The opportune timing to upgrade

Too tired of transporting their 2-year-old daughter named Rachel between the place of her parents in Ang Mo Kio and their home in Jurong West everyday, the Loh family decided to move to another place and thus started to search for a new residence in the Ang Mo Kio last year.

Mr. Loh Yew Hoe, a 31-year-old bank employee said, "We knew it's not the best climate to buy property, but baby-sitting concerns were our utmost priority. This area also has some good schools, which will be timely for when Rachel grows up”.

He and his wife, Sharona Lee, a 28-year-old financial adviser scrutinised almost 20 HDB flats and condo units in the area before they eventually settled on a unit with two bedrooms in Seasons Park next to Yio Chu Kang Road.

Mr. Loh paid $600,000 for the unit comprising 1,100 square feet in November: “As Ang Mo Kio is a very popular place to live in, most of the five-room HDB flats we viewed were valued at about $500,000 and going for around $50,000 to $80,000 above valuation”. The family settled in their new dwelling two weeks ago.

Now, it only takes five minutes to the flat of Ms Lee's mother located in Ang Mo Kio Avenue 5, which appears very easy for them in transporting Rachel compared to their previous home that takes 40 minutes of transportation.

According to Mr Loh, it was a suitable timing that the resale market of HDB remained buoyant while they were dealing their HDB flat a year ago. The five-room unit, which Mr. Loh bought last 2004, was sold for almost double the cost they purchased it for.

Quoting the 10% to 15% decline in the prices of private properties, mainly in the suburban regions, a year ago, Mr Loh said, ”If I bought an HDB flat, I would be selling high and buying high, so I consider buying private property a better choice”.