New 5RM flats (to be ready in 2012) in Queenstown are being selling at 500K! What an obscene amount to quote.

Strange the household income ceiling still set at $8000.

A salaried person probably have to toil for 20years, paying house loan at 5K/monthly, to complete payment for that flat.

Are we setting the HDB prices at prices beyond the means of most people? Are HDB suppose to provide affordable housing to the masses?

Do you know how many people, whose properties/homes at Tulip Garden and Farrer Court are on en bloc sale, and with 2+ million dollars at hand, are buying HDB flats around the queenstown and holland village area?

And seriously, if I have worked for 5 yrs, I will even buy the flats at Boon Keng new house. Do you know that the rental fee of a few years old condo near to Serangoon MRT is already $3k a month? How much do you think you can rent out at locations even nearer to the city?

Originally posted by eagle:

Do you know how many people, whose properties/homes at Tulip Garden and Farrer Court are on en bloc sale, and with 2+ million dollars at hand, are buying HDB flats around the queenstown and holland village area?

Then HDB should have ruling that forbid residents having assets more than a million to buy HDB properties.

So HDB is subsidising the rich? Rather than provide affordable houses to masses?

Here's HDB OBJECTIVE (from HDB WEBSITE)
To formulate and implement housing policies and programmes to provide affordable quality homes and foster cohesive communities

Originally posted by iamgoondu:

Then HDB should have ruling that forbid residents having assets more than a million to buy HDB properties.

So HDB is subsidising the rich? Rather than provide affordable houses to masses?

1) You have a choice not to buy at Queenstown
2) You have a choice not to buy a 5-rm flat
3) You have a choice not to buy new flats

Originally posted by iamgoondu:
Here's HDB OBJECTIVE (from HDB WEBSITE)
To formulate and implement housing policies and programmes to provide [b]affordable quality homes and foster cohesive communities

[/b]

If so many people can sign up to register for the 740k 5-rm flat at Boon Keng, how many people do you think can already afford them?

FYI, in 1997, for a batch of new flats just walking distance from Serangoon JC and about two bus stops away from Kovan MRT, an executive flat costs 600k. This price was 10 years ago.

My current flat, bought also in 1997, 2nd hand and 5+yrs old, executive flat, costs 500++k at that time.

FYI, in 1997, for a batch of new flats just walking distance from Serangoon JC and about two bus stops away from Kovan MRT, an executive flat costs 600k. This price was 10 years ago.

That's the price before the Asian Crisis, that's the price when the Bishan flats are asking for a million!

With the impending US recession, are HDB setting another bogey trap for our residents to step on?

My current flat, bought also in 1997, 2nd hand and 5+yrs old, executive flat, costs 500++k at that time.

You are buying from resales market. Now the price quote is direct selling price from HDB. So HDB feels that the market price for those new flats in Queenstown should be alot more than 500K (else where the subsidies?)

Originally posted by iamgoondu:

That's the price before the Asian Crisis, that's the price when the Bishan flats are asking for a million!

With the impending US recession, are HDB setting another bogey trap for our residents to step on?

Following your own arguments, that was the price before the Asian Crisis.

And now is impending US recession.

Hmmm...

Originally posted by iamgoondu:

You are buying from resales market. Now the price quote is direct selling price from HDB. So HDB feels that the market price for those new flats in Queenstown should be alot more than 500K (else where the subsidies?)

Jan 5: Straits Times

Queenstown flat sold for record $890k!

Two intense days of door-knocking and a record $890,000 later, the buyer has his dream home - and the most expensive Housing Board flat in the country.

The owners had paid just over $300,000 for the 1,614 sq ft flat, which has four bedrooms, a living room and a study, in 1992.The old record for an HDB flat was $780,000 - also for an executive flat in Mei Ling Street - achieved last November.

Five other such flats in Mei Ling Street changed hands between November and December, ranging in price from $728,000 to $765,000.

I must add that Queenstown is a very desirable area given its location on our map

Originally posted by eagle:

Following your own arguments, that was the price before the Asian Crisis.

And now is impending US recession.

Hmmm...

I see no irony in my earlier statement. I would say the recent skyrocket of properties prices has entice even the HDB to put up their surplus flats for sales. Why won't put up for sales in 2012 (when the flat will be ready). My gut feel would be the imminent US or global recession will plummet the estate properties price.

Anyway if I have a million, I would be able to pay the 500K in hard cash. But if one has a million, do we still allow him to buy HDB? I am worried about young couples who seek 500k BANK LOAN, and had to toil for 20years servicing 5k monthly bank loan.

So may I say that the 500K new flat in Queenstown are catering to those millionaires in Singapore...

Originally posted by iamgoondu:

I see no irony in my earlier statement. I would say the recent skyrocket of properties prices has entice even the HDB to put up their surplus flats for sales. Why won't put up for sales in 2012 (when the flat will be ready). My gut feel would be the imminent US or global recession will plummet the estate properties price.

Anyway if I have a million, I would be able to pay the 500K in hard cash. But if one has a million, do we still allow him to buy HDB? I am worried about young couples who seek 500k BANK LOAN, and had to toil for 20years servicing 5k monthly bank loan.

So may I say that the 500K new flat in Queenstown are catering to those millionaires in Singapore...

Explain the following: why would a young couple buy a 5-rm HDB for 500k if they cannot afford it? It is similar to buying a new computer; do you need to buy a $8000+ graphics card when you can get one for $400? Do you need to buy 4GB of RAM when you do not even use more than 2GB of RAM?

Your irony was, you had wanted to tell me that my earlier price 10 years ago was before the Asian Crisis, which means the crisis has not happened at the time of sale. Then you tell me about an imminent US recession, which means it has not come yet. Whether estate prices will plummet is up to question, and if you think so, you can always wait for the next few years before buying a new home. Do you mean to say you die die have to buy it at this time?

And even at the current market condition, my flat here can sell for 390k (recent concluded sale of a neighbour).

And for people who can sell off their current flats for 400k or more (quite a number of places have sold for this and more), how much more do you think they need to finish paying for their apartment if they bought it at 500k?

Originally posted by iamgoondu:

I see no irony in my earlier statement. I would say the recent skyrocket of properties prices has entice even the HDB to put up their surplus flats for sales. Why won't put up for sales in 2012 (when the flat will be ready). My gut feel would be the imminent US or global recession will plummet the estate properties price.

Anyway if I have a million, I would be able to pay the 500K in hard cash. But if one has a million, do we still allow him to buy HDB? I am worried about young couples who seek 500k BANK LOAN, and had to toil for 20years servicing 5k monthly bank loan.

So may I say that the 500K new flat in Queenstown are catering to those millionaires in Singapore...

Over a decade ago even at 300k it was not affordable to many. Deal with it, properties in prime areas are not for the average young couple...HDB or otherwise.

Originally posted by eagle:

Jan 5: Straits Times

Queenstown flat sold for record $890k!

Two intense days of door-knocking and a record $890,000 later, the buyer has his dream home - and the most expensive Housing Board flat in the country.

The owners had paid just over $300,000 for the 1,614 sq ft flat, which has four bedrooms, a living room and a study, in 1992.The old record for an HDB flat was $780,000 - also for an executive flat in Mei Ling Street - achieved last November.

Five other such flats in Mei Ling Street changed hands between November and December, ranging in price from $728,000 to $765,000.

I had read that story too, even a 30 years old 5RM flat in Ghim Moh is selling at 840K! I hope they won't faint when they seek mortages to those HDB houses, bank is able value those 30YEARS (WITH 69 YEARS LEASE) 5RM flats above 800K?

Bank valuation only half of market rate
I AM currently selling my freehold semi-detached property, which is in brand new and move-in condition. Based on the transacted rate of $720 per square foot (psf) in October last year for another house in the vicinity, and the conservative indicative price from DBS at $2.3 million (which works out to slightly above $580 psf), I asked for $2.4m for my property.
One buyer was keen to buy the house after viewing it, and checked with his bank, Citibank, for valuation. After getting Citibank's valuation at $1.4 million, a staggering difference from my asking price, the buyer backed out.

When I called Citibank in disbelief, the female officer gave me an indicative price at $1.6 million after checking with the bank's 'only approved valuation agency, Knight Frank'.

I called back shortly after and asked to talk to someone at a higher level. An AVP named Adeline Wee called me back.

First, she asked me if I was a Citibank customer. Once she found out I was not, she told me in an unfriendly manner that her officer had given the correct indicative price based on 'a few valuation agencies'. This differed from what the earlier officer had told me - that Knight Frank is Citibank's only approved valuation agency. I pressed Ms Wee for the names of the other agencies, and she named DTZ. She then reminded me that since I am not a Citibank customer, I have no right to question the accuracy of its indicative price. Does she not realise my buyer and I are potential customers? Also, whether I am a customer or not should not change the fact that Citibank should be diligent and professional enough to seek valuations from more than one agency, a practice I believe other banks follow. Such an inaccurate property valuation directly impacts property sellers like me.

I then called Knight Frank to check further. A director of valuation, Ms Lydia Sng, called me back after checking for a few hours. She insisted that its valuation was correct and based on the 'latest and only caveat' for a property near mine. I then told her that based on the Urban Redevelopment Authority's (URA) publicly available caveat records, there are three comparable houses nearby which were sold recently at $720 psf (October last year), $620 psf and $605 psf (July last year). She was surprised and did not seem aware that such records are available, which is astonishing considering she is in the property industry and I am not.

When I searched URA's caveat records for details of the caveat she had based the valuation on, I was shocked to find it had been lodged way back in June last year, before prices of suburban housing started moving up. This is serious as the resulting difference in price valuation is a million dollars, or roughly half the current market rate. Does Knight Frank base all its valuations on outdated transacted prices? If so, aren't the resulting property valuations a poor reflection of true market trends?

Does any authority or professional organisation evaluate valuation practices in the market?

Originally posted by iamgoondu:

I had read that story too, even a 30 years old 5RM flat in Ghim Moh is selling at 840K! I hope they won't faint when they seek mortages to those HDB houses, bank is able value those 30YEARS (WITH 69 YEARS LEASE) 5RM flats above 800K?

It is due to demand and supply.

Anyway for young couples, they could always opt to buy a flat near their parents and get an amount of subsidy. Last time it was $60k subsidy, now I'm not very sure... $40k? or?

jalan membina, 30th floor, 5 rm.

going at 900k. anybody?

Originally posted by alwaysdisturbed:

jalan membina, 30th floor, 5 rm.

going at 900k. anybody?

I'd rather go freehold for twice the price.

It's inflated due to the height.

Originally posted by alwaysdisturbed:

jalan membina, 30th floor, 5 rm.

going at 900k. anybody?

If there is buyer for a 30 years old 5 RM flat in Ghim MOh at 840K, I don't forsee any difficulties for you in selling ur Jalan Membina flat.

The problem is no one knows if the 840K is an inflated amount...

However if I am the owner of the Jalan Membina flat, I won't hesistate to let go of my house at 900K. I would take the monies and run away to Australia.

I foresee that the property fever is dying down. And I think that HDB flats prices will drop more while landed property prices might be more sticky downwards as developers could hold on to it for long periods or simply rent it out till a time when the prices go up again.

Originally posted by eagle:

It is due to demand and supply.

Anyway for young couples, they could always opt to buy a flat near their parents and get an amount of subsidy. Last time it was $60k subsidy, now I'm not very sure... $40k? or?

Don't you think the subsidy is just another pricing instruments for HDB to up the selling price of the resales flats. And in turn with higher valuation and selling price, the HDB can sell their new flats based on higher valuations...

Originally posted by eagle:

I foresee that the property fever is dying down. And I think that HDB flats prices will drop more while landed property prices might be more sticky downwards as developers could hold on to it for long periods or simply rent it out till a time when the prices go up again.

I am glad that you are seeing what I see. So don't you think that HDB is riding on this property fever to release their surplus flats? Even for flats due completion in 2012.

I don't think HDB releasing those surplus flats to ease the current property fever, rather now the properties prices are at their peaks. A US recession is imminent.

Originally posted by iamgoondu:

I am glad that you are seeing what I see. So don't you think that HDB is riding on this property fever to release their surplus flats? Even for flats due completion in 2012.

I don't think HDB releasing those surplus flats to ease the current property fever, rather now the properties prices are at their peaks. A US recession is imminent.

Whether they are really riding on it is up to question. The fact is, there are still lots of people who demand such HDB flats at those prices. although I have no idea why. Only benefit is, they can loan at 2.5% interest rate while those buying private properties can only loan from the banks at a 4% housing loan rate.

Although a US recession is imminent, Singapore still has the option to ride on China's economy. The money is already in the people's hand, and it is up to them whether to spend it

Originally posted by iamgoondu:

New 5RM flats (to be ready in 2012) in Queenstown are being selling at 500K! What an obscene amount to quote.

Strange the household income ceiling still set at $8000.

A salaried person probably have to toil for 20years, paying house loan at 5K/monthly, to complete payment for that flat.

Are we setting the HDB prices at prices beyond the means of most people? Are HDB suppose to provide affordable housing to the masses?

Most of Marine Parade flats are transacting at that price last year.

location location location

it's queensway.

If you can't afford it, you can join me at applying at seng kang along with the rest of us young kids.

As long as HDB is still supplying cheap flats to the public, does it matter how they price the good location flats? It's obviously not targetted to the young family.

Originally posted by deathbait:

location location location

it's queensway.

If you can't afford it, you can join me at applying at seng kang along with the rest of us young kids.

As long as HDB is still supplying cheap flats to the public, does it matter how they price the good location flats? It's obviously not targetted to the young family.

Now we know why the flats in Seng Kang so cheap, I guess the flats in Seng Kang will go down further after...................

Just kidding.

Originally posted by iamgoondu:

However if I am the owner of the Jalan Membina flat, I won't hesistate to let go of my house at 900K. I would take the monies and run away to Australia.

should change yer nick then.... goondumeh?

hi iamgoondu, can u pass us the link to this info? tks!