Tuesday, September 11, 2012

PRC new citizen buys million-dollar HDB

Following reports of a Bishan maisonette sold for S$980,000, a resale executive maisonette at Mei Ling Street in Queenstown has topped the record for being the first public housing unit to reach the million-dollar mark, according to The Business Times
The buyer and seller have already agreed on the price but the first appointment with the Housing and Development Board (HDB) has yet to take place, said Lee Sze Teck, Senior Manager for Research and Consultancy at DWG, the agency brokering the deal.

It is understood that the naturalised Singaporean buyer and her China citizen father paid a cash premium of S$195,000 for the unit near Queenstown MRT station. Its size has not been revealed.

Once the sale is completed, the property will top HDB’s list of apartments that fetched prices close to S$1 million this year.

Despite the recent high prices, property experts said that there is no property bubble as these expensive units are often located in popular areas and offer sought-after design features uncommon in public housing.

For instance, the Mei Ling Street flat offers an “unblocked view and it is very near the MRT station”, said Lee.

He added that buyers are usually drawn to homes that offer good views and layout, and in some cases, good feng shui.

As for the executive maisonette in Bishan, it offered a roof terrace that’s unique in public housing, noted Eugene Lim, Key Executive Officer at ERA Realty.

Lim said that buyers are willing to spend huge amounts, especially for homes located in “hot areas” such as Bishan, Marine Parade, Toa Payoh and Queenstown.

View the original article here

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