[This article has been updated on 14 September 2020.]
Singaporeans love a good deal, especially when it comes to property. Who doesn’t? Not only did Mediacorp actress Hong Ling buy her very own bachelorette pad recently, the 26-year-old also snagged her apartment via a fire sale that would make any Singaporean envious.
According to sources close to the actress, the price she paid for her 517 square feet, one-bedroom + study unit at Balestier was $680,000. This translates to $1,316 per square foot (psf).
Similar units in the development had transacted at around the $775k ($1,500 psf) mark, which means that Hong Ling managed to secure her resale unit at a whopping 12% discount below the market rate.
Seller’s loss, Hong Ling’s gain
Hong Ling’s unit is part of a fairly new freehold development that was completed in 2016. 99.co understands that the seller from who Hong Ling had bought the unit was forced to offload the unit in a bank sale. That seller had purchased the unit during the project’s launch in 2013 for just under $750,000. A transaction price of $680,000 meant a loss of about 9.5%.
It’s not just the price that caught her eye. The actress told 8days.sg in an interview that she loves the neighbourhood of Balestier, which is known for its old shophouses and the abundance of local food, cafes and durians (and uh, bak kut teh?).
She also added that the location is more convenient for her to get to work, compared to her previous home in northern Singapore. (Balestier is almost right smack in the middle of the island.)
Balestier is known for being a centrally located yet affordable place to buy a condo, many of which are freehold in tenure. Check out these listed homes below or keep scrolling for the article!
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“The best gift ever”
Hong Ling revealed that, prior to purchasing the condo, she had been living with her family in a five-room HDB, where she shared a room with one of her two siblings.
After collecting the keys to her very own home, Hong Ling calls it the best gift she’s ever bought for herself.
“When I had just entered the industry and took my first endorsement deal, my dream was to be able to buy my own home when I turn 30. Who knew I’d be able to achieve it? I’m really grateful and happy.” Hong Ling wrote in Chinese on her Instagram post, adding that she had financed the purchase on her own, helped by her product endorsement deals.
Hong Ling entered the entertainment industry in 2014 after finishing as a finalist on Channel U’s campus talent search programme “Hey Gorgeous”. On Mediacorp’s Channel 8, she acted in a number of dramas including “You Can Be an Angel Too” and “118”.
Seeing the apartment, Hong Ling’s boyfriend, fellow Mediacorp thespian Nick Teo, confessed to feeling ashamed of himself at not being able to afford his own home. Perhaps he just needs to find another good fire sale lobang!
Is Hong Ling’s new home an unbeatable deal? Share your views in the comments below!
If you liked this article, 99.co recommends REVEALED: Why Romeo Tan paid over $1.6 million for this Marina One Residences bachelor pad and Designer jumbo flat is first Ang Mo Kio HDB unit to break $1 million barrier
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About Kyle Leung
Content Marketing Manager @ 99.co
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
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