Rare HDB landed home sold for $958K

A RARE “landed public home” has just fetched $958,000 on the resale market.

The two-storey terraced house in Jalan Bahagia in Whampoa is one of just 285 such units here.

Located in Whampoa and Queenstown, these units come under Housing Board rules. They were built decades ago by the Singapore Improvement Trust, HDB’s predecessor.

The 241 sq m house sold earlier this week is among the largest such units to have changed hands recently.

The price works out to about $370 per sq ft (psf).

In contrast, private landed terraced houses nearby have gone for more than $2,200 psf this year.

“Nowadays, it’s very rare to be able to get any landed house for less than $1.5 million,” said Mr Nicholas Mak, the head of research at SLP International Property Consultants.

However, he noted, prices in excess of $1 million might be seen for a freehold property or a new private house on a 99-year lease.

The three-room terraced unit has less than 60 years left on its lease, which began in 1972.

Mr Mak added that buyers might have to consider renovation costs as well, given the age of such properties.

Even so, HDB terraced units are much sought after when they hit the market. In March, a larger HDB terraced unit in Jalan Ma’mor, also in Whampoa, went for $1.06 million.

That unit was 280 sq m, which made it an even better deal at around $350 psf. Its lease also began in 1972.

The two properties are among at least five Housing Board terraced units that have changed hands this year.

An 85 sq m unit sold for $760,000 in January, a 104 sq m unit fetched $875,000 in February and an 81 sq m unit went for $708,000 in March.

http://business.asiaone.com/news/rare-landed-public-home-sold-958k-0#sthash.riSznzDL.dpuf

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