I bought a 720 square feet 3 room resale HDB flat at Block XXX Lorong 2 Toa Payoh in 2011 at $250,000 to stay near my parents. The flat was built in 1972. As they have passed on and I married last year, I want to sell the flat to buy a bigger one. I started marketing it this year January and I did not receive a single offer! I am only asking $300,000 at bank valuation. Can you help me market my flat on your website?
File pic: Old HDB flats in Toa Payoh
I am sorry to hear about your predicament. I am only a guest contributor on this website and I am not allowed to solicit for clients or sell any properties here.
I can only advise you that based on my experience, your asking price of $300,000 is too high. The resale market has been spooked by recent publicity on the “lease decay” issues and many buyers are avoiding buying old flats.
I think you need to adjust your expectations and lower the asking price further in order to close the deal. You may like to consider adjusting the asking price to $250,000 first and then to $230,000 if there are still no offers. In today’s market, buyers are unlikely to pay market rates for HDB flats which are more than 40 years old.