Monday, December 20, 2010
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Buy New or Resale HDB Flat?

HDB

Prices for HDB Apartments have continued to climb to new record highs since the property boom in Year 2007. So it is very common for apartments bought directly from HDB to be taken up in a short span of period. But yet, not everyone would go for these apartments offered by HDB, due to reasons like location, levels, distance from parent’s residence, distance from children’s school or own workplace etc. Below are some comparisons of HDB apartments bought directly from HDB & HDB apartments bought from the open or resale market. Take note that this comparison table serves as a guide only. Any positive feedback is welcome.

HDB APARTMENTS

PURCHASED DIRECTLY FROM HDB

PURCHASED FROM THE OPEN OR RESALE MARKET

New from HDB

Resale from HDB (Repossessed Flat)

 

 

 

No cash-over-valuation (cov) price required

No cash-over-valuation (cov) price required

Cash-over-valuation (cov) price may be required

Price is subsidized

Price is subsidized

Price based on market demands

Usually built in new towns or some mature estates

Usually in mature estates

Could be in new towns or mature estates

Limited location choice

Limited location choice

Wide range of location choices

Newer design & outlook

Usually dated design & outlook

Wide range of different types of design & outlook choices

Buyer must form a family nucleus and at least a Singapore Citizen and a Permanent Resident

Buyer must form a family nucleus and at least a Singapore Citizen and a Permanent Resident

Buyer can be Singapore Citizen and/or Singapore Permanent Resident. Family nucleus not essential.

Higher chances for first time home buyers

Higher chances for first time home buyers

All buyers have equal chances to purchase a unit of their choice

Owners can only sell the flat only after they occupied the flat for a minimum period of 5 years from the date

 

 

 

In conclusion, I strongly encouraged first time home buyers forming a family necleus to purchase a new HDB apartment as you may have just started work after graduation or preparing and might not have so much cash on hand to pay for the cash-over-valuation (cov) for resale flats.  New towns & mature estates have their very distinct features.



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