Property: Greedy developer?

In Property on 17/06/2011 at 3:32 pm

Given all the recent bad news about property (e.g. this, and this), I was surprised to read that a developer (listco Sim Lian) had priced some HDB flats in Tampines at S$750 per sq foot (5-room flats at S$880,000 and more (4 and 3-room flats).

Prices are higher than the resale HDB flats in the Tampines private housing in surrounding areas. Article

The developer paid only S$261 per sq ft, so it can’t claim that its cost of land was high.

But it will, in my view, end up like greedy en-blocers, cutting prices to get sales.

My sources tell me that million-dollar units in a development in a gd district that is within walking distance of an MRT station are going a-begging. It seems only about half the units on offer have been bought.

Market has moved from “Buy before prices go higher” to “Wait and see”. But Sim Lian seems to think that there are daft buyers out there.

  1. Courtesy of MBT’s policy. And now, the people “tan-koo-koo-“and still can’t see the transparency of the land cost under Khaw. I don’t know what to say.

  2. Huh?!? I thought DBSS is still public flats?? The land still belongs to HDB — it is not sold to developer unlike for EC. Basically it’s just like for normal HDB BTO flats — developers bid to build the estate, not to buy the land. So Sim Lian bidded to build the DBSS project at average cost of $261 psf and now selling at $750 psf. Beautiful…

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