More resale flats sold at sky-high prices

Although the HDB resale market may have slowed, some owners are achieving big sale prices, media reports said.

The number of 5-room resale flats sold for $900,000 or more increased to 20 this year from just one over the same period last year.

Of this number, 14 came from the Pinnacle@Duxton where a 5-room flat changed hands at a record price of $1.06 million. Prices of 5-room flats at the project ranged from $345,100 to $439,400 during its launch in 2004.

Other pricey transactions were also recorded within the Queenstown and Bukit Merah estates.

In January, a 117 sqm Holland Drive unit on a 19th to 21st floor was transacted for $950,000. A month later, a 118 sqm Strathmore Avenue flat on a 25th to 27th floor was sold for $900,000.

According to SLP International executive director Nicholas Mak, the sky-high transactions could be due to the flats being made available on the resale market recently.

The projects are also found in desirable locations – the Strathmore Green site is close to Queenstown Primary and Secondary schools, while Buona Vista Court in Holland Drive is near Star Vista mall, Holland Village and Buona Vista MRT station.

Meanwhile, units at the Pinnacle are famous for their great views from the higher floors.

“It is one of the best times to sell when units at a project just pass their five-year minimum occupation period (MOP). The project is still new and as a first mover, a seller would not have too many competitors,” said ERA Realty key executive officer Eugene Lim.

Nonetheless, homes in sought-after locations are highly-priced like in the case of a 41-year-old adjoined flat measuring 147 sqm in Holland Avenue that was sold for $985,000 in February.

However, these headline grabbing deals are not expected to have much impact on the overall HDB resale market as prices continue to be on the downtrend.

But more pricey transactions are expected to be seen in future as attractive projects like the CityView@Boon Keng and The Peak in Toa Payoh reach their MOP.

 

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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