, their children can inherit it.

Imagine a weak SME towkay like @JohnTan have three options:
1. Retire now, only $100-300K savings
2. Continue business and risk getting bankrupt soon
3. Use remaining cash and take the Covid-19 SME loan to buy a million dollar HDB, then go bankrupt
Which will he choose?

Due to this loophole, HDB is a store of value for someone going bust.
More of such deals to come.

If a sinkie retired now with $300k of savings, he'll retire comfortably. I'm assuming we aren't taking into account his CPF yet.

His business won't go bankrupt because the market is flooded with cheap loans. Just take a loan to help with cash flow.

 

[nayr69sg]

If a sinkie retired now with $300k of savings, he'll retire comfortably. I'm assuming we aren't taking into account his CPF yet.

His business won't go bankrupt because the market is flooded with cheap loans. Just take a loan to help with cash flow.

300k can retire? At what age?

Any discussion about retirement has to include the age at which the person retires. As well what his life expectancy is going to be. Otherwise it is just a rubbish statement.

 

[Scrooball (clone)]

If a sinkie retired now with $300k of savings, he'll retire comfortably. I'm assuming we aren't taking into account his CPF yet.

His business won't go bankrupt because the market is flooded with cheap loans. Just take a loan to help with cash flow.

retire with $300k? Maybe if u have 5 years left before u die.

 

[Narong Wongwan]

clearly u know shit about property in Singapore. one of the best primary school Nan Hua is in Clementi and ppl will pay premium to be in the 1km vicinity. In addition, there is close proximity to the train station, bus interchange, town center and near polys and unis.

Clementi is fucked up location
Queenstown, Bukit Merah and Holland is way nearer to town

 

[Scrooball (clone)]

u are so ignorant. East coast is not near town either. Use your brains la. Did u go to jail too long? Haha.... u talk like a 12 year old kid who gets his news from Stomp.

Do u know what’s the RNC in USA? What’s the nyse counter trending now? whats the latest ipo launch upcoming for Alibaba spinoff?

fuck u la. U always talk like u know a lot but u just talk jack shit!

 

[Narong Wongwan]

u are so ignorant. East coast is not near town either. Use your brains la. Did u go to jail too long? Haha.... u talk like a 12 year old kid who gets his news from Stomp.

Do u know what’s the RNC in USA? What’s the nyse counter trending now? whats the latest ipo launch upcoming for Alibaba spinoff?

fuck u la. U always talk like u know a lot but u just talk jack shit!

We talking about HDB heartlands leh
Ok so Marine Parade is not near to town....
Then how about the other 3 estates? Even Ghim Moh is better than Clementi
I’m here to learn you know so much then share lor but with facts pls

 

[Xisiqomelir]

If a sinkie retired now with $300k of savings, he'll retire comfortably. I'm assuming we aren't taking into account his CPF yet.

His business won't go bankrupt because the market is flooded with cheap loans. Just take a loan to help with cash flow.

John I assume we either have differing interpretations of the word "flooded" or you are in direct contradiction with the 158th and soon to be PAPMAed!

 

[eatshitndie]

anything west in sg is a low ses shithole, and that starts with clementi.

 

[JohnTan]

300k can retire? At what age?

Any discussion about retirement has to include the age at which the person retires. As well what his life expectancy is going to be. Otherwise it is just a rubbish statement.

I'm assuming that sinkies will retire from after age 60. Having $300k savings in cash after age 60 would suffice.