The prices of HDB flats in a surprising turnabout, rose 1.2 percent in the second quarter after 0.6 per cent dip in first quarter of this year.

Flash estimates from the Housing Development Board (HDB) on Wednesday showed the resale price index rising to 140 which is an all-time record high.

This increase in demand for HDB resale flats could be attributed to the drop in COV (Cash Over Valuation) requirements by HDB sellers since the economic downturn began last year. The market is such that HDB resale flats can even be bought at valuation or below valuation levels now.

However, in view of the strong demand for HDB resale flats, especially in the mature estate areas, such COV levels will undoubtedly begin to rise.

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Pasir Ris HDB Resale Flats

These are the latest Pasir Ris HDB corner units and flats near MRT for sale. Take advantage of the latest Additional CPF Housing Grant (effective 6 Feb 2009) and buy a HDB resale flat today!

=> View Pasir Ris HDB Corner Units Here

=> View Pasir Ris HDB Flats Near MRT Here

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HDB CPF Housing Grant Scheme

Below is a summary of the CPF housing grant scheme whichprovides eligible buyers of resale flats with a housing subsidy of:

(A) $30,000 Family Grant for married couples who are first-timer applicants

(B) $40,000 higher-tier Family Grant for married couples who are first-timer applicants and are buying a resale flat near their parents’/married child’s HDB flat or owner-occupied private residential property

(C) Additional CPF Housing Grant (AHG) of between $5,000 and $30,000 [on top of (A) or (B)], if they have worked for at least one year and their average monthly household income over the last 1 year does not exceed $5,000 (NEW – effective from 6 Feb 2009)

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Buying HDB Resale Properties

If you are looking to buy a private property or HDB flat in Singapore, make sure that you know all the pitfalls before you sign on the dotted line. Here are some of the major things you should look out for to avoid getting into a legal or financial tangle during the transaction.

Selecting an Real Estate Agent

You need to select an agent to service you. Find one who is familiar with the location and type of property you have in mind. Make sure the agent is from a Listed Housing Agency and also a member of the Institute of Estate Agents (IEA). Discuss your requirements with him and be specific. This will allow him to advise and service you in a professional manner.

Ownership

Always ensure that the seller is the actual owner of the property. You may wish to request for proof when you are making the purchase.

Eligibility to sell

Ensure that the seller of the property is eligible to sell the property. For a private property that is mortgaged to a bank, if the seller has lost money on the sale, and is unable to top up the shortfall on his bank loan, the bank may not allow the seller to go through with the transaction.

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