$2.18m Telok Blangah jumbo flat: HDB reviewing scheme following public concerns

HDB said on Friday (Sept 25) that it is reviewing the conversion scheme, commonly referred to as jumbo flats.

Members of the public had expressed concerns after a jumbo flat in Telok Blangah was recently listed for sale at $2.18 million .

Introduced in 1993, the conversion scheme allows eligible owners of three-room or smaller HDB flats who require more living space to combine their flat with an adjoining unit to form a larger flat.

Eligible owners may purchase an adjoining three-room or smaller flat on the open market, subject to prevailing citizenship and household nucleus requirements.

In a statement issued to AsiaOne, a HDB spokesperson noted that the flat at Block 93B Telok Blangah Street 31 comprises two 3-room flats that were combined into a single unit under the conversion scheme.

The flat owners purchased their first three-room flat in December 2017, followed by the adjoining unit in August 2021, when their then-neighbour listed it for sale after obtaining HDB's approval to sell it during its minimum occupation period owing to family circumstances.

HDB's assessment on the structural feasibility of combing the units must also be obtained before a purchase application can be submitted.

If approved, the two units can then be combined into a single flat under one lease. It can subsequently be sold on the open market, after the new minimum occupation period is met.

'Significantly higher'

HDB told AsiaOne that the listing price of $2.18 million is "significantly higher" than what comparable transactions in the area suggest.

It pointed out that transactions for individual three-room flats in the area currently range from $673,000 to $771,000.

"Based on the upper end of this range, the total price of two such flats would amount to around $1.54 million," HDB said, highlighting that the current listed price is more than $600,000 or over 40 per cent above this amount.

This means that should a transaction proceed at the listed price, a substantial cash-over-valuation, which must be paid fully in cash upfront, will be incurred.

A HDB spokesperson added that to date, it has not received a resale application.

AsiaOne understands that an intent to sell was lodged prior to the listing.

HDB committed to keep public housing affordable, accessible

The board also reminded prospective buyers that buying a flat is a long-term financial commitment, urging them to conduct thorough research, evaluate options carefully, and to plan their finances prudently so that they do not end up overpaying.

"The Government remains committed to keeping public housing affordable and accessible," HDB added.

建屋发展局（HDB）周五（9月25日）表示，正在审查改建计划，该计划通常被称为巨型组屋。

最近，位于直落布兰雅的一套巨型组屋以 218 万新元的价格挂牌出售，引发了公众的担忧。

该转换计划于 1993 年推出，允许符合条件的三房式或更小的组屋业主，如果需要更大的居住空间，可以将他们的组屋与相邻的单元合并，形成更大的组屋。

符合条件的业主可以在公开市场上购买相邻的三房式或更小的组屋，但须遵守现行的公民身份和家庭核心人数要求。

建屋发展局发言人在向AsiaOne发表的声明中指出，位于直落布兰雅街31号第93B座的组屋由两套三房式组屋组成，根据改建计划合并为一套。

这对公寓业主于 2017 年 12 月购买了他们的第一套三房式组屋，随后于 2021 年 8 月购买了隔壁的组屋。当时，他们的邻居因家庭原因，在获得建屋发展局的批准后，在组屋的最低居住期限内将其挂牌出售。

在提交购买申请之前，还必须获得建屋发展局对合并单元的结构可行性的评估。

如果获得批准，这两个单元可以合并成一套公寓，并签订同一份租赁合同。待新的最短居住年限届满后，即可在公开市场上出售。

“明显更高”

建屋发展局告诉AsiaOne，218万美元的挂牌价格“明显高于”该地区类似交易的价格。

报告指出，该地区三房式公寓的交易价格目前在 673,000 美元至 771,000 美元之间。

“按照这个价格区间的上限计算，两套这样的组屋总价约为154万美元，”建屋发展局表示，并强调目前的挂牌价格比这个价格高出60多万美元，也就是40%以上。

这意味着，如果交易按标价进行，将会产生大量的现金溢价，这笔溢价必须预先以现金全额支付。

建屋发展局发言人补充说，截至目前，尚未收到转售申请。

AsiaOne了解到，在房产上市之前，就已经提交了出售意向书。

建屋发展局致力于保持公共住房价格合理、易于获取。

委员会还提醒潜在买家，购买公寓是一项长期的财务承诺，敦促他们进行彻底的研究，仔细评估各种选择，并谨慎地规划财务，以免最终支付过高的价格。

“政府仍致力于保持公共住房价格合理且易于获取，”建屋发展局补充道。