Who Says There's No Cheap Private Property?

RESIDENTIAL MARKET

Private apartments under $1m

News that a HDB flat sold for $1 million sent a chill through many home seekers but cheaper homes can still be bought without paying a king's ransom - just don't expect too much for your money.

Buyers willing to compromise on facilities, location, appearance and other features can land a private apartment for under the $619 per sq ft (psf) price paid for that 1,615 sq ft HDB home in Queenstown this month.

There are at least 10 private non-landed developments where units - not the shoebox variety - have sold for less than $600 psf this year, giving a total price tag of below $1 million.

Some of the projects are old and in suburban areas far from MRT stations while others may have been sold to relatives at a discounted price, were stress sales or recorded at a lower psf due to a flat's large size. Some might also not come with facilities.

The cheapest home sold this year was a 2,454 sq ft unit at Toh Tuck Lodge that went in January for $680,000 - or $277 psf, according to caveats lodged with the Urban Redevelopment Authority.

Other seemingly low-priced homes include a 2,282 sq ft unit at Sembawang Cottage that sold for $920,000 - or $403 psf - in June and a 1,970 sq ft apartment at Lakeside Tower in Yuan Ching Road that changed hands in January at $905,888 - or $460 psf.

The next most recent sale was in April last year when a unit went for a significantly higher $795 psf.

Developments like Lakeside Tower and Lakeside Apartments, both in Yuan Ching Road, and Phoenix Heights in Bukit Panjang have consistently recorded prices of less than $600 psf although the three developments are at least 35 years old and on 99-year leases.

A 1,335 sq ft four-bedroom unit at Phoenix Heights is being marketed at $780,000 - or $584 psf - while a 1,975 flat at Lakeside Tower has a negotiable $1 million - or $506 psf - price tag.

Source: The Straits Times – 29 September 2012