Chitchat Tiong Bahru 4-room flat with 51-year lease left sold for $1.1m

[Hypocrite-The]

Those days the 70s or 80s if tere were double storeys bungalow or terrace/semiD i doubt they have lifts. Nowadays they do. Like those 3 storeys detached bungalow at trevose crescent. Only 8 units. Ev unit have lift n swimming pool!

Considering how well paid these ministars are..they can renovate n install
..its chump change to them

 

[amransan]

Who would be in the right mind paying million dollar hdb flat and only last for another 50 years.

Now let say the person live for 10 year and then thinking to sell it off who would want to buy a flat that left 40 years and at the end of it ZERO value!

 

[JohnTan]

Who would be in the right mind paying million dollar hdb flat and only last for another 50 years.

Now let say the person live for 10 year and then thinking to sell it off who would want to buy a flat that left 40 years and at the end of it ZERO value!

Those who have 1 million dollars to buy property are definitely in a clearer state of mind than those who can't afford.

 

[whoami]

Who would be in the right mind paying million dollar hdb flat and only last for another 50 years.

Now let say the person live for 10 year and then thinking to sell it off who would want to buy a flat that left 40 years and at the end of it ZERO value!

I suppose rich ppl like the buyers already do their homework n planned ahead. 1.1million chip chip to them. They can write it off

 

[amransan]

I suppose rich ppl like the buyers already do their homework n planned ahead. 1.1million chip chip to them. They can write it off

For me bro I like to play safe even I bought my 2 landed property here I made sure I owned it forever and can pass down to my next generations.

Maybe that fella is too rich that 1 million is like $1000 lose never mind.

 

[whoami]

For me bro I like to play safe even I bought my 2 landed property here I made sure I owned it forever and can pass down to my next generations.

Maybe that fella is too rich that 1 million is like $1000 lose never mind.

Tat fella rich. Small change to him.

 

[frenchbriefs]

I bet the person who bought that HDB flat 40 years ago in 1980 for 22k never dream one day his government flat would be worth 1.1 million.

 

[ilovechinesegal]

Aft 51 year, the hou has no value and they will just left with nothing for their kids!

 

[countryman]

Tis one no idea. But most of those 4 storey HDB pigeon holes have lifts after upgradg.

No lifts @all. All walk-up.

 

[whoami]

No lifts @all. All walk-up.

If ground floor not so bad. If 4th floor? Hmmm......

 

[knnb40]

Tats right. HDB pigeon meant to stay as home. Not to sell buy to make profit. Garment shld control the valuation/price of resale flat too. Seems like they like to see prices going North.

As for removing restriction on HDB pigeon hole. I tink end result may get worst cos sm rich sinkies prefer HDB pigeon hole than pte properties.

can sell with profit better do it, you never know when the G really start to let HDB 99-year least run out just to made an example.

for those whom sell their flat after 5-year up size and sell again, made the best of their CPF I salute their foresight. Since the CPF lock out minimum amount might as well made the best of it even if every property transaction only earn you cash of one-thousand.

I stupid, did not work this out for my last 30-year of adult life, now can only hug on to a 40-over years resell flat.

 

[bobby]

Properties with a remaining lease of less than 60 years

For HDB flats/ private properties with leases of less than 60 years, the following rules apply:

(1) No CPF can be used if the remaining lease of a property is less than 30 years.

(2) A property owner is eligible to use his CPF for the property if his age plus the remaining lease of the property is at least 80 years.

(3) The maximum amount of CPF that can be used is capped at a percentage of the lower of the purchase price and the value of the property at the time of purchase. The percentage is computed based on the remaining lease of the property when the youngest eligible member using CPF reaches age 55.

 

[whoami]

can sell with profit better do it, you never know when the G really start to let HDB 99-year least run out just to made an example.

for those whom sell their flat after 5-year up size and sell again, made the best of their CPF I salute their foresight. Since the CPF lock out minimum amount might as well made the best of it even if every property transaction only earn you cash of one-thousand.

I stupid, did not work this out for my last 30-year of adult life, now can only hug on to a 40-over years resell flat.

Correct. Strike while iron still hot. For me, to-date i had sold my flat twice already. Simple reno for my 1st two flats. Tis my 3rd and final home. No more moving out. Beautifully renovated...and gonna stay put till i drop dead or migrate out of sinkieland.

 

[myfoot123]

I suppose rich ppl like the buyers already do their homework n planned ahead. 1.1million chip chip to them. They can write it off

Most likely businessman. My ex-boss throw in 10 millions in his business with no intention of making profit out of it. It goes to show how wealthy some people are and 1 million to them is like a small chip and they signed cheque on that amount without any fuss.

 

[whoami]

Most likely businessman. My ex-boss throw in 10 millions in his business with no intention of making profit out of it. It goes to show how wealthy some people are and 1 million to them is like a small chip and they signed cheque on that amount without any fuss.

Its true. Tis guy know wat hes doing. Old flat. Walk up. Yet.... 1.1 million chip chip. Just throw into the drain.

 

[Papsmearer]

Wrong.

Strata title is supposed to let apartment owners own part of the land the building is on.

However as a strata title owner of a 99 year leasehold it just means you "own" part of that leasehold.

The difference is that if all the strata title owners can agree to sell their title to a developer BEFORE the 99 year lease is up they can get money. But it has to be before the lease is up.

If after the lease is over they get nothing.

The developer who is buying will have to negotiate a new lease with the owner of the land ie the govt.

If you ask me the difference is there but dependent on the blessings of the land owner ie the sg govt.

Has sg govt ever come out to say for sure will always approve new lease for a developer willing to buy enbloc? Always? Likely yes.

But as we have seen with HDB they used to think the same. Then later now they say not necessarily.

When the time comes we will see.

@Papsmearer any thoughts on this? Is there value for strata title owners AFTER leasehold has expired?

Ok, so, we are talking about private strata condos with 99 year leases. These are genuine leasehold properties. The owners of these condos own the building and all the improvements on the land, but not the land itself. That is leased to them by the land owner for 99 years. The owner of the land can be a private company or it can be the govt. Because the leaseholders are actual owners of the building they can do what ever they want with it before the end of the 99 year lease.

eg. Lets say 25 years into the lease, the owners decide to en bloc and sell to a developer, they can choose to do that, and make a lot of money, because they actually own the building. The developer who buys their building will assume the land lease and have 74 years remaining on it. They can negotiate to top up the lease back to 99 years with the land owner. The benefit to the new buyer is that they have already studied the feasibility and its likely that they will get approval for higher density. SO, lets say there are 150 units in the current building, the developer might be able to get density up to 500 units, so its worth it for him. Most developers will try to get a top up, as 74 years is a weird leasehold number. The cost of the top up and the cost of the en bloc to buy all the units plus the construction hard and soft cost MINUS the expected total revenue from sale of the lets say 500 new units will determine the feasibility of the project. Horizon Towers in Leonie Hill is an example of a 99 year leasehold that had attempted en blocs on it.