Despite falling resale Housing Board flat prices, an executive maisonette in Bishan changed hands this month for $1.05 million.
It is the first million-dollar resale flat in Bishan this year, joining 20 five-room resale flats sold for $900,000 or more since the start of the year. Fourteen of these were from the Pinnacle@Duxton.
The million-dollar flat at Block 192, Bishan Street 13 was sold earlier this month, data from the HDB showed.
Among the seven double-storey executive maisonettes in Bishan sold this year, the Block 192 unit is the first to breach the $1 million mark, evening daily Shin Min Daily News reported yesterday.
The 149 sq m flat is 28 years old and located between the 22nd and 24th storeys.
Another similar resale flat in Bishan was sold this month for $812,000. The 146 sq m flat is 23 years old, and is between the seventh and ninth storeys of Block 257, Bishan Street 22.
But experts have said that these sky-high resale prices are not the norm.
SLP International executive director Nicholas Mak told Shin Min that Bishan is centrally located and has good facilities and schools. So, flats there often fetch high resale prices.
Mr Mak pointed out that those who wish to buy a flat in Bishan can do so only through the resale market, as the area does not have any new Build-To-Order flats, and this has increased resale prices.
But he believes that the resale price breaching the $1 million mark should not be taken as an indicator of market trends.
"It could be that this unit has very good interior decor or maybe, the buyers were especially fond of it, but this does not mean that other similar flats in Bishan can be sold for more than $1 million," said Mr Mak.
The last time a flat in Bishan sold for such a price was in December last year, when a flat at Block 190, Bishan Street 13, changed hands for $1 million. In October, an executive maisonette at Block 194 went for $1 million, too.
Other similar two-storey executive maisonettes have sold for less. These include a 143 sq m flat at Block 145, Bedok Reservoir Road, which sold for $570,000 this month; a 146 sq m flat at Block 665, Jalan Damai that went for $665,000; and a 148 sq m flat at Block 354, Bukit Batok Street 31, which was sold for $610,000.
Six Pinnacle@Duxton flats were sold for more than $1 million this year, with two of these sales being made just this month.
One is a 107 sq m flat located between the 46th and 48th storeys of Block 1A, which fetched a resale price of $1.05 million. The other similarly sized five-room flat, between the 28th and 30th storeys of Block 1G, was sold for $1.06 million.
The 50-storey Pinnacle@Duxton housing project is the tallest HDB development here. It has more than 1,800 units, many of which were put up for resale or rental last year, after home owners began meeting the five-year minimum occupation period.
Tuesday, Apr 28, 2015
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Source: AsiaOne