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Authorities flag two S$2M HDB flats listings as misleading, unrealistic asking price

Singapore authorities flag two HDB flats priced at S$2 million as misleading with ‘unrealistic asking price.’ They defend that resale flats selling at S$1 million or more are a minority.



SINGAPORE: The authorities have identified two HDB flats listed for sale at S$2 million each that have raised concerns.

One listing, marketed as a jumbo flat, comprised two adjacent five-room flats in Sengkang. The other, located in Toa Payoh, had an “unrealistic asking price.”

In a joint statement on Wednesday (8 May), the Ministry of National Development (MND), the Housing Board, and the Council for Estate Agencies (CEA) announced that CEA is investigating the listings posted by two property agents.

The listing on the PropertyGuru platform, claiming to be for a 2,400 sq ft jumbo flat in Block 314C Anchorvale Link with six bedrooms and four bathrooms, was deemed “misleading” by the authorities, as there are no such flats in the block.

The address stated in the listing, Blk 314C Anchorvale Link, does not have existing jumbo flats, added the statement.

The authorities noted that the listing price of S$2 million for the “jumbo flat” was significantly higher than recent transacted prices in the precinct.

“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,” the joint statement noted.

Upon CEA’s notification of the misleading advertisement, the property agent removed the listing, as confirmed by the agent’s property agency.

“CEA is investigating the matter and will take firm action if any breaches are established,” affirmed the authorities.

Toa Payoh 5-Room DBSS flat listed at ‘unrealistic’ S$2M

MND, HDB, and CEA further addressed the recent listing of a 5-room Design, Build and Sell Scheme (DBSS) flat at block 138B Lorong 1A Toa Payoh.

Priced at S$2 million, the listing stands nearly half a million dollars above the highest transacted price in the area.

The listing, posted on 16 April, touted the flat as on a “super high floor” with “unblocked city view”.

DBSS flats, though built by private developers on land acquired from HDB, retain their classification as HDB flats. However, the scheme, initiated in 2005, has been suspended since 2012.

The joint statement acknowledged that the agent who listed the flat had promoted it as a value-for-money proposition.

Nonetheless, despite the unit’s attractive attributes, the three government bodies highlighted that many property experts deem this assertion unrealistic.

“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.

They also underscored the importance for property agencies and agents to uphold the integrity and professionalism of the real estate industry.

Moreover, the authorities highlighted the ethical responsibility of industry players to act in the best interests of both their clients and the public, including prospective buyers.

“To protect the interests of the public and promote information transparency to facilitate informed decisions by prospective buyers, CEA will also look into the information presented by property agents when they market HDB flats” said the authorities.”

Authorities: Minority of HDB resale flats transacted at S$1 million or more

The three government bodies noted that in 2023, over 80% of first-timer families receiving keys to new or resale flats had a mortgage servicing ratio (MSR) of 25% or lower.

This indicates their ability to cover monthly HDB loan payments with CPF contributions, minimizing cash outlay.

However, considering current listed prices, the DBSS flat and two 5-room flats in Sengkang will incur significant cash-over valuation (COV), necessitating upfront cash payment.

The authorities further defended that resale flats transacted at S$1 million or more form a minority.

They attribute this to factors such as prime locations and proximity to amenities and MRT stations, catering to Singaporeans with distinct preferences and stronger financial standing.

Prospective buyers are strongly advised by MND, HDB, and CEA to assess finances and housing options diligently, exercising rationality and prudence in purchasing decisions.

MND, HDB and CEA strongly advised prospective buyers to evaluate their finances and housing options carefully and be rational and prudent in their purchasing decisions.

“While the HDB resale market transacts on a ‘willing buyer-willing seller’ basis, the Government will not condone behaviour, whether by agents or sellers, that seek to disrupt the market or fan consumer sentiment,” said the authorities.

“We should not expect housing prices to increase indefinitely amidst global economic uncertainty and geopolitical instability.”

470 HDB resale flats sold for at least S$1 million in 2023

In March, a total of 61 flats exchanged ownership for at least a million dollars, constituting three per cent of the overall resale transactions for that month.

In April, 68 HDB resale flats were sold for at least $1 million each, surpassing March’s 61 transactions.

Among these, 24 were four-room units, 22 were five-room flats, and 22 were executive apartments.

In 2023, there were 470 HDB resale flats sold for at least S$1 million, up from the 369 units sold in 2022, as disclosed by data from the Singapore Real Estate Exchange (SRX) on 7 January.

These million-dollar transactions constituted approximately 1.8% of the total resale transactions in 2023.

According to statistics released earlier by the HDB, the prices of HDB resale flats experienced a more modest increase of 4.9% in 2023, compared to the substantial 10.4% surge observed in 2022.

Last month, a five-room flat at 9B Boon Tiong Road was sold for S$1.588 million, setting a new record for the highest-priced HDB resale unit in Singapore.

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And when the prices do reach $2 million? Will the ruling government POFMA itself?

I’ll be waiting (Though if the property bubble bursts before then, that’ll be fine too).

LOL, didn’t I previously highlighted lots of resales being done before the 5-year MOP? HDB doesn’t know, meh? Since all the data can be seen in their own website. HDB is very likely in cahoots with the property agencies to push up the prices to show “appreciating asset” of public housing, turning a blind eye of questionable transactions. Now the property agents become so emboldened to push for the 2m mark. MND minister – gonna to say No Blaming Culture?

This comes from the govt. which shifted the objective of Public Housing designed by GKS and LKS. It is also the result of allowing new citizens into Public housing instead of keeping them out for the first 10 years. It is due to allowing PRs to buy from the resale market. How can you administer Public Housing when you don’t comprehend the definition of Public Housing. I have already written numerous times, remove all real estate agents from the sale and rental of public housing. HDB, salary ceiling should be capped to $8000/-. The 5 room BTO HDB should be… Read more »

This problem is a age old one. Rogue agents. There was a time before compulsory licencing of such ppl was mandatory, it was really a cowboy town, shoot out at OK Corral in many property dealings for decades, when these clowns were the norm in such dealings. Then came the licencing. The suituation improve slightly but not much. See the recent number of properties the money washers had acquired? The laws and rules regulating such ppl like property agents are LAME and these folks have gotten more and more daring, ever since property prices went sky high! Helping HDB owners… Read more »

This is a free market. Does the authorities want to control the upward HDB price trend by imposing realistic policies like the way they limit private properties price by ABSD?

So maybe if HDB sellers sold for more than $1,800,000, they tax 50%?

The Government can collect a little more money.
Ordinary folks cannot.
Jealous Government.

I agree that hdb at those locations asking for $2m is unrealistic but what about Pinacle? The last highest transacted price is already almost $1.6m, who is to say $2m is unrealistic?

Just simply say all these PAP men are bastards from the deluge of their counters and recounters of facts and info that others legitimately, rightly mentioned.

Come on PAP, mark the calendar, YOUR TREACHEROUS days are numbered, DWINDLING fast.

PATIENCE and TOLERANCE do NOT ENDURE forever, you knew it.

CASE should come out strongly TO SANCTION Lawless Wong at the beginning byvwaybof asking Lawless Wong for clear clarification – WHAT TRASH this PAP is all about.

Law Wong has claimed HDB Flat is A Store of Value. Now a $2 million Dollars HDB flat listed for sale and ALL PAP EFFkers come OUT BLASTING – why why why?


In the 1st PLACE is Lawless Wong SIMULATING a MISLEADING statement himself.

Is the MORAL LAW ALLOWING PAP to Tell LIES when OTHERS DO the same they CLAIM MISLEADING, sort of?

Money laundering?

It’s overreach off epic proportions, … in a supposed “free capitalist market” !!!

Why’s MND, HDB and CEA even involved !!!

What about the most elementary of all sales contracts, … “caveat emptor” ~ buyer beware plus, … the all prevailing willing seller and willing buyer !!!

Didn’t see MOM, the Salaries Commission or the WTO citing the outrageous and obscene wages paid to SillyPore Ministers !!!

C’mon lah, … pleaseee lah !!!

Still if true, will definitely have a buyer/s….those HNWIs fleeing to SIN CITY will grab those units w/o batting an eye.