Resale DBSS flat in Bishan fetches record $1.18m

PHOTO: The Straits Times

A Design, Build and Sell Scheme (DBSS) flat in Bishan has fetched a record $1.18 million in the priciest public housing resale deal to date.

The five-roomer is one of just 12 penthouse units in the three-block, 480-unit Natura Loft project.

Singapore Realtor Inc agent Joey Chan, who represented the seller, said the flat's attractive points included its panoramic view, central location and spaciousness.

At 120 sq m, the flat is larger than typical 110 sq m five-room Housing Board flats today, and is comparable to older HDB flats.

The $1.18 million deal on Sunday beats previous records set by DBSS flats or the Pinnacle @ Duxton HDB project.

A City View @ Boon Keng DBSS unit went for $1.1 million in August, while one at the Pinnacle fetched $1.12 million in September.

Though considered public housing, DBSS flats are developed and sold by private developers, not the HDB. Meant to provide condominium-style homes, the scheme was suspended in 2011 after public unhappiness over high selling prices.

When originally sold via balloting, Natura Loft units cost $465,000 to $586,000 for 95 sq m four-roomers and $590,000 to $739,000 for five-roomers.

Since meeting the five-year minimum occupation period last year, at least 25 other units there have been sold on the resale market: 14 four-room flats at prices ranging from $700,008 to $818,000, and 11 other five-roomers, from $830,000 to $1.04 million.

Million-dollar HDB resale flats in 2017

  • A Design, Build and Sell Scheme (DBSS) flat in Bishan has fetched a record $1.18 million in the priciest public housing resale deal to date.
  • The five-roomer is one of just 12 penthouse units in the three-block, 480-unit Natura Loft project.
  • The flat's attractive points included its panoramic view, central location and spaciousness.
  • At 120 sq m, the flat is larger than typical 110 sq m five-room Housing Board flats today, and is comparable to older HDB flats.

NOT REPRESENTATIVE

R'ST Research director Ong Kah Seng said such prices are not representative of the broader resale market, which has stagnated.

But they are within expectations for upmarket DBSS flats in the central town of Bishan, he added.

HDB flats in Bishan also fetch high prices. In the last six months, five-roomers there sold for $600,000 to $878,000.

HDB flats resold for more than $1 million in 2016

  • This is the view that clinched the $1.1 million record deal for a public housing flat.
  • The 28th-storey Design, Build and Sell Scheme (DBSS) flat at City View @ Boon Keng made headlines earlier this month because it became the most expensive public housing flat transacted so far this year.
  • The agent who helped broker the deal, Mr Kavin Kuah, 28, said the couple were attracted by the unblocked views of the Sports Hub, Marina Bay Sands and the sea in the distance.
  • City View has been fetching higher prices due to its location, with three other units there crossing the $1 million mark this year.
  • In March, a unit was sold for $1,004,888.
  • A top-floor unit also went for $1,028,000, after just two weeks on the market.
  • In July, a five-room unit at the development was sold for $1,025,000.
  • Ms Jasmine Lau, KEO of Spruce Realty, said that high floor units at City View @ Boon Keng were attractive for its unblocked views of the Sports Hub, Marina Bay Sands and the sea.
  • Since January, 12 public housing flats have been resold for above $1m, including six at the Pinnacle@Duxton along Cantonment Road.
  • In January, a five-room unit between the 28th and 30th floors was sold for $1,068,888.
  • Another five-roomer also sold in January fetched $1,020,000.
  • In March, a unit at Block 1B was sold for $1,050,000.
  • Another flat at the Pinnacle@Duxton was sold for $1,063,888 in May.
  • In June, a unit at Block 1D fetched $1,070,000.
  • The latest unit to cross the $1 million mark at the Pinnacle@Duxton was the $1,040,000 paid for a five-room flat in Block 1D.
  • The Pinnacle@Duxton offers panoramic views of skyscrapers, the port and the sea, and is also centrally located, allowing residents to enjoy convenient access to shops, restaurants and schools.
  • Of the 12 resale flats that have crossed the $1 million mark, 11 are five-room flats. The remaining one is an executive maisonette at Block 187, Bishan Street 13.
  • The unit was sold for $1,050,000 in August.
  • Meanwhile, another five-room flat at Block 441, Clementi Avenue 3, was sold for a record $1,005,000 in August.
  • This flat near Clementi Mall is the first five-room HDB flat outside the Pinnacle @ Duxton has been sold for over $1 million.

janiceh@sph.com.sg

This article was first published on February 1, 2017. Get The New Paper for more stories.