Jul 13, 2011 - PropertyGuru.com.sg
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Following Sim Lian Group’s highly controversial Design, Build and Sell Scheme (DBSS) project in Tampines, the Housing and Development Board (HDB) is once again under fire after an eye-popping listing was posted on PropertyGuru.The listing shows a 1,528 sq ft HDB executive flat in Block 780, Pasir Ris Street 71, with a selling price of S$900,000.
The unit’s asking price is higher than the average selling price in the area, considering that it is a public housing project situated in a non-prime area and has no facilities.
It is also not within walking distance to White Sands mall or Pasir Ris MRT station.
Roza Sure Bagus, Managing Director of Sure Bagus (Asia) Pte Ltd, said, “The asking price of S$900,000 is definitely way beyond the market price. It is certainly a one-off case which if the agent is able to get, it will be a record price for Pasir Ris.”
Roza sold a flat in Pasir Ris recently for S$696,000, which is S$96,000 above valuation.
“The S$96,000 (in) above valuation is still okay, provided the house has a good view, high floor and good interior. Nevertheless, if they are buying at S$96,000 above valuation, the buyer’s taste in the décor may not be the same. They may renovate everything.”
Caveat data reveals that the average psf pricing of similar properties sold in the area this year is between S$400 psf and S$500 psf.
The asking price for the executive flat translates to S$589.01 psf, which is well above the market price.
However, Roza believes there might still be a willing buyer.
“For a person who buys such a flat, he might buy it for sentimental value. Perhaps, it has a breathtaking view which he may not be able to get elsewhere.”
“The buyers are likely to be from the private property market who have already sold their properties or who were en bloc owners who made a huge profit. It is unlikely they will take any loan. They would buy this unit in cash, full settlement,” said Roza.
To contact the journalist, you may send your message to editor@propertyguru.com.sg
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Reader Comments: (10 comments)
This price bench marking recalls similar l neighboring prices moving in tandem with feo new launches in pte residential launches.
sellers can ask any price they want . doesn't mean there will be potential buyers stupid enough to buy - unless they filthy rich or house got tremendous fung shui.
Absolutely ludicrous !! Govt MUST review the valuation system and STOP this speculative buying and spiking the prices. All we need is 4-5 transactions in one Zone and all the values spike after the transacted dates. GOD help us.
if this goes on, your 1/2-million dollar 3-room flat may be just around the corner. the problem is very real, and this is what i hope the authority could investigate on.
if you know property transactions, you will understand that no real money needs to be transacted for cov paid. and if a hdb is sold at a high price, it will set the pace for the subsequent ones in terms of their base valuation. TBC
let's not get overly excited. it's a willing-buyer-willing-seller market. what i worry more is that there might be individuals out there who are trying to manipulate (read: corner) the prices of hdb flats. TBC
There is no no no way the agent or owner can sell @ this price!:( btw, agent are not doing his /her job to educate the seller to be realistic and the real market!! Very very sad got this type of agent!!
If there's a willing seller & buyer, then what's the fuss?
It is not the sellers who are ridiculous, it's the buyers...Who are they and where are they from? If they are foreigners, then I guess we Singaporeans have to match our prices.
miracle if its sold