Elderly couple buys 5-room HDB resale flat in Clementi for $1.04 million, pays in cash

[The_King]

An HDB flat in Clementi has been sold for a record $1.04 million, making it the fourth unit within the same block sold in recent years to breach the million-dollar figure.

According to property site Edgeprop on July 17, the deal for the 1,248 sqft unit was closed within a day between the seller and the buyers — an elderly couple who are downsizing from their landed property in West Coast.

The deal was paid for in cash.

The particular block, 441A, is part of Clementi Towers, the first HDB project to be integrated with both a mall and a bus interchange — which accounts for its high value. It also has 91 years left on its lease.  

In Aug 2016, a 5-room flat at the same block sold for just slightly over $1 million, and it was the first time a flat outside of the Pinnacle @ Duxton housing development that went past the million-dollar resale mark.

Another unit in the block was sold for $1.038 million in July 2019, and a third unit transacted at $1 million in January 2020. 

 

 

https://www.asiaone.com/money/elderly-couple-buys-5-room-hdb-resale-flat-clementi-104-million-pays-cash

[XianGe]

There's many ways to spend $$$ buts it's hdb and an asset value gng downwards after specific yrs

[ManOfTheHour]

Siaolangs

[Satki]

Well they want to encash out and just want to have people around

 

 

[socrates469bc]

the easy way out now is for public housing to be privatized after a certain number of yrs but this will restrain the land recycling.

 

the other way out will be abit more complicated and politically damaging to pappy.

 

a mandatory shortening of the lease to 45 yrs for all new hdbs, the govt to make compulsory acquisition of hdb flats above 45 yrs a firm policy and not ad hoc as current and the compensation paid will be determined at 10% discount to the then prevailing market rate.

 

i wonder who is the smart alec who suggested to Ah Gong to have this hdb time bomb without thinking of the implications.

[aaur4man]

16 minutes ago, socrates469bc said:

the easy way out now is for public housing to be privatized after a certain number of yrs but this will restrain the land recycling.

 

the other way out will be abit more complicated and politically damaging to pappy.

 

a mandatory shortening of the lease to 45 yrs for all new hdbs, the govt to make compulsory acquisition of hdb flats above 45 yrs a firm policy and not ad hoc as current and the compensation paid will be determined at 10% discount to the then prevailing market rate.

 

i wonder who is the smart alec who suggested to Ah Gong to have this hdb time bomb without thinking of the implications.

 

If govt do this, property gonna crash first, by next erection will be ousted.

 

That's if they have enough income to last till the next

[socrates469bc]

2 minutes ago, aaur4man said:

 

If govt do this, property gonna crash first, by next erection will be ousted.

 

That's if they have enough income to last till the next

 

pappy's legitimacy is built on hdb but in the late 1990s, some smart alec suggested to Ah Gong to allow hdb reselling without telling thinking of the lt implications.

 

the easy way out is to privatize hdbs after 10yrs and then let the market decide.

 

and then there is the issue of lease renewal.

 

in most countries, lease renewal is option of the leaseholder and payment is based on a certain formula.

 

but in sgp, the option apparently lies with the govt as seen in the gayland terrace houses.

 

a responsible govt has to start formulating a lt solution and not kicking the can down the road.

[aaur4man]

2 hours ago, socrates469bc said:

 

pappy's legitimacy is built on hdb but in the late 1990s, some smart alec suggested to Ah Gong to allow hdb reselling without telling thinking of the lt implications.

 

the easy way out is to privatize hdbs after 10yrs and then let the market decide.

 

and then there is the issue of lease renewal.

 

in most countries, lease renewal is option of the leaseholder and payment is based on a certain formula.

 

but in sgp, the option apparently lies with the govt as seen in the gayland terrace houses.

 

a responsible govt has to start formulating a lt solution and not kicking the can down the road.

 

what really? HDB didnt allow resell in the past? thats new

[socrates469bc]

9 minutes ago, aaur4man said:

 

what really? HDB didnt allow resell in the past? thats new

 

under 35 spotted.

 

if i remember my sgp economic history correctly, there were basically no resale b4 1990.

 

then when ah goh came in, he started this hdb upgrading program for pre-1986 flats and if my memory is not faulty, singles above 45yo were allowed to buy resale flat for the first time.

 

a popular idea back in the 1990s was to sell a 3r hdb in old estates to get a 4r or 5r hdb in newer areas.

 

there r now abt 100k flats which r halfway thru the 99yrs and this number will keep increasing over the yrs, so  the govt has to come up with a redevelopment strategy.

[The_King]

4 hours ago, socrates469bc said:

 

under 35 spotted.

 

if i remember my sgp economic history correctly, there were basically no resale b4 1990.

 

then when ah goh came in, he started this hdb upgrading program for pre-1986 flats and if my memory is not faulty, singles above 45yo were allowed to buy resale flat for the first time.

 

a popular idea back in the 1990s was to sell a 3r hdb in old estates to get a 4r or 5r hdb in newer areas.

 

there r now abt 100k flats which r halfway thru the 99yrs and this number will keep increasing over the yrs, so  the govt has to come up with a redevelopment strategy.

Just wait 99yr then no need to pay back money. So simple