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Zeny
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PostPosted: Sun Dec 14, 2008 11:29 am    Post subject: 4-room flat sold for record $495,000 Reply with quote

ASIAONE / BUSINESS / MY MONEY / PROPERTY / STORY

Desmond Ng
Sun, Dec 14, 2008
The New Paper

4-room flat sold for record $495,000

NEWSPAPER vendor Goh Wee Kiat, 48, refused to budge on his price when he put his four-room Housing Board (HDB) flat up for sale six months ago despite the softening property market.

His persistence reaped dividends when the flat, in Marine Parade, was sold for a staggering $495,000 in late October.

That is $65,000 above valuation.

It was a record price paid for such a four-room flat in the area, and it came as a surprise to industry watchers, considering the quiet property market and bleak economic climate.

In September, another four-room flat in that same 'lucky' block located at Marine Terrace was sold for a then-high of $490,000.

Both flats are about 33 years old.

Transacted prices for four-room flats in the area have never been more than $445,000 in the last six years, property agent Samuel Lew of ERA, who brokered the deal, said.

Costlier than bigger flats

At such prices, the two flats are more expensive than some of the newer executive flats in the market.

For example, a 1,571-sq-ft executive flat in Yishun was sold for $375,000 last month, information from HDB's website showed. That unit was about 20 years old.

In Mr Goh's case, he bought the Marine Parade 947-sq-ft flat in 1999 for about $328,000.

He is married with two children, a daughter, 16, and a son, 13. His wife, 50, is a homemaker.

He is pocketing at least a cool $167,000 gross profit from the sale of his flat. It is not the first time he has profited from the sale of his flats. (See report, above right).

In about two months' time, he will be saying goodbye to the superb sea view from his unit. The view was why the buyer paid such a premium for the place.

Mr Goh said in Mandarin: 'We will be sad to leave this flat because we really love the sea view here. During the National Day celebrations, we could even see the fireworks from our unit.

'I know that flat prices here are good because of the view and location. That was why I was quite stubborn about my price. And I dared to ask for a high price because my unit is also on a high floor.'

From his living room, you get a stunning unblocked 180-degree-view of East Coast Park, the upcoming Marina Bay Sands integrated resort and even parts of the Central Business District.

And the city centre is just a quick drive away.

Mr Goh said that the buyers, a couple in their 40s, spent most of their time looking at the seaview instead of the condition of the flat.

He said: 'Most of the potential buyers who came to see the unit asked many questions about the place and the condition. But this couple spent more time looking at the sea than the unit.

'The sea view was also what attracted me to this place nine years ago. I paid a premium too for the flat, about $20,000 above valuation then.'

His agent, Mr Lew, said that it was quite a quick deal.

Deal within 30 minutes

The buyers saw the place, liked the view and offered an irresistible price - all within 30 minutes, he said.

The New Paper was not able to get in touch with the buyers.

Mr Goh and his family will be moving to Melville Park, a condominium in Simei. They paid about $610,000 for the 1,160-sq-ft unit.

He said: 'We were not in a hurry to sell the flat. But I wanted to move so that my son would be closer to his secondary school in Tampines.

'It takes him about an hour to get to school, and I've received complaints from his teacher about his being late. So I thought we should move closer to his school instead.'

The executive director of HSR Property Group, Mr Eric Cheng, said that such record prices are uncommon in today's market.

'We usually see record prices in good markets, where buyers try to outbid each other and are willing to pay higher for some units,' he added.

But Mr Cheng explained that Marine Parade is a niche and popular estate because some people appreciate the value and potential of that area.

He added: 'Some of these flats have that strong X-factor because of the location, potential MRT station coming up and the sea view.

'These buyers are willing to pay a forward price, where they pay a premium, because they think the price of the flat will appreciate in the future.'


--------------------------------------------------------------------------------

Mr Goh's upgrading profits

Bought three-room flat in Marine Parade in 1979

Price then: $45,000

Sold in 1999: $215,000

Gross profit: $170,000

Bought four-room flat in Marine Parade in 1999

Price then: $328,000

Sold this year: $495,000

Gross profit: $167,000

This article was first published in The New Paper on December 12, 2008.


Confused Confused Confused Confused

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Vegas
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PostPosted: Sun Dec 14, 2008 12:51 pm    Post subject: Reply with quote

Let's hope residents of Coris, Aspella, Atrina & Tivela will able smash the record in 5 years time.
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Daknioelh
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PostPosted: Sun Dec 14, 2008 2:52 pm    Post subject: Reply with quote

No not so much already as there are more and more houses along MRT Corridor but if our next plot of land is Shopping centre then is another saying liao.
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666
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PostPosted: Sun Dec 14, 2008 11:49 pm    Post subject: Reply with quote

not bad leh..newspaper vendor can buy condo juz from profits from sale of house.
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zing
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PostPosted: Mon Dec 15, 2008 12:47 am    Post subject: Reply with quote

buyer must be some rich expats Razz
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Bumblebee
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PostPosted: Mon Dec 15, 2008 9:24 am    Post subject: Reply with quote

Yeap, some silly no sense-for-value buyer who were either misled into paying too much for a 33-year old HDB flat. Wait until that purchased flat kenna SERS, then the pains will set in. Very Happy
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James Ang
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PostPosted: Wed Jan 28, 2009 10:54 pm    Post subject: Reply with quote

blackjet wrote:
The Q4 2008 HDB Resale Flat Price Index is at 139.4, only 1.8% above the Q4 1996 high.

With the extra $10K given to HDB buyers, that will bring the total grant to $40K for 1st time resale buyers and $50K if near parents! Wow! assuming a 4rm valuation at $280k, that is a 17% discount! A decent margin of safety, dun you think?

With ppl being more defensive and conservative in this environment and difficulties in getting bank loans and with the additional grant, I think HDB flats might even achieve a small rally.

Cheers


Assuming the scenario for new 4 room BTO flats selling at $300k. 1st timer may be tempted to get a 4 room resale flat instead at a premium price due to the 4-5 year waiting time (opportunity cost) for getting a BTO flat. If the opportunity cost is $50k to 100k ($10k to 20k a year opportunity cost), with the new $50k grant and assuming no need for renovation cost ($50k to 100k) when buying a nicely done up resale flat, equivalent resale 4 room flats may theoretically end up to be $300k+$50k(min opportunity cost)+$50k(min renovation cost)+$50k(grant) = $450k each. :wink: A nicely done up 4 room flat can even fetch $550k!

And not to mention that resale flat buyers can have more choices to get their dream flat in the desired town and flats that are near to MRT stations, top schools, swimming pools and stadium and malls, facilities etc.

if it happens,
The price of a 4 room flat = $450k or more
the price of family togetherness and happiness = priceless

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RN53
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PostPosted: Thu Oct 17, 2013 7:53 pm    Post subject: Reply with quote

Vegas wrote:
Let's hope residents of Coris, Aspella, Atrina & Tivela will able smash the record in 5 years time.

Yes, that is definitely smashed............highest transacted price at Aspella was $650K. Nod

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Daknioelh
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PostPosted: Sat Oct 26, 2013 10:32 pm    Post subject: Reply with quote

But now sad to say... i can't reached that price after the government implemented so many rules and my prices just drop so sharply
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RN53
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PostPosted: Sat Oct 26, 2013 11:06 pm    Post subject: Reply with quote

The two main policies changes, singles Singaporeans can buy BTO and PR must wait 3 years, have reduced the hot demands for Resale flats for now. Coupled with the increased launches of new flats this year and after, the Resale market has hit a plateau for now.
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Jessica Lim
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PostPosted: Sat Oct 26, 2013 11:24 pm    Post subject: Reply with quote

RN53 wrote:
The two main policies changes, singles Singaporeans can buy BTO and PR must wait 3 years, have reduced the hot demands for Resale flats for now. Coupled with the increased launches of new flats this year and after, the Resale market has hit a plateau for now.


Well, if the government continue to implement these kinds of policies they are going to provoke all those people who are getting their new coming flat and at the same time hoping to sell their existing flat above valuation price or at least valuation price.

Gossip Gossip Gossip

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RN53
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PostPosted: Mon Oct 28, 2013 6:08 am    Post subject: Reply with quote

Daknioelh wrote:
But now sad to say... i can't reached that price after the government implemented so many rules and my prices just drop so sharply

No difference, brother.
When you sell high, you have to buy high as well. Unless you downgrade, otherwise no significant difference. Smile

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Nasi_lemak
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PostPosted: Mon Oct 28, 2013 9:24 am    Post subject: Reply with quote

So bro Daknioelh, wats your valuation like? COV at which range for Aspella now?
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Npg
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PostPosted: Wed Oct 30, 2013 3:58 pm    Post subject: Reply with quote

Why you want to sell?
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RN53
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PostPosted: Fri Aug 08, 2014 9:30 pm    Post subject: Reply with quote

I was fortunate to sell almost at the highest for my The Coris flat.
It was the constant knocking on my unit's door from Housing Agent that prompt me to sell out with great offer/s, I thanks them for their hints/tips.
Now, I lived in a HDB 5-rm Resale unit in Woodlands which was my well-analysed preference to re-locate before I sold my Sengkang flat.

Hope that this flat will appreciates with the expanding developments up North and I could made some in the future (6 years or so) when I decides to down-grade, if necessary. Smile

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