Pasir Ris flat asking for $900k
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Pasir Ris HDB flat offered at eye-popping price tag
By property_guru | Property Blog
The red-hot HDB market is showing no signs of cooling despite public housing affordability being a key issue in the recently concluded general elections, and the implementation of various cooling measures by the Singapore government since 2010.
Fresh from the Design, Build and Sell Scheme (DBSS) fiasco, where developer Sim Lian Group stirred controversy when it announced that the indicative price of its most expensive 5-room flat would cost $880,000, the Housing and Development Board (HDB) is under the spotlight again after an eye-popping ad listing was posted on local property website PropertyGuru.
The ad shows a 1,528 sq ft HDB executive flat at Block 780 Pasir Ris Street 71 with an asking price of $900,000.
Considering that it is a public housing project located in a non-prime area and with no facilities, the unit's asking price is well above the average transacted level in the area.
Caveat data shows that the average per sq ft pricing of similar properties transacted in the area for 2011 is between $400 to $500 per sq ft.
The executive flat's asking price translates to $589.01 per sq ft, which is well above the market price.
The flat faces a park and is located just next to Tampines Expressway.
Amenities nearby include Meridian Junior College.
It is not even within walking distance to Pasir Ris MRT station and White Sands mall.
Flat is overpriced
When contacted, an industry leader said the flat was overpriced.
\"The asking price of $900,000 is definitely way beyond the market price. It is certainly a one-off case which, if the agent is able to get, it will be a record price for Pasir Ris,\" said Roza Sure Bagus, managing director of Sure Bagus (Asia) Pte Ltd.
According to Roza, she sold a flat in Pasir Ris recently for $696,000, which is $96,000 above valuation.
\"The $96,000 in above valuation is still okay, provided the house has a good view, high floor and good interior. Nevertheless, if they are buying at $96,000 above valuation, the buyer's taste in the décor may not be the same. They may renovate everything,\" said Roza.
She added that, in June, an executive flat in the area had transacted for $750,000.
\"We thought it was a record price in Pasir Ris. Now, at $900,000, it is really ridiculous. We are likening the price to a private property. An executive condominium would not cost that much either. For a $900,000 HDB flat, it is way too high,\" said Roza.
However, she reckons there might still be a willing buyer.
\"For a person who buys such flat, he might buy it for sentimental value. Perhaps, it has a breathtaking view which he may not be able to get elsewhere. The buyers are likely to be from the private property market who have already sold their properties or who were enbloc owners who made a huge profit. It is unlikely they will take any loan. They would buy this unit in cash, full settlement,\" said Roza.
Roza also believes that this is not a normal trend.
\"In view of the cooling measures, this is a one-off case . This is not a normal trend. This is not a market price,\" said Roza.
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haha, too expensive for me. -
Yes I read the article and I was like :shock:
This is absurd! -
private condo, 99 years leasehold, outlying area, already selling at almost $1000 psf…so resale HDB at $500 to $600psf is still considered cheap
of course some buyers failed to differentiate the following :
1. condo is strata title, you have a share of the common property (HDB - no, even the super structure of the housing block belongs to HDB, HDB lessees are just leasing the airspace defined by the unit)
2. condo when old - can enbloc and top up the 99 year lease. (HDB - no, they can buy back the lease and do enbloc themselves - lessee has no chance to make enbloc profit)
3. condo has facilities, gated community…(HDB - no) -
The 1st thing that struck my mind was, "Siao ah!!! Might as well buy condo."
But do we rememeber how much our HDB and condo used to be and i shudder to think will this kind of asking price be an eventuality. -
LOLMum:
Agent also orchestra it and set the tone for the market,Pasir Ris HDB flat offered at eye-popping price tag
The ad shows a 1,528 sq ft HDB executive flat at Block 780 Pasir Ris Street 71 with an asking price of $900,000.
The executive flat's asking price translates to $589.01 per sq ft, which is well above the market price.
Flat is overpriced
When contacted, an industry leader said the flat was overpriced.
\"The asking price of $900,000 is definitely way beyond the market price. It is certainly a one-off case which, if the agent is able to get, it will be a record price for Pasir Ris,\" said Roza Sure Bagus, managing director of Sure Bagus (Asia) Pte Ltd.
She added that, in June, an executive flat in the area had transacted for $750,000.
However, she reckons there might still be a willing buyer.
\"For a person who buys such flat, he might buy it for sentimental value. Perhaps, it has a breathtaking view which he may not be able to get elsewhere. The buyers are likely to be from the private property market who have already sold their properties or who were enbloc owners who made a huge profit. It is unlikely they will take any loan. They would buy this unit in cash, full settlement,\" said Roza.
Roza also believes that this is not a normal trend.
\"In view of the cooling measures, this is a one-off case . This is not a normal trend. This is not a market price,\" said Roza.
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haha, too expensive for me.
They are first hand speculator,
and marry the seller expectation and their bottom line,
Once the price is sold , it set a precedent and over play
buyer get caught ......it a free market system.....
agent role also rock the market de....
:idea:
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Well anyone can set a price tag as high as they wish. Whether there is a willing buyer at that price is another thing.
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Only asking for $900k :? should have ask for at least $900 million. :siao:
I am still waiting for the day where the hdb flat will reach the million dollars range and see if Singaporean kids can even afford to buy and stay in one, few years down the road. :frustrated: How can Singaporeans even get married and give birth to children if no place to stay? Would see more living with cardboard box house at road side? :sad: -
linden2000:
Well anyone can set a price tag as high as they wish. Whether there is a willing buyer at that price is another thing.
Would probably sell off as more \"FTs\" can afford to buy :? I am talking about FT that have already converted to be Singapore citizen... -
I think this is not a genuine seller, more like test the market.
And try his luck! But now this agent is on the news! hahaha -
\"Pasir Ris flat asking for $900k\"
this is :siao: good luck to the person who buy it........ :moneyflies:
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