Couple makes cool $300K for selling their DBSS flat at record $1.1M

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By: 永久浪客/Forever Vagabond

It was reported in mainstream media today that a couple, who only gave their names as Mr and Mrs Tan, made a cool $300,000 from selling their DBSS 5-rm flat at Boon Keng for a record price of $1.1 million.

Mr Tan, 35, who works in marketing, said they bought their DBSS flat, City View @ Boon Keng, for $700,000 when it was launched in 2008. He said they made more than $300,000 in this deal.

An option to purchase their flat was signed 2 weeks ago. The sale came despite a depressed resale market.

Mr Tan said, “I thought I could try my luck, because the location is very convenient.”

Three other City View units were reported to have been sold more than $1 million each but Mr Tan’s unit now holds the record for selling the most expensive DBSS flat.

Besides location and quality, such units like Mr Tan’s also have attributes which “money can’t buy”, said ERA Realty agent Kavin Kuah, who represented Mr Tan in the deal.

It’s not known where Mr and Mrs Tan would stay after selling their DBSS flat. Should they decide to buy another property to stay, they would only be able to “enjoy” the profits made in their DBSS flat if they chose to downgrade. That being the case, they would then have to sacrifice their standard of living by moving into a smaller flat.

If they decide to go for a bigger private property, they will then have to incur more debts because the prices of private properties are much higher.

Developer Hoi Hup Sunway linked to grassroots patron

Of course, the party that is really laughing their way to the bank was the DBSS developer of City View @ Boon Keng, Hoi Hup Sunway.

It managed to sell all its 714 units due to overwhelming demand from the public when the project was launched then.

Hoi Hup Sunway is actually a consortium comprising Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd. Other than City View, it has also developed The Peak @ Toa Payoh.

Sunway Developments belongs to the Malaysian conglomerate the Sunway Group whereas Hoi Hup Realty was founded by Wong Swee Chun, who is also the Chairman of Hoi Hup Realty.

It turns out that Mr Wong is a strong supporter of PAP and is close to Sam Tan, who is the MP of Radin Mas SMC. Sam Tan is the PAP candidate contesting in Radin Mas in last year GE. He won the election with a landslide 77.3% in a 3-cornered fight. Sam Tan is currently also the Minister of State in Prime Minister’s Office & Ministry of Manpower, and Deputy Whip of PAP.

Mr Wong himself has just been appointed Patron of Radin Mas Community Club Management Committee by Sam Tan this year:

(MP Sam Tan presented Certificate of Appointment to members of Radin Mas Community Club Management Committee Term 2016 - 2018)
(MP Sam Tan presented Certificate of Appointment to members of Radin Mas Community Club Management Committee Term 2016 – 2018)