PRC new citizen bought resale HDB flat in Queenstown for $1 million dollars!
Posted by temasektimes on September 8, 2012
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.