SINGAPORE - A Housing and Development Board (HDB) resale flat in Toa Payoh was sold for close to $1 million in June this year.
According to figures on the HDB website, the 23-year-old executive apartment fetched a cool $980,000, comparable to prices of flats at the popular Pinnacle @ Duxton.
The 1,560.77 sq ft unit is located between the 10th and 12th floors of Block 101B, Toa Payoh Lorong 2.
The flat is located behind the Braddell MRT station on the North-South line. It is also just a five-minute drive from Toa Payoh MRT station and the bustling Toa Payoh Town Centre and HDB Hub.
The sale makes it the most expensive flat to be sold in the area this year. It also ties as the most expensive executive flat to be sold in Toa Payoh with a unit from the neighbouring Block 99B that was sold in March 2014, real estate portal The Edge reported.
Another executive unit on a lower level of the same block also crossed the $900,000 mark when it fetched $910,000 in March.
A total of four public flats in Toa Payoh, comprising two five-roomers and two executive apartments, have been sold for $900,000 or more so far this year, according to figures on the HDB website.
However, just one HDB unit in the area crossed the mark in the whole of 2015 - a five-room unit opposite Toa Payoh MRT station that fetched $955,000.
Mr Zavier Zhang, associate senior marketing director at real estate agency Huttons Asia, told AsiaOne that the high price could be attributed to a combination several important factors, most notably its location in a mature estate in central Singapore, as well as its size.
"In general, executive apartments are more sought after due to their more spacious layout, especially compared to executive maisonettes where the staircase takes up a considerable amount of space. Moving forward, new built-to-order units are also significantly smaller in size. This means executive apartments built in the 1990s are considered premium and rare units," he said.
He added that the price remained more affordable when compared to the private market, pointing out that five-bedroom units at the recently launched Gem Residences are going for $1.8 million despite their smaller size.
Data from property website SRX Property showed that resale flat prices decreased by 0.6 per cent in June from May, with a total of 1,823 units sold.
Prices of executive units did however inch up slightly by 0.1 per cent.