Recently, a five-room private flat (DBSS) in Toa Payoh initially bid for a hefty S$2 million, which has caused a lot of buzz online. The seller suspected that he couldn't stand the "pressure" from netizens, and the price of the unit has been reduced to S$1.1 million, which is nearly 45% lower than the original price.
Compared to other units with similar conditions, this price is only around S$150,000, and the area may even be larger.
Located at The Peak@Toa Payoh Lorong 1A, this 1,258 sq ft five-room flat at Tower 138B is a 1,258 sq ft flat, with the advantage of super high floors and "unbeatable city views", close to shopping malls and Toa Payoh MRT station.
Despite the high prices for which units were previously sold, the real estate agent expressed surprise at the $2 million price that could scare off potential buyers.
Many netizens said they would rather buy an apartment at this price.
Overpricing means that there is more room for negotiation, and buyers and sellers may need to spend more time discussing prices, which is detrimental to both sellers and intermediaries. The longer the unit stays in the market, the more the agency has to pay for advertising.
It is not uncommon for HDB flats in Toa Payoh to transact at high prices.
Due to scarcity, there are only 13 DBSS projects on the island, totaling more than 8,500 units. This means that there is little supply in the market, which naturally pushes up prices. Flats in the mature HDB area of Toa Payoh are even more scarce.
Real estate agent Chen believes that this project is a relatively high-quality private flat project. Compared to other five-bedroom units in the same area, the transaction price of the project is usually 5% to 6% higher.
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