Singapore Property Update

Daily real estate news, advice and strategies for aspiring property investors

I can’t sell my 3 room HDB flat in Toa Payoh for months!

Hi Timothy,

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?

ROGER SEAH

 

File pic: Old HDB flats in Toa Payoh

 

Hi Roger,

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.

 

Regards,

 

TIMOTHY QUEK

 

Updated: October 25, 2018 — 11:58 am
Loading...
Loading...

Leave a Reply

Your email address will not be published. Required fields are marked *

Singapore Property Update © 2018 Best viewed with Internet Explorer
Loading...