As my wife works in Changi Airport, Serangoon North is not really that convenient for her. So, I started looking for an unit in Yishun or Khatib. I went to HDB's resale website listing the prices of units transacted in the last few months and they were even lower, all less than $400k. Now, that is a hell of a good price. I called up one of my previous GRLs and he started the ball rolling by looking around for me.
However, due to the condo craze that was going on for the last three months, the selling price of EMs have also risen considerably. I was quite shocked that most are asking for $30k COV and the valuation were also higher, around $450k. I was disappointed that I was not able to seize the opportunity and buy an unit six months earlier when the prices were much much lower and COV was virtually zero.
I discussed with my wife and I preferred an EA but she prfers an EM as there is more privacy. I settled for an EM in the end as it resembles private housing more. My agent took us around to look at the EAs in Khatib but they were asking too high a price and I was not ready to spend that much money.
On 27 August 2009, my agent Joseph took us to look at an EA in Yishun and two EMs in Pasir Ris, I liked one of them very much. The current owner is Malay and they are asking for $485k. The valuation is $450k and COV is $35k. I came back that night and discussed with my wife and she too like that place. We went back on 29 August 2009 to take another look during the daytime and the flat is close to amenities like coffeshops, supermarkets etc.
I called Joseph that night and asked him to further talk to the owner's agent for a lower COV. Joseph called me back on 30 August and said that the owner will settle for a COV of $25k. I gave Joseph a cheque of $1k for an option to purchase while I proceed to apply for the HLE from HDB.
Some pictures of the unit in Pasir Ris.
