[h=2]PRC new citizen bought resale HDB flat in Queenstown for $1 million dollars![/h]Posted by temasektimes on September 8, 2012
The $1 million dollar mark for a HDB flat was finally broken and not surprisingly, the ‘honor’ goes to a PRC new citizen.
A Chinese paper reported on its front page today that an executive maisonette in Queenstown has found a buyer at $1 million, with COV at $195,000!
The buyer is a naturalised Singapore citizen and her PRC citizen father. They have paid the option fee and will do the required paper work at HDB office next week.
The flat is more than 10 years old with a floor area of 1700sqft. Analyst attributed the pricing to the unit being close to the city, as well as the Queenstown MRT, and the lack of supply of such double-storey masionettes.
The relentless influx of cash-rich foreigners from China, India and elsewhere has been widely blamed for the sky-rocketing HDB flat prices which has more than DOUBLED in the last ten years, thereby pricing Singaporeans out of the housing market.
Too many immigrants were accepted within too short a period of time which allows them to buy HDB flats thereby contributing to the growing demand.
*Illustrated pic: new citizens showing off their pink NRICs.
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[h=2]Executive Maisonette in Bishan fetches $200,000 COV[/h]Posted by temasektimes on September 8, 2012
Despite the slew of cooling measures introduced lately by the government to cool the red hot property market, the prices of resale HDB flats continue to sky-rocket, pricing many ordinary Singaporeans out of the public housing market.
A 20 year old executive maisonette at Bishan Street 13 was sold for S$980,000 including the S$200,000 COV recently.
According to property agents, there are a couple of similar deals in Bishan, one with about S$200,000 COV, the other S$250,000 COV. Both are for executive maisonettes.
COV refers to the sum of cash that needs to be paid by a buyer over and above the market valuation of a flat.
Real estate agents said the median COV paid for HDB resale flats has risen by about 12 percent to S$30,000 in the third quarter so far.
The $1 million dollar mark for a HDB flat was finally broken and not surprisingly, the ‘honor’ goes to a PRC new citizen.A Chinese paper reported on its front page today that an executive maisonette in Queenstown has found a buyer at $1 million, with COV at $195,000!
The buyer is a naturalised Singapore citizen and her PRC citizen father. They have paid the option fee and will do the required paper work at HDB office next week.
The flat is more than 10 years old with a floor area of 1700sqft. Analyst attributed the pricing to the unit being close to the city, as well as the Queenstown MRT, and the lack of supply of such double-storey masionettes.
The relentless influx of cash-rich foreigners from China, India and elsewhere has been widely blamed for the sky-rocketing HDB flat prices which has more than DOUBLED in the last ten years, thereby pricing Singaporeans out of the housing market.
Too many immigrants were accepted within too short a period of time which allows them to buy HDB flats thereby contributing to the growing demand.
*Illustrated pic: new citizens showing off their pink NRICs.
Posted in News | Leave a Comment »
[h=2]Executive Maisonette in Bishan fetches $200,000 COV[/h]Posted by temasektimes on September 8, 2012
Despite the slew of cooling measures introduced lately by the government to cool the red hot property market, the prices of resale HDB flats continue to sky-rocket, pricing many ordinary Singaporeans out of the public housing market.A 20 year old executive maisonette at Bishan Street 13 was sold for S$980,000 including the S$200,000 COV recently.
According to property agents, there are a couple of similar deals in Bishan, one with about S$200,000 COV, the other S$250,000 COV. Both are for executive maisonettes.
COV refers to the sum of cash that needs to be paid by a buyer over and above the market valuation of a flat.
Real estate agents said the median COV paid for HDB resale flats has risen by about 12 percent to S$30,000 in the third quarter so far.
