BUYERS are chasing Housing Board resale prices relentlessly as if they are freehold properties.
For instance, five-room flats in Marine Parade, with less than 65 years of lease left, are changing hands at $700,000 each or more.
If these prices are averaged out over 99 years to compare with new apartments with 99-year leases, it would put the valuation of such units at more than $1 million.
Is the price reasonable?
It would be fairer if the Government spells out the policy on the expiry of HDB leaseholds, so that buyers will have a clearer idea of what they are buying into.
Wong Pang Yee
Source: Straits Times, 13 Apr 2010
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