Friday, May 27, 2005
Singles, PRs can now buy older, unsold HDB flats
May 26, 2005
Singles, PRs can now buy older, unsold HDB flats
by Tan Hui Yee
SINGLES and permanent residents who could only purchase resale Housing Board flats, have been given the chance to buy older, unsold homes.
They can now buy about 100 in Jurong West, Bukit Panjang and Sengkang for starters, under a scheme the Housing Board has introduced to clear some of its large stock of these units.
Most have been vacant since they were built about four or so years ago.
The flats, all five-room or executive units, are being put on the market as resale units after repeated attempts to find buyers for them failed.
Other groups of property buyers also stand to benefit if they plump for one of the units, which are being marketed by HDB subsidiary EM Services.
Those who currently own a flat they bought directly from the HDB will not have to pay a resale levy, while private property owners will be freed from having to wait 30 months after they sell their home.
If the scheme proves successful, the HDB said it could offer more unsold units and appoint more marketing agents.
At September last year, it reported a stock of 10,000 vacant flats.
Some of the 100 units are going for about $50,000 less than other resale flats in the three areas.
The Straits Times understands that one of these unrenovated, ninth-floor, five-room flats in Jurong West is being offered for about $210,000.
Typical renovated resale homes there would cost around $260,000.
Housing agents interviewed expressed concern that the lower prices will drag down the value of resale units in the area.
The managing director of C&H Realty, Mr Albert Lu, pointed out: 'Anybody considering buying a five-room or executive flat there will definitely go for these units because they're so much cheaper.'
But the HDB expects any impact on the resale market to be 'minimal' because of the small number of units involved.
Asked how the flats' prices have been determined, it said these are based on 'market value', determined by qualified valuers.
It stressed yesterday that its various measures to clear its stock of unsold flats, like allowing buyers to book a unit on the spot, have been 'generally effective'.
The new scheme is to move those which have been turned down 'despite repeated sales offers'.
Some of the units have been offered to private developers as well as Nanyang Technological University, and declined.
Singles like Ms Jessica Lee, who is in the market for a resale four-room flat, said she is open to getting a bigger unit.
'This new measure is good,' the personal assistant, who turns 35 in July, said.
'A resale flat is so expensive.'
Singles, PRs can now buy older, unsold HDB flats
by Tan Hui Yee
SINGLES and permanent residents who could only purchase resale Housing Board flats, have been given the chance to buy older, unsold homes.
They can now buy about 100 in Jurong West, Bukit Panjang and Sengkang for starters, under a scheme the Housing Board has introduced to clear some of its large stock of these units.
Most have been vacant since they were built about four or so years ago.
The flats, all five-room or executive units, are being put on the market as resale units after repeated attempts to find buyers for them failed.
Other groups of property buyers also stand to benefit if they plump for one of the units, which are being marketed by HDB subsidiary EM Services.
Those who currently own a flat they bought directly from the HDB will not have to pay a resale levy, while private property owners will be freed from having to wait 30 months after they sell their home.
If the scheme proves successful, the HDB said it could offer more unsold units and appoint more marketing agents.
At September last year, it reported a stock of 10,000 vacant flats.
Some of the 100 units are going for about $50,000 less than other resale flats in the three areas.
The Straits Times understands that one of these unrenovated, ninth-floor, five-room flats in Jurong West is being offered for about $210,000.
Typical renovated resale homes there would cost around $260,000.
Housing agents interviewed expressed concern that the lower prices will drag down the value of resale units in the area.
The managing director of C&H Realty, Mr Albert Lu, pointed out: 'Anybody considering buying a five-room or executive flat there will definitely go for these units because they're so much cheaper.'
But the HDB expects any impact on the resale market to be 'minimal' because of the small number of units involved.
Asked how the flats' prices have been determined, it said these are based on 'market value', determined by qualified valuers.
It stressed yesterday that its various measures to clear its stock of unsold flats, like allowing buyers to book a unit on the spot, have been 'generally effective'.
The new scheme is to move those which have been turned down 'despite repeated sales offers'.
Some of the units have been offered to private developers as well as Nanyang Technological University, and declined.
Singles like Ms Jessica Lee, who is in the market for a resale four-room flat, said she is open to getting a bigger unit.
'This new measure is good,' the personal assistant, who turns 35 in July, said.
'A resale flat is so expensive.'
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// posted by Shajahan @ 10:03 AM 