5-room DBSS flat in Boon Keng sells for $855,000

SINGAPORE - A five-room flat at City View@Boon Keng under the Design, Build and Sell Scheme (DBSS) has been sold for $855,000 in January, reported Shin Min Daily.

City View turns five in February 2016. Residents need to stay a minimum period of five years before they can sell their unit and only those who sought approval by HDB are be able to do so earlier.

According to the Chinese daily, a unit was put up for sale in the market last July for $1 million.

After about six months, the HDB website announced the first known transaction at City View in Jan 2016.

The resale unit is said to be located between 22nd to 24th floor of Block 8 and is approximately 109 sq m.

According to an analyst from real estate company, Propnex, City View is able to fetch high prices due to its location - it is closer to the city compared to other estates like in Queenstown.

In Sep 2015, a five-room flat unit at Strathmore Avenue sold for $960,000. If the current housing market was not as sluggish, the flats at City View should be able to garner a higher selling price than those at Queenstown, said the analyst.

City View is a 99-year leasehold development located at 7 Boon Keng Road. It holds 714 units and was was launched in 2008.

The average price was set at $520 per sq ft and a five-room flat cost between $536,000 to $727,000.

The 714 units range from 109 sq m to 120 sq m. Flats above the 30th floor are known to be the prime units as they face the city and do not get much sun.