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SDG955,000 for a 14-year old flat in Singapore

If you have a family, working in Singapore and simply love a certain area in Singapore, how much would you be willing to pay? Well, according to an article in PropertyGuru.com.sg, a 5-room HDB resale flat in Toa Payoh recently changed hands for $955,000. The sale even happened in the Ghost Month which is usually a quiet period for anything and everything for the Chinese. Size of the unit is 124 sqm. (+/-1335sq ft) It’s a 14-year old flat and located at Block 154 in To a Payoh between the 22nd and 24th storeys, according to HDB data.
8 years ago, in July 2007, a 5-room resale flat on the 28th storey of the same block was sold for $650,000. At that time, it was also a record. Well, the current price showed that records are meant to be broken again and again. One key reason according to Eugene Lim, Key Executive Officer at ERA Realty is that the particular unit enjoys an excellent location. It is opposite the To a Payoh Town centre, near to the Toa Payoh MRT station with an underpass directly linking the flat to it. As the unit is on a high floor, it is not blocked by other surrounding flats too, thus having unobstructed views. Fortunately, he said that the deal is more likely an exception than a norm. He does not foresee such deals to become a trend.
I personally think when the richer middle class gets richer, some of them may set some of these new records. This is not happening only in Singapore but also in some of the more popular areas in Greater KL. The super-rich ones would never consider buying a HDB flat and the super-wealthy ones in KL would never buy a RM950,000 condo of 1,000sf.  They would definitely be buying a gated and guarded landed property with club house for RM1.8 million instead. The typical middle class? Well, they would most likely stick to the much lower priced ones, perhaps giving a lower consideration weightage to the actual area and put the actual needs in terms of schools, malls etc on a higher scale instead. People may ‘smile’ at you for staying in a lesser known area but at least you have a decent-sized home and not those exceptionally small units in popular areas. Yes, I am quite proud about this fact; decent-sized home in a lesser popular area. This has been be the same philosophy for me since my first home at the age of 25. Haha. I don’t really mind people ‘smiling’ at me. Happy buying your favourite unit and enjoying it.
written on 16 Sept 2015
Next suggested article: More “shoebox” units in Singapore. Fancy one?

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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0 Responses

  1. The price is really ridiculous.. in my opinion, it is not worth buying in such of high price with the size of layout, furthermore, in sgp, all HDB are leasehold type in 99 years lease.
    I know that toa payoh is considered a prime location where located center of SGP but the price is too high, i really don’t understand why there is such a buyer could willingly to pay for it.
    Good Luck.

    1. Hi Ang, I m very sure the buyer has a valid reason. Many times what we like may not also what others love. I do know that the buyer is pretty rich even for a Singaporean standard.

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