Tag Archives: Bishan

More resale flats sold at close to $1 million mark

A NEW record has been set for Housing Board resale flats, with a 1,750 sq ft executive maisonette in Bishan changing hands for $1.01 million last month. It broke the previous record of $1 million, set by a 1,615 sq ft executive apartment in Queenstown last year.

Fresh data from the Singapore Real Estate Exchange (SRX), which collects transaction information from larger property firms, also revealed that such sky-high prices are not one-offs.

While only one resale flat transaction breached the $900,000 mark in 2011, there were 18 last year. This year, even before two months have gone, the number has already reached 18.

Property analysts said these flats, mostly in established estates, are still value for money on a per sq ft (psf) basis when compared to private homes.

They expect resale records to be broken when choice units like those at the Pinnacle@Duxton hit the market in the next two years.

PropNex chief executive Mohamed Ismail said the $1.01 million Bishan unit is about 100 sq ft bigger than other executive units, including the previous record holder in Queenstown.

“Such flats are rare, offer a large space and provide a better value proposition than condominiums around it,” he added.

The price of the 26-year-old unit on the upper floors of Block 194 in Bishan Street 13 is about $580 psf. A private property in the same area could cost between $1,200 and $1,600 psf.

Property consultant Chris Koh believes the unit may have special features such as an open roof terrace. “The buyer could be a cash-rich, private property downgrader and the cash premium paid is likely to be close to $200,000.”

According to the SRX, the overall median cash paid above a flat’s valuation is now about $34,000.

Mr Ismail noted that relatively new flats are also commanding high prices. Among the 18 transactions above $900,000 this year is a five-year-old, 1,180 sq ft, five-room flat in Jalan Membina.

The $925,000 price tag works out to be about $780 psf.

“Although this sounds high, a flat in Jalan Membina is near Tiong Bahru MRT station and town. A private apartment could cost as much as $1,800 psf,” he added.

Most home buyers said they would not pay that much for public housing. Said accountant Mohan Singh, 29: “It’s still an HDB flat with no facilities at the end of the day. I feel buyers should go for affordable new flats or save up for a choice private property.”

In response to the surging property market, the Government has pledged to offer at least 23,000 new flats this year, with National Development Minister Khaw Boon Wan promising to keep new flats affordable by unpegging their prices from resale flats.

In the latest Build-To-Order launch last month, prices ranged from $140,000 for a three-room unit in Chua Chu Kang to $575,000 for a five-room unit in Ang Mo Kio.

(Source: The Straits Times)

Comments Off on More resale flats sold at close to $1 million mark

Posted by on February 24, 2013 in Residential


Tags: , , , , , , , , , , , ,

HUDC flats’ median price crosses $1m mark

FOR the first time, the median resale price of yet-to-be privatised HUDC apartments has exceeded the $1 million mark – in the third quarter of this year.

It has even inched upwards slightly in the current quarter, according to data-crunching firm Singapore Real Estate Exchange, which has tracked official data and transactions from various property firms since 2006.

Blk 316 Shunfu Rd HUDC

Blk 316 Shunfu Rd HUDC

This comes on the back of a record-breaking unit in Shunfu Road, which was sold last month for $1.33 million.

The median resale price for HUDC apartments in the fourth quarter is now $1.04 million.

Property analysts said the results were to be expected, but warned buyers about over-extending themselves for property that may not bear profit.

The resale price data is gleaned from transactions in the five estates pending legal privatisation.

They are Bishan (Shunfu), Serangoon North, Hougang North N3, Hougang North N7 and Potong Pasir.

Braddell View is not on the list as units there were not sold under the Housing and Development Act and are considered private property.

This year, 13 units from the five estates were sold for more than $1 million, compared with only five last year.

While the Shunfu units typically command higher prices, some of the 13 were from Hougang and Serangoon North.

HUDC apartments were introduced in the 1970s for middle-income families who could afford bigger flats, but were phased out in 1987 after private property prices fell and drew interest away from them.

In total, the 18 HUDC projects comprised 7,731 units, and were all sold on 99-year leases.

Mr Chris Koh, director of property consultancy Chris International, said the upward trend could be traced to a buoyant housing market, which has seen increasingly higher prices this year.

This is on top of HUDC scarcity and en bloc potential, he added.

“Buyers are willing to pay the price because they think they can make a profit when it gets privatised,” he said.

“With larger flats getting higher prices and a possible undersupply now, this optimism is expected.”

But he called for buyers to also exercise judgment. “Don’t forget that many of these units could be about 20 years old. Prices could also drop when the homes from the Government’s current supply come on stream,” he noted.

House hunter Mavis Chai thinks more than $1 million is too much to pay for an HUDC unit.

“The space is a plus, but at that age, everything is breaking apart. It might not even be worth renovating,” said the 29-year-old banker.

(Source: The Straits Times)

Comments Off on HUDC flats’ median price crosses $1m mark

Posted by on December 18, 2012 in Residential


Tags: , , , , , , ,

S$505m top bid for Bishan site

SINGAPORE – The tender for a large private residential site near Bishan MRT Station garnered nine bids by the close yesterday, with the top bid of S$505.1 million coming from Allamanda Residential Development, a subsidiary of Singapore’s largest listed developer, CapitaLand.

The 99-year leasehold site at Bishan Street 14, released from the Confirmed List of the Government Land Sales (GLS) programme, sits on 120,855 sq ft. With a plot ratio of 4.9, it has a maximum allowable gross floor area of 592,189 sq ft and can be developed into about 645 homes.

The top bid translates to S$853 per sq ft per plot ratio and is 3.1 per cent higher than the second best bid from a consortium of SingLand, UOL and Orix.

Mr Lee Sze Teck, Senior Manager of Training, Research and Consultancy at DWG, said: “CapitaLand put in a strong bid to defend its earlier site, for which it paid S$869 psfppr in February last year.” The project on the earlier site, Sky Habitat, is expected to get its Temporary Occupation Permit in 2015.

ImageHe noted that the current bid put in by the CapitaLand unit was 1.8 per cent lower than its previous bid in February last year, while the one jointly submitted by Singland, UOL and Orix was 4.7 per cent lower than their previous bid.

He said: “This means that developers believe that the current average selling price of Sky Habitat is a fair price for the location.” He estimated the breakeven price at between S$1,350 and S$1,400 psf and the selling price at between S$1,650 and S$1,700 psf, on par with Sky Habitat.

Amenities in the area include schools, shopping malls, a swimming complex and the CPF Building. If the development is oriented towards Bishan Road, it will enjoy unblocked views all the way to Thomson and future residents can even see MacRitchie Reservoir, Mr Lee added.

The Housing and Development Board, as the Government’s land sales agent, will award the tender at a later date.

(Source: The Straits TImes)

Comments Off on S$505m top bid for Bishan site

Posted by on December 4, 2012 in Government Land Sales


Tags: , , , , ,

%d bloggers like this: