11/27/2008

How much discount for Pinnacles?

I went to the HDB website to troll for some figures on the much hyped discount given to Pinnacles at Duxton. There were some comparative figures on the average price of a resale flat in the same location. The average price of 4rm resale flats was $508k while the prices of 4rm Pinnacle flats are from $457k to $555k. Taking the average of the two, the average price of 4rm Pinnacle flats is $506k. If there is any subsidy, it is only $2k! (Note: the numbers were taken from HDB's site) Hey, can you call this a subsidy? I thought I read somewhere that the subsidy is about 20% off market prices, which means that if average market price is $508k, then average 4rm Pinnacle flats should be $407k. Now where is the subsidy that we were told? What happens, and it is going to happen, is that market prices are sure to fall given the poor economy. Would the new buyers of Pinnacles feel like instant suckers? MPs please ask this question in Parliament. And if Parliament is in recess, please email to the minister in charge for an answer. Can't believe no one pick this up.

1 comment:

The Hermit said...

Interesting find.

But why would any MP want to risk their fat asses asking sensitive questions when they can comfortably collect their paychecks for doing nothing?

Keep in mind that nearly 50% of them had not even a single vote casted in their favor.