Authorities call out $2m HDB flat listings, including misleading ad for jumbo unit in Sengkang

[The_King]

SINGAPORE - The authorities have called out the listings of two HDB flats that were put up for sale for $2 million – one listing was for two adjacent five-room flats in Sengkang marketed as a jumbo flat, while the other was a five-room flat in Toa Payoh with an “unrealistic asking price”.

In a joint statement on May 8, the Ministry of National Development, Housing Board and Council for Estate Agencies (CEA) said CEA is aware of the listings put up by two property agents and is investigating.

The listing on the PropertyGuru platform for a 2,400 sq ft jumbo flat in Block 314C Anchorvale Link with six bedrooms and four bathrooms was “misleading”, as there are no such flats in the block, the authorities said.

 

“The jumbo flat listed is actually two adjacent five-room flats, which are not eligible to be converted into and sold as a single unit,” it added.

The authorities said the listing was taken down after CEA brought up the misleading advertisement to the agent’s property agency.

“CEA is investigating the matter and will take firm action if any breaches are established,” it said.

 

 

It noted that five-room flats in the precinct changed hands for around $580,000 over the past six months, and that the $2 million asking price is more than $800,000 above the combined value of two five-room flats.

 

 

The property agent who put up the listing, Mr Andrew Nair from ERA Realty Network, told The Straits Times that the owners of the two flats – who are related – had got approval from HDB to hack the living room wall and combine both units when they bought it about six years ago.

“The owners are looking to sell them together, but the requirement is that there has to be two buyers,” he said.

Mr Nair added that he had removed the listing after ERA’s legal and compliance team told him to market the flats as two separate units. He will list the flats again after getting approval.

 

Separately, the authorities said a five-room Design, Build and Sell Scheme (DBSS) flat in The Peak@Toa Payoh, that was also listed for $2 million, does not have an intent to sell registered with HDB.

This means that the potential seller cannot grant an option to purchase to buyers at this stage. Sellers of HDB flats have to register their intent to sell before they put their flat on the market.

The authorities noted that the $2 million listing price is almost half a million dollars above the highest transacted price in the area, and said many property experts deem it an “unrealistic asking price”.

Property agent Joyce Lim, who is with ERA, told ST that the owner of the 1,258 sq ft flat in Lorong 1A Toa Payoh is planning to register for the intent to sell.

The listing, which was put up on April 16, advertised the flat as being on a “super high floor” with “unblocked city view”.

The highest transaction at the development was $1,568,888 for a five-room, 1,258 sq ft unit between the 40th and 42nd storeys, which was sold in January 2024.

The authorities said a five-room Design, Build and Sell Scheme flat in The Peak@Toa Payoh, that was also listed for $2 million, does not have an intent to sell registered with HDB. PHOTO: LIANHE ZAOBAO FILE

At the listed price of $2 million, both the Sengkang and Toa Payoh flats will come with significant cash over valuation (COV), the authorities said. COV is the amount a buyer has to pay in cash when a resale flat is sold above its HDB valuation.

“While the HDB resale market transacts on a ‘willing buyer-willing seller’ basis, the Government will not condone behaviour, whether by agents or sellers, that seek to disrupt the market or fan consumer sentiment,” the authorities said, urging buyers to plan their budget carefully and be prudent to avoid overstretching their finances.

“We should not expect housing prices to increase indefinitely amid global economic uncertainty and geopolitical instability.”

Under the code of conduct for estate agents, property agencies and agents have a duty to uphold the integrity and professionalism of the real estate industry, and to act responsibly in conducting their work, the authorities added.

CEA will look into the information presented by property agents when they market HDB flats, to protect the interests of the public and so buyers can make informed decisions, it said.

 

Mr Nicholas Mak, chief research officer at property search portal Mogul.sg, said that if the property agents are aware that the $2 million asking price is unrealistic, they should advise the sellers to lower it.

“It is very obvious that the asking price of $2 million for a HDB flat in the current market, regardless of whether it is a DBSS flat or a jumbo flat, is significantly above the recent transacted prices of similar flats in the respective HDB towns,” he added.

The authorities added that Singaporeans have a wide range of affordable flats to choose from, such as Build-To-Order (BTO) flats that come with significant market discounts.

The majority of four- and five-room BTO flats offered in 2023, that do not fall under the prime location public housing model, were below $600,000 before grants, it noted.

Seven in 10 five-room and smaller resale flats changed hands at below $600,000 before grants, it added.

[The_King]

sound like the 2m hdb flat before GE 2025 make them scare

[Satki]

It will not stop.

 

Time for Desmond Lee to wake up or be voted out.

 

I think he knows his tenure will be shortlived now that Iswaran is going to jail soon

[Satki]

Some part of his peranakan roots is showing as he dont look chinese?

 

anyone suddenly getting visits from your "MIA" PAP MPs lately?

[Coffee_O]

too many agents scums around liao.

like i always said there r 3 types of people i do not trust in this world

1. Politicians

2. Lawyers

3. Agents of any kind (insurance, property, cars)

 

if you are 2 out of 3 you are one of the biggest scums in the world. no prize on guessing who is it LOL

13 hours ago, The_King said:

Under the code of conduct for estate agents, property agencies and agents have a duty to uphold the integrity and professionalism of the real estate industry, and to act responsibly in conducting their work, the authorities added.

this is a joke right? LOL

[The_King]

1 hour ago, Coffee_O said:

too many agents scums around liao.

like i always said there r 3 types of people i do not trust in this world

1. Politicians

2. Lawyers

3. Agents of any kind (insurance, property, cars)

 

if you are 2 out of 3 you are one of the biggest scums in the world. no prize on guessing who is it LOL

this is a joke right? LOL

you dont trust 3 type of ppl, i only trust 2 type of ppl

 

 

[socrates469bc]

On 5/8/2024 at 8:25 PM, The_King said:

sound like the 2m hdb flat before GE 2025 make them scare

 

On 5/8/2024 at 8:49 PM, Satki said:

It will not stop.

 

Time for Desmond Lee to wake up or be voted out.

 

I think he knows his tenure will be shortlived now that Iswaran is going to jail soon

 

On 5/9/2024 at 9:48 AM, Coffee_O said:

too many agents scums around liao.

like i always said there r 3 types of people i do not trust in this world

1. Politicians

2. Lawyers

3. Agents of any kind (insurance, property, cars)

 

if you are 2 out of 3 you are one of the biggest scums in the world. no prize on guessing who is it LOL

this is a joke right? LOL

 

diam diam lah, kumgong pappy serfs!!!!!!!!

 

this is the best legacy that clown prince left b4 he retires, ok?????????

 

wahahahahahahahahahahahaha

 

Edited May 10 by socrates469bc

[Satki]

They knocked and knocked last night

 

I bo hiew

 

pity Nicole is now slutting with Leon

[Satki]

1 minute ago, socrates469bc said:

 

 

 

diam diam lah, kumgong pappy serfs!!!!!!!!

 

this is the best legacy that clown prince left b4 he retires, ok?????????

 

wahahahahahahahahahahahaha

 

 

mai diam can or not

 

the chanting is about to begin leow

 

time to take out my light blue umbrella

[socrates469bc]

7 minutes ago, Satki said:

 

 

mai diam can or not

 

the chanting is about to begin leow

 

time to take out my light blue umbrella

 

which hole u living in, kumgong pappy serf??????

 

the chanting alrdy began yesterday liao.

 

tiagong it will end with a parade on wednesday

 

wahahahahahahahahahahaha

 

 

[Satki]

25 minutes ago, socrates469bc said:

 

which hole u living in, kumgong pappy serf??????

 

the chanting alrdy began yesterday liao.

 

tiagong it will end with a parade on wednesday

 

wahahahahahahahahahahaha

 

 

what kind of chant?

 

na mor loh?

 

 

[socrates469bc]

26 minutes ago, Satki said:

 

what kind of chant?

 

na mor loh?

 

 

 

" In the Name of Ah Kong, Clown Son and Pappy Lightning, We, the pappy kumgong serfs, give our thx to 10% GST"

 

Psalm GST 1:1

[Huat Zai]

4 hours ago, socrates469bc said:

 

which hole u living in, kumgong pappy serf??????

 

the chanting alrdy began yesterday liao.

 

tiagong it will end with a parade on wednesday

 

wahahahahahahahahahahaha

 

 

 

4 hours ago, Satki said:

 

what kind of chant?

 

na mor loh?

 

 

 

3 hours ago, socrates469bc said:

 

" In the Name of Ah Kong, Clown Son and Pappy Lightning, We, the pappy kumgong serfs, give our thx to 10% GST"

 

Psalm GST 1:1