More million-dollar flat prices expected

By Romesh Navaratnarajah:

The recent million-dollar deal for a HDB flat in Queenstown could soon be broken, as a number of resale flats are currently on the market with asking prices well over S$1 million.

A search of the 10 most expensive HDB listings on PropertyGuru with asking prices above S$1 million showed that the costliest unit, a three-bedroom executive apartment in Geylang, is going at S$1.52 million. Located at Sims Avenue, the 1,800 sq ft unit is within walking distance to Eunos MRT station.

The second priciest is a four-bedroom, 1,776 sq ft executive maisonette in Hougang with a price tag of S$1.35 million. It is within close proximity to Hougang and Kovan MRT stations.

Meanwhile, the other eight flats have an asking price ranging from S$1.06 million to S$1.3 million.

A study of all 10 listings revealed that they are more than 1,000 sq ft each and within one-km from MRT stations. Most are executive maisonettes in the central Hougang area.

A real estate agent who spoke to PropertyGuru was not surprised over the sky-high flat prices, given their attributes such as an ideal location, high floor and unblocked views.

“Generally, units on the high floor which are unblocked command a high asking price, especially in land-locked Singapore,” said Khalil Adis.

He added that units in prime areas such as Redhill, Tanjong Pagar, Tiong Bahru, Holland Village and Bishan could be sold at S$1 million.

In particular, Pinnacle@Duxton is expected to “reach the million-dollar mark as the next few years, the units are eligible to be sold in the resale market after the five year Minimum Occupation Period (MOP) is fulfilled”, noted Adis.

Prices would depend on unit facing, floor location, amenities and proximity to MRT stations.

Going forward, million-dollar resale flats would “certainly generate a lot of interest particularly from sellers in the area. This is because they will take this transaction as a benchmark and will want to equal or ask for a higher selling price”, said Adis.


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