Connect with us

Property

5-room Yishun BTO left vacant and unrenovated for 8 years and up for sale, Desmond Lee says it may breach HDB rules

Published

2 years ago

on

SINGAPORE — A 5-room Build-To-Order (BTO) flat was never occupied by its buyer and was left vacant for eight years, before being listed for sale in its original condition, even with the toilet bowl still wrapped in plastic.

The 1,206 sq ft 5-room corner flat at Block 505A Yishun Street 51 was earlier listed at S$690,000 on the Property Guru website.

However, the photos of the unit’s interior condition raised the buyer’s eyebrows, as the whole unit appeared to remain in its original condition at the point of its completion.

Shin Min Daily News reported that the owner had bought the house eight years ago, but it seems the floor was not tiled, and basic electric appliances such as fans or lights are yet to be installed, the new buyer would need to invest further in renovation and furnishing:

From the photo shared via the ads, even the toilet bowl still remain in brand-new condition and plastic-wrapped, as though it was just recently installed.

The kitchen was also left empty and yet to connect to water and electric supply:

The recent HDB resale price for 4-room and 5-room flat in Yishun Street 51 ranges from S$426,000 to S$670, 000.

Some netizens had raised questions about whether the owner was hoping to sell his BTO flat at a higher price to gain profit in the current heating property market.

Commented under Shin Min Daily’s Facebook post, Netizen Chan Chong Wah said this is an unfair practice in which the rich can get the BTO as an investment method, and sell it after five years without staying at the flat.

Bottegaga Leebottegaga said: This is cheating! This deprived the opportunity for those applicants who really need a house! Very helpless! But what can the Singapore government do?

Netizen Deacon Koh said that it is like property speculation in Hong Kong, the owner might have the same mindset, in which he bought the house not to live in but to speculate on the property.

“This is the greed and selfishness of human nature. Like those outrageous rental prices, it is a profiteering mentality.”

Netizen Lee Soh Geok suggested that to prove that the owner did occupy the unit, maybe in future, the Singapore Power will be required to produce annual utility bills to see if these places were lived in or not.

According to the Housing and Development Board (HDB) website, flat buyers have to physically occupy their flats during the Minimum Occupancy Period (MOP), which is five years for BTO flats.

The ad has since been taken down from Property Guru.

Desmond Lee: BTO flat must be owner-occupied for the full MOP period

Mr Desmond Lee, Minister of National Development wrote in a Facebook post, stressed that a BTO flat must be owner-occupied for the full MOP period.

“I was asked whether a family can buy an HDB BTO flat, not live in it or move into it for 5 years, and then sell it as “almost brand new” on the resale market.”

“The answer is no, “he wrote. He explained that If the owners are unable to fulfil the MOP, then the flat needs to be returned to HDB. HDB will then put up as a balance flat for other home buyers to apply for.

“Otherwise, it may be a breach of HDB rules and HDB will investigate accordingly, ” Desmond Lee further encourage the publics to alert HDB via their hotline 1800-555-6370 if they suspected any misuse of flats.

Related Topics:
Continue Reading
34 Comments
Subscribe
Notify of
34 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments

Property

Flat in Toa Payoh sold for S$1.2M, becomes most expensive 4-room HDB in estate

A four-room HDB flat at Toa Payoh Crest has set a new record, selling for S$1.201 million. The 1,000 sq ft flat, located between the 37th and 39th storeys of Block 130A, has 93 years left on its lease. This September transaction eclipsed the previous high of S$1.2 million for a flat in neighboring Block 131B.

Published

2 weeks ago

on

30 September 2024

By

SINGAPORE: A four-room Housing and Development Board (HDB) flat in Toa Payoh has been sold for a record-breaking S$1.201 million, setting a new high for the area.

The 1,000 sq ft flat, located at Block 130A Lorong 1 Toa Payoh in the Toa Payoh Crest estate, has 93 years left on its lease and sits between the 37th and 39th storeys.

The flat, sold in September for S$1,200,888, surpassed the previous record held by a similar four-room flat at Block 131B, which fetched S$1.2 million in June this year.

Source: HDB

Highly Sought-After Estate

According to property portal 99.Co, Toa Payoh Crest, completed in 2018, has emerged as a popular choice for homebuyers.

The estate comprises four 40-storey blocks with a total of 1,007 units. So far, it has recorded 16 million-dollar-flat transactions this year alone.

The estate’s prime location contributes to its high demand.

Based on Google Maps, Toa Payoh Crest is conveniently located near three MRT stations: Caldecott, Braddell, and Toa Payoh.

In addition, its proximity to Toa Payoh West Market and Food Centre, as well as Toa Payoh Central, makes it highly attractive for potential buyers.

The unblocked view of the city skyline, thanks to the undeveloped plot of land next to the estate, further enhances its appeal.

Price Hikes and Concerns

Although record-setting resale prices continue to make headlines, Minister for National Development Desmond Lee pointed out on August 20 that flats with very high resale prices account for “a very small proportion of all transactions.”

He noted that such sales represent only 0.5 per cent of all four-room or smaller flat transactions in the past two years.

These units tend to be centrally located, well-connected to public transport, and situated on very high floors with good views.

Nevertheless, the rise in million-dollar flats has sparked concerns about the affordability of resale flats in general.

Minister Lee warned that these transactions could lead to unrealistic price expectations among sellers and anxiety among buyers, potentially distorting market dynamics.

He cautioned that if the market moves too far out of sync with economic fundamentals, it could result in a property bubble.

Million-dollar flats currently account for about 2 per cent of all resale transactions over the past 1.5 years.

In August alone, 104 flats were sold for at least S$1 million, down from 120 in July.

In the first seven months of 2024, 539 HDB flats crossed the million-dollar threshold, compared to 470 in 2023 and 369 in 2022.

Continue Reading

Property

Newly MOP-ed projects in Bidadari and Ang Mo Kio fetch S$1.2M and S$1.08M

Two recently MOP-ed projects have achieved impressive resale values: a unit at Alkaff Vista in Bidadari sold for S$1.2 million, marking the highest resale in the area, while a flat at Cheng San Court in Ang Mo Kio fetched S$1.08 million, making it the most expensive 4-room HDB resale not just in Cheng San Court but throughout Ang Mo Kio.

Published

3 weeks ago

on

23 September 2024

By

SINGAPORE: Two recently MOP-ed (Minimum Occupation Period) projects have achieved significant resale values.

As per reported by Singapore’s property portal 99,co, a unit at Alkaff Vista in Bidadari sold for S$1.2 million, while a flat at Cheng San Court in Ang Mo Kio fetched S$1.08 million.

A check on HDB website indicated that the S$1.2 million 5-room unit located at Block 106A, Bidadari Park Drive.

This particular unit, situated between the 7th and 9th floors of the 17-storey building, spans 1,216 square feet.

Launched in 2010 and completed in 2019, Alkaff Vista boasts nearly 95 years remaining on its 99-year lease, contributing to its substantial market value.

When Alkaff Vista’s BTO units were initially launched, 4-room flats began at S$433,000.

Alkaff Vista offers a range of amenities, including a children’s playground, fitness stations, and a roof garden on the 8th storey, appealing to families and individuals alike.

Its location adds further allure, being a mere 5-minute walk from Potong Pasir MRT Station and conveniently close to various shopping hubs and schools, such as Cedar Primary School and St. Andrew’s Junior School.

Interestingly, the S$1.2 million sale stands as the highest resale not only in Alkaff Vista but across Bidadari.

This project is the first in the area to reach MOP, and its current lack of competition may have contributed to the elevated prices.

As more projects in Bidadari reach MOP, it is anticipated that additional million-dollar sales will follow.

This S$1.2 million sale is not an isolated event; in fact, three other transactions from the project were also sold at impressive prices, with two of them exceeding the S$1 million mark.

4-Room unit at Cheng San Court Achieves S$1.08 Million Sale

Meanwhile, a unit at Cheng San Court (Block 590B, Ang Mo Kio Street 51) recently sold for S$1.08 million.

This flat, located between the 28th and 30th floors of a 32-storey block, measures 1,001 square feet and achieved a price of S$1,078 psf.

Cheng San Court, launched in 2019, is one of the youngest resale projects in Ang Mo Kio, with approximately 93 years and 6 months left on its lease.

Original buyers of this Cheng San Court unit also experienced a notable capital gain.

When the project was launched, 4-room flats were priced from S$435,000, making the recent resale price a 59.72% increase, or S$645,000.

Cheng San Court has seen a surge in million-dollar transactions since recording its first such sale in November 2023, marking Ang Mo Kio’s first-ever million-dollar sale for a 4-room flat.

With this latest S$1.08 million transaction, it stands as the most expensive 4-room HDB resale not only within Cheng San Court but throughout Ang Mo Kio.

Continue Reading

Trending