A 14-YEAR-OLD five-room Housing Board resale flat in Toa Payoh was recently sold for $955,000, a figure comparable to the high resale prices of units at the popular The Pinnacle@Duxton.
This transaction stood out for another reason: It happened during the period close to the seventh lunar month, which typically sees a slower property market.
According to data from the HDB website, the 124 sq m flat at Block 154 in Toa Payoh Lorong 2 is situated between the 22nd and 24th storeys.
A five-room resale unit on the 28th storey of the same block exchanged hands for $650,000 in July 2007.
That figure was then a new record for resale flat prices in the area.
ERA Realty key executive officer Eugene Lim told Chinese newspaper Shin Min Daily News in a report yesterday that the flat is in an excellent location.
According to him, the flat is close to Toa Payoh MRT Station, with an underpass linking directly to it. Also, the flat is just across the road from Toa Payoh Town Centre.
As the unit is high up and not blocked by surrounding flats, it offers unobstructed views, said Mr Lim.
“If the owner is facing the right direction, he can even see the MacRitchie Reservoir,” he told Shin Min.
He added that this resale transaction is more the exception than the norm and is unlikely to become a trend.
Recent figures published on property website SRX Property showed that resale flat prices had inched up 0.3 per cent from July to last month, after dropping 0.6 per cent a month earlier.
This was led mainly by the prices of four- and five-room flats, which increased by 1.4 per cent and 0.9 per cent respectively.
Prices of three-room and executive flats, however, dropped by 0.7 per cent and 2 per cent respectively.