SINGAPORE— Two months ago, TOC reported that an HDB maisonette at Toh Yi Drive in Bukit Timah was sold at S$1.3 million transaction, surpassing the previous record holder to become the most expensive HDB executive resale flat in Singapore.
However, a 5-room flat at 42a Margaret Drive listed for $1.5 million on PropertyGuru again raised netizens’ eyebrows, wondering if another record-breaking sale is in the works for an HDB flat.
Agents from PropertyLimBrothers uploaded a YouTube video showing the 1,194 sq ft unit located at the SkyOasis @ Dawson, 42A Margaret Drive, which boasts a stunning unobstructed view of greenery.
“This home in the sky along Margaret Drive faces perpetual greenery views as well as the GCB enclave. Tastefully renovated, its new owners can move right on in and appreciate the strong wind flow and abundant natural light, ” the video description wrote.
Completed in 2021, the unit is located above the 40th floor, making it a rare find and possibly contributing to its premium price.
Additionally, the Queenstown MRT station is just a five-minute walk away from SkyOasis, making it the closest among the new developments in Dawson.
The listing sparked much discussion on Reddit, with many users expressing their disbelief at the exorbitant price tag for an HDB flat.
Margaret Drive 5-room HDB flat listed for sale for gimmicky S$1.5 million from singapore
A Redditor wondered why the two-year-old HDB flat was already listed for sale on the market, as the HDB flat must be owner-occupied for the Minimum Occupancy Period (MOP), which is five years for BTO flats.
Another Redditor explained that under the Selective En bloc Redevelopment Scheme (SERS), the Minimum Occupation Period (MOP) is seven years from flat selection or five years from key collection, whichever is earlier.
“In this case, this estate did their flat selection way back in 2016, and was completed only in 2021 after Covid-19 delay. So practically the residents got to stay for like only 2 years and they can start putting it up for sale already.”
Redditor “kopo_siewdai” reminded that previously, a 5-room HDB flat at SkyTerrace @ Dawson sold for S$1.418 million in July last year.
Desmond Lee defended that 70% of BTOs launched in 2022 are affordable
On 6 February, Minister for National Development Desmond Lee defended in the parliament that close to 70 per cent of Build-To-Order flats are affordable with S$8,400 median household income.
“Close to 70 per cent of the Build-To-Order flats launched in 2022 across all estates can be affordably purchased with (the median Singaporean household income of) S$8,400 at a mortgage servicing ratio (MSR) of 25 per cent or less, meaning that these households use a quarter or less of their household income to pay for the mortgage instalment,” he said.
The housing prices have risen significantly in recent years, and the government had to implement several cooling measures to moderate demand in the property market.
Progress Singapore Party’s (PSP) Non-Constituency Members of Parliament Leong Mun Wai believes that the Singapore public housing policy needs a reset, while the Government’s contesting motion filed by Mr Desmond Lee suggests that there is no need to review its current housing policies.