$100k-plus cash premiums offered for Tampines flat

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$100k-plus cash premiums offered for Tampines flat

Postby LOLMum » Mon Jul 18, 2011 10:57 pm

$100k-plus cash premiums offered for Tampines flat
By property_guru | Property Blog – 5 hours ago
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Following our breaking story on the asking price of $900,000 for an executive apartment in Pasir Ris, PropertyGuru received an exclusive tip-off from a property agent representing Knight Frank.

The agent, who only wants to be identified as Ravin, said he sold an executive mansionette flat at Block 151 Tampines Street 12 in March this year for $772,500.

According to the valuation report, the flat had a market value of $625,000 in December last year.

It was sold above valuation at $147,500 in March this year.

"We were marketing this property over two Sundays and had about 50 plus buyers come for the viewing. Almost half were able to offer COV of more than $100,000," said Ravin.

According to Ravin, the profiles of the potential buyers were Singaporeans in their late 30s to late 50s.

About five were able to offer a COV of more than $125,000.

"These buyers had the cash as most had sold off their landed property, private apartments, or HDB flats with good profits. Most were business owners," said Ravin.

Record COV?

Despite the high COV the mansionette achieved, it will soon be overshadowed by the executive apartment in Pasir Ris should it be able to command the asking price of $900,000, which had shot up to $918,000 after the story broke.

Taking recent transactions as a benchmark valuation price in Pasir Ris, executive apartments in the area are about $600,000.

The new asking price of $918,000 will translate to a record COV of $318,000.

COVs unlikely to go down

Despite the cooling measures, experts say COVs are unlikely to go down.

"The average COV now is about $30,000 to about $40,000 (or) to $50,000 in better and prime locations. I believe that's because of the demand in the market, which comes from newlyweds as well as new PRs and new immigrants coming to Singapore. Although there's a lot of BTO coming up, COV unfortunately will still be going up in the near future," Mark Teo, senior group division director at ERA was reported as saying to Channel NewsAsia.

Others say the new Build-to-Order announcement will ease pressure from the resale market.

"COV prices are bottoming out at around $21,000 and many first-time buyers will still be priced out of the resale market for this reason. Hence, they will definitely find great relief in this bumper crop of BTO flats," said Adam Tan, PropNex corporate communications manager.

New BTO flats eases pressure from resale market

The new HDB flats wil comprise seven BTO projects spread across five estates, namely Sengkang, Tampines, Jurong West, Bukit Panjang and Yishun.

Most of the flats on offer are four and five-room units priced at $217,000 and $274,000 respectively.

According to HDB, it is on track to deliver 25,000 BTO flats in 2011.

The supply of new flats is expected to ease pressure from the resale market which could see their prices falling in the next six months.

This is partly due to economists' recent revision of weaker economic growth in the second quarter and a 25 percent drop in private property transactions in June.

The Resale Price Index (RPI) was 179.9 points in the second quarter, an increase of 2.9 percent over the first quarter.

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gosh, me think agents trying to push price up up up.

LOLMum
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Re: $100k-plus cash premiums offered for Tampines flat

Postby 1amber » Mon Jul 18, 2011 11:05 pm

I think this is a case of money not spent wisely :slapshead:

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Re: $100k-plus cash premiums offered for Tampines flat

Postby nettie » Tue Jul 19, 2011 10:16 am

wah! what happen will to our next generation? $500k abv value? :siam: :shrug: :moneyflies:

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Re: $100k-plus cash premiums offered for Tampines flat

Postby raysusan » Tue Jul 19, 2011 10:22 am

i wonder is the buyer a singaporean?

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Re: $100k-plus cash premiums offered for Tampines flat

Postby pinky » Tue Jul 19, 2011 10:36 am

raysusan wrote:i wonder is the buyer a singaporean?


to foreigners especially those from HK or Taiwan, the size and price may be dirt cheap to them, at least when compared to what they can buy back home..

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Re: $100k-plus cash premiums offered for Tampines flat

Postby tankee » Tue Jul 19, 2011 11:23 am

spoilt market.

too much money until don't know how to spend wisely?

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Re: $100k-plus cash premiums offered for Tampines flat

Postby 1amber » Tue Jul 19, 2011 11:44 am

should just give me! :moneyflies:

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