SINGAPORE: The property listing of a “jumbo flat” in Sengkang has caught the attention of the authorities, which called the advertisement misleading.
The Council for Estate Agencies (CEA), the government regulator for Singapore’s real estate industry, will investigate the matter – an ad for a “jumbo flat” in Sengkang, listed at S$2 million (US$1.47 million).
In a joint statement issued on Wednesday (May 8) in response to media queries, the Ministry of National Development (MND), Housing Development Board (HDB) and CEA also addressed the listing of a S$2 million 5-room Design, Build and Sell Scheme (DBSS) HDB flat in Toa Payoh.
SENGKANG “JUMBO FLAT”
The property listed on the online portal PropertyGuru was not a “jumbo flat”, but in fact two adjacent 5-room flats that cannot be converted and sold as a single unit, said MND, HDB and CEA.
There are no existing jumbo flats in the address stated in the listing, Blk 314C Anchorvale Link.
At S$2 million, the listing price for the “jumbo flat” was also well above the recent transacted prices in the precinct, said the authorities.
“Over the last six months, 5-room flats in the precinct transacted for around S$580,000. The S$2 million listing price is therefore more than $800,000 above the combined value of the two 5-room flats,” said MND, HDB and CEA in their joint statement.
The property agent who posted the listing has since taken it down after CEA pointed out the misleading advertisement to the agent’s property agency.
“CEA is investigating the matter and will take firm action if any breaches are established,” said the authorities.
S$2 MILLION LISTING FOR TOA PAYOH FLAT
MND, HDB and CEA also addressed the recent listing of a DBSS flat in Toa Payoh. At S$2 million, the listing price is almost half a million dollars above the highest transacted price in the area.
DBSS flats are built by private developers on land bought from HDB. They are still classified as HDB flats. The scheme, which began 2005, has been suspended since 2012.
The three government bodies said they were aware that the agent who listed the flat had described it as value for money.
However, many property experts consider this unrealistic, even with the attractive attributes of the unit, the joint statement said.
“Currently, there is no Intent to Sell registered with HDB for this particular flat, which means that the potential seller/s of this flat are not able to grant any Option to Purchase (OTP) at this stage,” MND, HDB and CEA said.
