HDB reviewing ‘jumbo’ flat scheme after Telok Blangah unit listed for sale at $2.18m
The price tag was “significantly higher" than comparable transactions in the area, HDB said.
The Housing Board (HDB) is reviewing its "jumbo" flat scheme following the listing of a Telok Blangah flat, comprising two three-room flats, for sale at $2.18 million. Concerns were raised by the public about this listing, and HDB is committed to maintaining affordable and accessible public housing. So far, no resale application has been received for the flat, and the seller and buyer must submit an application for HDB approval.
The listed price is significantly higher than comparable transactions in the area, with three-room flats ranging from $673,000 to $771,000 over the past six months. If a transaction were to proceed at this price, it would likely result in a substantial cash-over-valuation payment. The jumbo flat scheme, introduced in 1993, allows eligible owners to combine their flat with an adjacent unit to form a larger flat, provided they seek HDB's assessment on the structural feasibility and meet a five-year minimum occupation period.
The most expensive HDB flat transacted was a five-room unit in Henderson, which sold for $1.73 million in April. HDB advises buyers to conduct thorough research, evaluate housing options carefully, and plan finances prudently to avoid over-payment.
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