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Two-room flat costs more than a four-room

MarrickG

Alfrescian
Loyal
20100112.173808_2room.jpg


A two-room flat in Chinatown was sold for $245,000 recently, creating a new record for the re-sale price of HDB two-room flats.

Located at Jalan Kukoh, the flat is on a higher floor of block 10, and is about 40 years old.

20100112.173900_2room1.jpg


Home owner Mr Tan, a 43-year-old advertising executive, bought the unit with his wife two years ago at about $145,000. They decided to sell as they want to move to a larger flat.

"We bought this unit because we wanted to live in Tiong Bahru, but could not afford a four-room flat in this area. Now, we want to upgrade to a larger flat. We also find it too noisy as it is near the highway," he told Shin Min Daily.

According to OrangeTee property agent Mr Adrian Wee, 28, the new flat owners are a young couple with one child. Besides the central location, the flat is also near to where their parents stay. As they also like the simple, open layout of the flat, they did not object to the noise from nearby traffic.

The flat's floor area of 53 square metres includes a living room and one bedroom; an additional storeroom was added by the former home owners. The price of $245,000 is about $45,000 above valuation.

Mr Tan says that although he made a tidy profit from the sale, the price over valuation of his new four-room flat is also quite substantial, so it is just enough to cover his costs of buying a new home.

According to HDB figures, the average price of a two-room flat in Tiong Bahru was about $190,000 to $220,000.

ECG Property CEO Mr Eric Cheng says that the price is high, but still reasonable for the prime location.

"Some couples prefer flats in mature estates as they are near the city and they can save time and transport costs," he told Shin Min.

PropNex CEO Mr Mohd Ismail said that many of the home owners are elderly, and most of them have no intention of selling their flats, so it can be hard to find one on the market.

"For this price, a young couple can get a new four-room flat in Punggol," he said.
 

shOUTloud

Alfrescian
Loyal
20100112.173808_2room.jpg


Mr Tan says that although he made a tidy profit from the sale, the price over valuation of his new four-room flat is also quite substantial, so it is just enough to cover his costs of buying a new home.

All those who say "asset appreciation" is good should read this sentence over and over again.
 

zuoom

Alfrescian
Loyal
$245K is still considered an ok amount for a flat.

just that this time round, it's a smaller 2 room vs. the 4 room unit.

new owner is young couple, one child.
location near to parents.

wait till it goes above the 300K mark for a 2 room HDB... then that's really too much. but then again, check out the prices in Mong Kok, HongKong and Tokyo, Japan...
 

Sperminator

Alfrescian
Loyal
Buyer is some FTrash?

The buyers and sellers looked more like gay couples to me... haha...

anyways, the housing pricing in SGP is skyrocketing... and something is really wrong here....

the seller's money is just enough to cover cost in some ULU 4 room area in SGP... you win some, you lose some... money is inflating...
 

HellAngel

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Loyal
But did you check out the average salary in HongKong and Japan?

$245K is still considered an ok amount for a flat.

just that this time round, it's a smaller 2 room vs. the 4 room unit.

new owner is young couple, one child.
location near to parents.

wait till it goes above the 300K mark for a 2 room HDB... then that's really too much. but then again, check out the prices in Mong Kok, HongKong and Tokyo, Japan...
 

VIBGYOR

Alfrescian
Loyal
why sell his own flat and buy more expensive one if you are not going to have a family or going to migrate to some other angmo countries and live in a SATANIC years landed property for the same price??

upgrade---> more liability...

downgrade---> more cash! :biggrin:

do so much and ended up with more liability for fish?

no job how? wait for the banks to confiscate your property?

now wonder there are so many homeless people now.... :biggrin:
 

Watchman

Alfrescian
Loyal
wait till it goes above the 300K mark for a 2 room HDB... then that's really too much. but then again, check out the prices in Mong Kok, HongKong and Tokyo, Japan...

Lets help Singaporeans to make home prices really high .
Lets help make it hit 5KK for 2 room flat .
 

zuoom

Alfrescian
Loyal
But did you check out the average salary in HongKong and Japan?
wages really depend on the individual. but if you must take an average, using official figures from the various govt websites. it's at the 3 highs, low 4s mark (thousand).

http://www.stat.go.jp/english/data/kakei/156.htm
The average of monthly income per household stood at 428,219 yen
428 219 Japanese yen = 6 512.29368 Singapore dollars
(and that's per household. typically, it would mean 2 person bringing in the income.)

http://www.censtatd.gov.hk/products...lications/statistical_report/labour/index.jsp
http://www.censtatd.gov.hk/hong_kong_statistics/statistical_tables/index.jsp?subjectID=2&tableID=028
taking one of the higher 21,795 HKD figure,
21 795 Hong Kong dollars = 3 903.43975 Singapore dollars

http://www.mom.gov.sg/publish/mompo...thers/mrsd/statistics/Earnings_and_Wages.html
Singapore $ Per Employee *around 3.9K mark
(that's one person. if using 2 person per household, it would be around the 8K figure, which incidentally is the HDB ceiling for income.)

of course, there will be more examples about people in Japan n Hong Kong earning a much higher average. but these are the official numbers from the census, and i think these guys would have done their job/homework.
 
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