An executive maisonette in Bishan was sold for $1.05 million this month amid the falling resale flat price index, revealed online data from the HDB and reported in the media.
Located in Block 192 at Bishan Street 13, the two-storey unit between the 22nd and 24th floors was built in 1987. The 149 sqm flat has 71 years left on its 99-year lease.
Another maisonette at Bishan Street 22 was sold for $812,000 this month.
Bishan is famous for its sky-high HDB flat prices. However, it has found competition in The Pinnacle@Duxton, which sold two units for over a million dollars this month.
A unit between floors 28 and 30 of Block 1G at the Pinnacle found a buyer at $1.06 million while another unit between floors 46 and 48 of Block 1A went for $1.05 million.
This year’s transactions for 5-room flats at the development all surpassed $900,000, with six flats going for at least a million.
Such flats were priced between $345,100 and $439,400 during the project’s launch some years ago. Located in a sought-after location, units at the 50-storey development recently crossed their five-year Minimum Occupation Period (MOP).
Over in Bishan, the older flats have consistently managed to fetch stunning prices. In fact, the estate holds the record for the most expensive flat sold in Singapore – a maisonette at Block 194 which changed hands for around $1.08 million in October 2014.
In December, another unit in Block 190 was snapped up for $1 million.
Although these units managed to hit record prices, the resale price index for HDB flats has dropped over the last seven quarters since mid-2013. Reports show that the index fell by another one percent in Q1 2015.
While the index is sliding downwards, it was also reported that prices for bigger executive flats increased by one percent during the past quarter, with location being a major factor.
A 143 sqm executive maisonette in Bedok was sold for $570,000 this month, while a 28-year-old maisonette at Bukit Batok Street 31 went for $610,000.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email firstname.lastname@example.org