Tuesday, September 11, 2012

Khaw urges calm after S$1m flat price

Singaporeans should not be upset over reports that a resale flat was sold for S$1 million, said National Development Minister Khaw Boon Wan during a recent dialogue session with grassroots leaders in Sembawang, reported The Straits Times
Mr Khaw explained that there will always be premium units offering fantastic views that will command very high prices, just like the case of the executive maisonette in Queenstown.

The sale of that unit is still on-going and is expected to hit S$1 million, with a cash-over-valuation (COV) of S$195,000.

However, Mr Khaw pointed out that the bigger picture is more important. In the last few months, the government managed to keep housing prices affordable, especially for new Build-to-Order (BTO) flats.

Moreover, the record price of the executive maisonette shows that public housing can offer luxurious living conditions, he added.

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