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Monday, 6 May 2019

Over 20 households living in 5-room and bigger flats sold part of lease to HDB under LBS scheme in Q1


Read? Over 20 households living in 5-room and bigger flats sold part of lease to HDB under LBS scheme in Q1


CW8888: Fact on the ground.


Ms Ow said she had considered downsizing as she found the EA too big.

"I have to clean all of this myself. Everyday I'm vacuuming, cleaning. It's a lot," she said.

But she struggled to find a buyer, even after having put her unit up for sale for more than a year

“Nearly everyday, I’ll have at least three families who are interested in buying my flat. I priced it between S$568,000 to S$588,000 and it couldn’t sell. There was a buyer but they couldn’t get rid of their own HDB flat,” she said. 

She was reluctant to let it go for less.

“If I sold my Punggol flat for S$560,000 and spend around S$400,000 to buy a 4-room flat, I think I will get back less than S$100,000 after some renovation,” she said. 


She briefly considered renting out rooms in her flat but gave up the idea after hearing horror stories of tenants from her friends. 

She said she is happy to age in her Punggol flat and has engaged part-time cleaners to help her with household chores. 

I’m used to this environment. All the neighbours here are very good and very friendly. Many residents here are also pet owners and our pets play together. I go for morning taiji exercise around here too,” she said.  

She admitted that she has not thought about what she will do when the lease runs out when she is 97.

“(If I) can (live) until my 80s, it’s fine already,” she said


8 comments:

  1. If not enbloc; hard to become millionaire property lottery winners.

    ReplyDelete
    Replies
    1. True. Especially those who bought after 2005 -- economy & property market is mature, no high rates of growth to supercharge property valuations.

      Unless increase population to 10M by 2040. :P
      But then need to be able to generate jobs to support so much people.

      The main issue I have with LBS is the less than fair compensation if going by Bala's Curve of lease decay. The govt e.g. SLA, MND & HDB, uses Bala's Curve to work out leasehold land valuations in conjunction with current market values.

      If use Bala's Curve for LBS compensation, the amounts will be almost double what HDB is giving now.

      Delete
    2. Hello,

      Its Punggol lah. (Yeah, I back from the wilderness)

      If her EA is in Queenstown, Telok Blangah, Bukit Merah, Holland Village area... Wink.

      Location matters when it comes to property ;)



      Life is ironic.

      If we want to buy our residential property, we would prefer less foreigners pushing the prices up...

      But if we want to sell our property... Come! Let's support Singapore 10 milion!

      LOL!


      Its all vested interests...



      Delete
    3. Cant sell. Never mind. Still have consolation prize in lbs.

      Delete
    4. Kekeke! If her HDB in prime locations, she'll be asking for $1+M and complaining that people only offering $800K. LOL!

      Anyway she bought resale near the high in 2012... even if she had bought in prime locations, she'd probably just breakeven or very little profits.

      LBS is really consolation prize ... if use SLA leasehold table, her balance 53 years lease should be worth $462,800. But LBS compensation only $269,500. Shhh!! :P

      Delete
  2. "Those were the days my friends,
    We thought they never end,
    With singing and dance "forever"?

    ReplyDelete
  3. One of my favorite - need to day dreaming ma, sometimes to let go....

    ReplyDelete
  4. My EA is in Bishan. Right beside scout association

    ReplyDelete

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