By Lip Kwok Wai | POSTED: 18 Mar 2014 21:15 | CNA

SINGAPORE: The first three of the Housing and Development Board’s Design, Build and Sell Scheme (DBSS) flats have entered the resale market.

The flats, which are located in Tampines, have found buyers after the sellers served their minimum occupation period of five years.

The first two five-room DBSS resale units will be sold for S$671,000 and S$699,000.

A five-room DBSS flat typically sold for between S$308,000 and S$450,000 when they were first introduced.

Another DBSS resale flat – a four-room unit – will be sold for S$582,000.

Such four-room DBSS units typically sold for between S$288,000 and S$410,000 when launched.

DBSS flats are of a higher design quality than regular Housing and Development Board (HDB) units.

These resale flats come under new rules, where buyers and sellers have to agree on a price before units receive their valuation.

David Poh, managing director at PropNex David Poh & Associates, said: “Now for a buyer to buy a flat, you do not know what the valuation is.

“So whatever you’ve actually agreed to buy and maybe, in one or two weeks’ time when you see the valuation, it could be lower than expected. So you probably have to pay more than the cash you’ve actually expected to pay.”

– CNA/xq