THE TEMASEK TIMES

News and views from an unique perspective

PRC new citizen bought resale HDB flat in Queenstown for $1 million dollars!

Posted by temasektimes on September 8, 2012

The $1 million dollar mark for a HDB flat was finally broken and not surprisingly, the ‘honor’ goes to a PRC new citizen.

A Chinese paper reported on its front page today that an executive maisonette in Queenstown has found a buyer at $1 million, with COV at $195,000!

The buyer is a naturalised Singapore citizen and her PRC citizen father. They have paid the option fee and will do the required paper work at HDB office next week.

The flat is more than 10 years old with a floor area of 1700sqft. Analyst attributed the pricing to the unit being close to the city, as well as the Queenstown MRT, and the lack of supply of such double-storey masionettes.

The relentless influx of cash-rich foreigners from China, India and elsewhere has been widely blamed for the sky-rocketing HDB flat prices which has more than DOUBLED in the last ten years, thereby pricing Singaporeans out of the housing market.

Too many immigrants were accepted within too short a period of time which allows them to buy HDB flats thereby contributing to the growing demand.

*Illustrated pic: new citizens showing off their pink NRICs.

73 Responses to “PRC new citizen bought resale HDB flat in Queenstown for $1 million dollars!”

  1. Sooner, ‘Singaporean-born Singaporean’ will find themselves pushed out of their homeland by foreigners.

  2. Daft Peasant said

    YAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    LET’S AIM FOR S$1.2 MILLION NEXT……!!!!

  3. Dreamer said

    This is why the govt loves them so much!

  4. rfdude said

    Do not be surprised that the naturalised Singaporean Citizen will start to advertise her maisonette for rental (at least two available rooms, assume she and her father take one each and there are another two rooms remaining) to service her loan or generate rental income.

  5. proalien said

    Wonderful news. Singaporeans get richer by the minute, benefiting from our equally rich Chinese counterparts. Singaporeans can always down size and rap the rewards of a quick sale.

  6. SgGuy said

    Anyone question where n how the money comes from? of cos not la…. in this country, money speaks, no questions…..

    • SgGuy said

      similar to our CPF…. nobody ask where n what happened to the money… even the custodian (mr kfc) paid to ask questions….. sigh….

  7. sniper said

    good example of pr. so pretty.

  8. Julie Ong said

    Good luck and sincere, good wishes to the PRC family who’ve bought in Queenstown where I was brought up. Oh, the nostalgia. The sights, sounds and surroundings.

    The government must not lose sight of the fundamental objective of the HDB which is to provide affordable housing to all citizens. Low, middle or high income must not come into play…… the eligibility rules must be the same for all. In fact I’m thinking of a classless society as narrated by a fellow netizen on this site that in Australia the garbage man is respected as an equal to an office worker when they both have their ‘cuppa’ at Starbucks. In mixed HDB blocks of 2/3 bedrooms flats we can have families of different combined household incomes. Rich or poor is an irrelevancy – we are all Singaporeans. Also, your educational credentials will never count you to be ‘special’ to a fellow lesser educated citizen. That, I hope will make us feel proud and emboldened when we enthusiastically say that we are Singaporeans when asked by people in the course of our work, travels, etc. Then, indeed, we can proclaim that we are citizens of no mean country!

    As it stands I frankly feel embarrassed by the anger and acrimony that we have hitherto displayed towards the so called FTs in our midst.
    The blame must surely go to the PAP government for their misguided and ill-conceived actions which has led to much discomfort on our public transport system and also the crucial one of job displacement of Singaporeans in favour of the FTs. It is not too late. The situation can be rectified or at least satisfactorily managed. It takes the Will to do it.

    I do not know what more to say if so many people have contributed with excellent ideas and nothing seem to be acted upon by the government.

    Instead of the vision of the Singapore in 20 years’ time why don’t the government set an achievable goal to fix some of the problems we have within 20 months’ time? And for that matter some minor issues can be far more quickly resolved if the authorities in charge would carry out their duties with greater diligence and conscientiousness.

    To the government: Please work for the betterment of Singaporeans and in the national interest. Your interest should not be restricted only to your high salaries and your yearnings for even more of it.

  9. Confessor said

    If these PRC suckers are willing to pay so much,native S’poreans can only benefit ha ha !

  10. John CLY said

    To buy a HDB apartment, you need to declare that you do not own any private properties in China. Do you believe that someone who can buy a Million Dollars flat in Singapore do not possess any properties in China. Anyway, all properties in China are private. There is no HDB flat equivalent in China. What are HDB techniques in checking whether a foreigner own a foreign property. I would like to know. Anyway, my china friends told me that they register their china properties under their relatives name. My vote is that PR should not be allowed to buy HDB flat. They caused all the HDB properties price to rise beyond the reach of our young people.

    • Rihend121702 said

      The one who bought this flat is not PR but a “converted” citizen. Frankly speaking I’m a PR but until now still do not hv enough money to get married and buy any property here. Also do not have any property in homecoutry. Life is getting much tougher and tougher…

    • ali said

      john, u idiot

    • nb la said

      this rule is used to penalise locals only, easier to check us than foreigners. HDB officers just see the declaration write Yes or No then take it as face value. u think they will contact the province then city then village blah blah to verify if they own any properties in rural china or india or pinoy land? ya right, if i am the officer, i got the declaration to cover my backside liao, go through all these trouble for what?

      same for degree. a local use a bangala uni degree, sure tio reject. if u use a NUS one, easy to verify if u are an alumni, but those pinoy bangala degree, write 1st class or PHD the employers believe it 100%.

      if the government hate us, they at least should have the balls to tell us straight in the face, better than saying i love u but action says otherwise.

      oh boy, i am a keyboard hero… citizens should all stand up to my anti-foreigner stance, says grace fu.

      PS: i don’t hate foreigners, they just did and exploit what is available to them. who can blame them? singaporeans will exploit any cb hole when possible. the problem is when u got no other cb hole like truly singapore. i love singapore and love does not mean accepting every shit at face value. loving your kids include scolding and hitting them when required. this is real love

  11. brian said

    simple.. fu ck off

  12. 5vvaper said

    As usual, the PRC fella just have to produce a property transfer letter and a declaration letter that they do not own any properties in China, translate it into english, signed by a public notary and endorsed by SG Embassy. Then give it to HDB and they’re all set.

    We all know how “gifts” work in China. So how to verify authenticity?

    “What do you think?” – DPM Teo Chee Hean?

  13. thinkingaloud said

    How come everyone only blame the buyer or govt and yet no one blame the seller for asking such ridiculous price? It takes 2 hands to clap. The seller can always opt not to sell their flat to a non SG born buyer. However, its the market that calls the shot. End of the day, dont just blame converted foreigners for pushing up the prices, think about the so call true-blue locals placing their units pricing out of reach of singaporeans as well. When it comes to $$$, all these cries of so call supporting and protecting true blue sgs are all B.S to many Sgporeans themselves.

  14. Goh Tong Seng said

    This person is a naturalized citizen. Naturalization is a longer process to citizenship, but it does allow time for integration.
    In other words, he/she has been here for at least 10 years.

    http://en.wikipedia.org/wiki/Naturalization

  15. Goh Tong Seng said

    What does anyone expect? They don’t build these kind of flats anymore.

    Notice in the Stirling Road area, near Queenstown MRT, that there are SIT-era terrace houses handed to HDB in1960. These houses have a block number. They look private, with a porch and space to park one car, yet they are not private enough.
    Wonder how much these would fetch.

  16. Iceman said

    money (wealth) gone wrong …

  17. Francischuangli said

    Anyone understand the true meaning of “OCCUPATION” ? such as “JAPANESE OCCUPATION”.

    We are now experiencing a true “FOREIGNER OCCUPATION” situation. 20 years down the road, the children of this PAP ( Picked A Peanut ) will make another “SHINNING REDOT” in the world after we TBS ( True Born Singaporean) get FOLDED-UP. This children are from the stock of well financially supported parents. They will formed the top cream of the talented pool and will engage in Political activities as rightful PAP citizen. They will rule over us, the Poor And Pitiful common citizen, the TBS.

    This is the real TRUE WARNING of our GREAT UNCLE message to us.

    Wake up TBS, We are occupied without spending a single bullet against our invaders.

  18. Mrs Ioulia Loh Gliptis said

    Properties lands houses apartments in foreign countries are much cheaper than HDB flats moveover they are freehold and can be passed on from generation to generation. If a foreigner could afford a HBD flat dont tell me that they could not afford to buy properties in their motherland and//or they do not have any properties pass on from their ancestors? Im sure many foreigners gave false declaration when they purchase HDB flats.

    If a Singaporean woman is married to a foreigner and she is a co-owner of her any of her husband’s properities in foreign land then she is not eligable to purchase a HBD flat and/or become a co-owner of her parents’ HDB flat.

    This policy Do not allow Singaporeans to own foreign properities should be amended and it should apply to PRs ONLY and not applicable to Singaporeans. Inorder to buy HBD flat WE, Singaporeans are not allowed to own foreign properties but foreigners are allowed to own properties in Singapore?? Is this a joke??

    Lastly please note if a Singaporean woman who is married to a foreigner and she is eligible as per terms n conditions to buy a HBD flat and/or become co-owner of her parents’ flat, it is compulosry as per law of HDB to insert her husband’s and children’s name as co-tenants of the flat. Inorder for a Singaporean woman who is married to a foreigner to buy a HBD flat she is NOT allowed to own her hushand’s properties in a foreign land but her foreigner husband is the beneficiary to the HBD flat of his singaporean wife when she passes away (if without written will). Now who is Singapore Government protecting? Singaporeans or foreigners??

    HDB flats from the start are meant for Singaporeans and not for foreigners!

  19. Lim said

    Khaw urged Singaporeans not to be “traumatised”.There must be an `ETHICAL’ limit to the ridiculous prices. Otherwise why rule Susan Lim guilty for charging $20 million to the Brunei Royalty? However fantastic the location or view do not justify such exorbitant prices. Similarly however fantastic Susan Lim’s surgical skills does not justify her astronomical fees charged. Khaw is not correct when he says we Sporeans should not be traumatised by such prices – we should because invariably it pulls up the next transaction’s valuation and the spiral goes on upwards to our detriment.

  20. Rihend121702 said

    The guy can just go and buy a condo what !
    Why spoil the market price ! Making the life of other foreigners and locals in vain. At the end of the day also do partitions to rent out illegally. Silly !

  21. Helena said

    Soon, we’ll have no roofs over our heads. Only PAP MPs can afford flats with their rocket high salaries.

  22. ahli said

    why there are so many lamebrains here ? high prices favour true blues, idiot

  23. ali said

    Who ask you not work hard to earn more ? HIgh price good for the original owners, stupid

  24. Shan Shan said

    BECOS OF THESE FOREIGNER SO CAUSE RESALE FLAT GO SKY ROCKET!!!!!HATE THEM!!!!GOV DONT CARE THE RESALE MARKET PRICE GO HIGH!!!BECOS WANT MORE MORE $$$$$$$$!!!

  25. Mark said

    about the HDB seller.. and the agent make the deal… all are foreigners?

  26. Jonathan said

    How come everyone talks only of the PRC who paid 1 million. What about the Singaporean who sold it for 1 million?

  27. Its good for singaporeans to sell their flats to rich ones.Iam living in one of the matured estate in queenstown area and lately have been asked whether interestered in selling our flatand i say yes if i can sell stupid foreigners offering my flat for 1.1 mil. for 5A room.Why not ?

    • Julie Ong said

      Mr Taric El Tuerto, Hi and appreciate your frankness.

      If there is a willing buyer and a willing seller and they both come to an agreement on the price, then it’s a deal. Simple as that. All other reasons/arguments are irrelevancies. That’s business!

      However, I want to emphasise that the fundamental objective of the HDB is and must still be Affordable Housing For All. I hope that the government will not betray the people on this matter.

      Good luck and happy for you if you get a top selling price for your flat. But, I’m not sure you can get another property at a bargain price as you will be buying again in the same property market.

  28. Ren said

    On the watchlist…Source of money is suspicious…Our garmen also not stupiak…Gain from both ends…

  29. ali said

    Chinese are smart, one sells at 1m, the other buy at 1m. All chinese, All earn. Nobody loses, idiot

  30. singaporean deserved said

    this is getting ridiculous! is this still PUBLIC housing or somewhat ‘Private’ housing in the making??? what exactly is government doing to stop all these?

  31. Jack Sparrow said

    if im selling to a singaporean, i will give discount. sell to ft, price 1mil dollars

  32. David said

    Rubbish report to stir the FT issue….the buyers are both Singaporean.

  33. Mose said

    Hi! Someone in my Myspace group shared this website with us so I came to look it over.
    I’m definitely loving the information. I’m book-marking and will
    be tweeting this to my followers! Exceptional blog
    and wonderful style and design.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: