Authorities investigating 'misleading' S$2 million Sengkang 'jumbo flat' listing

SINGAPORE — The property listing of a"jumbo flat" in Sengkang has caught the attention of the authorities, which called the advertisement misleading.SINGAPORE — The property listing of a"jumbo flat" in Sengkang has caught the attention of the authorities, which called the advertisement misleading.

"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. 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.

"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 at this stage," MND, HDB and CEA said. "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.

At the current listed prices, the DBSS flat and the two 5-room flats in Sengkang will come with significant cash-over valuation , which has to be fully paid in cash upfront.

Source: Real Estate Daily Report (realestatedailyreport.net)

Resale Flat MND CEA

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