Friday, September 08, 2006
[RealEdge] TodayOnline Forum : Resale valuation same as HDB's direct sale prices?
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| Resale valuation same as HDB's direct sale prices? Friday ?September 8, 2006 Letter from Gary Lim Gay There seem to be disconnection between resale HDB prices and market reality, as well as with the prices of HDB flats sold direct to first-time homebuyers. If you bought a flat from the resale market during the Asian financial crisis of 1998-89 (not the market peak in 1996), and compare that scenario to the strong economic picture today, would you expect the HDB homeowner to be sitting on an asset loss of close to $110,000? Either valuation prices then or now are not in sync with reality. And if one compares resale prices to the prices of flats sold directly by HDB to first-time home seekers, presumably at a subsidy, one wonders how HDB and the private valuers arrive at the pricing/valuation. Take for example the prices of direct HDB flats sold under the balloting system in Queenstown and Bukit Merah from the HDB website. The prices at the higher-end of the price-range are no different from the values accorded by valuers for resale flats for the same flat types in the same area, though the resale flats generally have larger floor areas. Five-room flats in Bukit Merah and Queenstown are being priced up to as much as $417,000 in the balloting exercise, but the average resale prices as valued in those areas were only $397,000 and $420,000 respectively. Have the valuers got it wrong? | |
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// posted by Shajahan @ 10:41 AM 