Bishan HDB executive maisonette changes hands for record $980,000

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#1
Newspapers love playing this up. Just $20,000 more and it will hit the psychological $1m mark for an HDB!

*For the full article, please visit the website.

The Straits Times
www.straitstimes.com
Published on Sep 07, 2012
Bishan HDB executive maisonette changes hands for record $980,000


By daryl chin

DESPITE its steep $980,000 asking price, a Bishan executive maisonette was snapped up on the first day of an open house held to sell it.

The buyers are a Singapore citizen and her Chinese-national father, and the seller is a Singaporean woman who is relocating to Shanghai for work.

The price tag makes this the most expensive Housing Board (HDB) resale flat sold. The last record was held by an executive flat in Toa Payoh, which was sold for $910,000 in May this year.

The $980,000 includes a $200,000 cash over valuation (COV), which is a premium paid to the seller in cash. It is also believed to be the highest ever COV reported.

ERA Realty's Cheryl Clare Ng, the agent of the Bishan seller, said 40 people viewed the 25-year-old property in Bishan Street 13 within the first two hours of the open house in June.

Its simple furnishings did not deter the buyers.

Instead, they were won over by how it is a spacious 1,800 sq ft and comes with a rare 150 sq ft open roof terrace.

Other attractions, Ms Ng noted, are its proximity to amenities such as schools.

The Bishan bus and MRT interchange is less than a 10-minute walk away.

"It's also on the 19th floor, has a great view and it is very airy most of the time," she said.

Dennis Wee Group property agent Thomas Hee, who represented the buyers, said such spacious maisonette units with open terrace roofs are hard to come by. There are only 48 such homes islandwide, he said.

In 2005, a unit like this would have cost about $550,000.

"When they are put up for sale, they're always snapped up," said Mr Hee. "In this case, the buyer was able to meet the owner's expectations very quickly."

Yesterday, buyer and seller met at the HDB Hub for staff to vet documents and do eligibility checks.

The process is expected to be finalised within two months, and both parties parted ways with smiles on their faces.

Ms Ng said the buyers got a good deal: "If you compare it to a similar condo unit, you are effectively paying half the price for twice the space."

The $980,000 price equates to about $550 per sq ft.

A similar-sized condominium unit nearby would fetch at least $1,300 psf.

Property analysts, however, were quick to point out that the record-breaking deal is a one-off that is unlikely to drive up resale flat prices or COV quantums.
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#2
funny, my Real Estate lecturer had just mentioned casually to us that million dollar HDB flat is coming.
She further predicts that most of us would become a millionaire ... thanks to the HDB flat appreciations...
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#3
The problem with such news is ........ I am not the seller Big Grin
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#4
(08-09-2012, 02:44 PM)wsreader Wrote: The problem with such news is ........ I am not the seller Big Grin

The real problem is Sinkapore is catching up with all the major cities of the World in house prices, therefore all future working-class generations going to work like slaves just to pay for a roof over their heads. Actually now already is but it will get worse and worse. Well more & more FTs will be coming as you (Sinkaporeans) are not "breeding" at all. Yes! Breeding! You must breed like mosquitoes or rabbits or mouse then Fts may shun this place also.TongueBig Grin
WB:-

1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.

Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.

NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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#5
This is an exception with its unique location, floor and size.

Location: "The Bishan bus and MRT interchange is less than a 10-minute walk away."
Floor: "It's also on the 19th floor, has a great view and it is very airy most of the time,"
Size: "1,800 sq ft and comes with a rare 150 sq ft open roof terrace."

Furthermore previous purchased price in 2005 was $550,000. In 2005, HDB price is half of now in all types.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#6
This Bishan HDB is still not unique enough.
The super unique one will be from Queenstown.

(08-09-2012, 04:17 PM)CityFarmer Wrote: This is an exception with its unique location, floor and size.

Location: "The Bishan bus and MRT interchange is less than a 10-minute walk away."
Floor: "It's also on the 19th floor, has a great view and it is very airy most of the time,"
Size: "1,800 sq ft and comes with a rare 150 sq ft open roof terrace."
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#7
(08-09-2012, 11:41 AM)chialc Wrote: funny, my Real Estate lecturer had just mentioned casually to us that million dollar HDB flat is coming.
She further predicts that most of us would become a millionaire ... thanks to the HDB flat appreciations...

What's the point? Can see but cannot touch Confused
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#8
I think there's a bumper crop of carrots this year.

good lah like that I want to sell my house for 1 million which carrot head want to come lai lai lai? Big Grin
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#9
What should young people (21-35) or singles looking for their first housing do? Based on the average income of this group, banks will not loan them enough to buy anything other than a HDB in the outlying areas. And if they're not married, can't even get that HDB in Jurong West. So think about it, the government has to please this group before 2016, they will probably:
1) tighten immigration and HDB policies regarding PRs
2) introduce more cooling measures or restrictions for HDB.

Bottom line is that I think the govt will cool the HDB market (already doing so with 25000 BTOs) so watch out for the price to fall.
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#10
(10-09-2012, 12:06 PM)snowcap Wrote: What should young people (21-35) or singles looking for their first housing do? Based on the average income of this group, banks will not loan them enough to buy anything other than a HDB in the outlying areas.

I am wondering if it is a common intention of young people to get flats in mature estates? What is the issue about outlying areas? Are young people asking for too much nowadays?
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