Bishan DBSS flat sold for record $1.2m

In August this year, a similar-sized unit at Natura Loft was sold for about $1.08 million.
PHOTO: The New Paper

Flats at Natura Loft in Bishan continue to fetch a handsome price, with the recent sale of a five-room unit there again crossing the $1 million mark.

According to data from the Housing Board, the flat, with just under 90 years of its lease left, was sold for $1,208,000 this month.

It is believed to be the highest resale price for a Design, Build and Sell Scheme (DBSS) unit, Chinese newspaper Shin Min Daily News reported yesterday.

The 120 sq m unit is believed to be between the 28th and 30th storeys.

The previous record price for a DBSS unit was the $1,205,000 paid for a five-room flat on the 39th-storey at City View in Boon Keng.

In August this year, a similar-sized unit at Natura Loft, also on a high floor, sold for about $1.08 million.

In 2017, a unit there made headlines after it fetched a record price of $1.18 million.

DBSS flats are Housing Board flats designed, built and sold by private developers.

Experts who spoke to The New Paper said the new record is not a surprise, given that the housing market has been on the rebound after the circuit breaker.

Ms Christine Sun, head of research and consultancy at OrangeTee & Tie, said the uptick in price is in tandem with what has been happening across all segments of the housing market.

"The sales volume has been going up and so are the prices at certain locations. We see this in the private housing market as well. Generally, that is where the trend is going," Ms Sun told The New Paper.

Flash estimates from real estate portal SRX revealed last Thursday that prices of Housing Board resale flats increased for the third consecutive month last month.

Housing Board resale prices rose by 0.8 per cent last month compared with August, a faster rate than the previous two months.

In all, 2,489 HDB flats were sold last month, a 2.2 per cent increase from August.

Eight resale flats also sold for above $1 million, one of them a five-room flat at The Pinnacle@Duxton in Tanjong Pagar, which sold for $1.258 million.

It is believed to be a record for a resale HDB flat.

Referring to the recent sale at Natura Loft, Mr Ismail Gafoor, chief executive officer of PropNex, said the location in Bishan is an attractive proposition.

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He said: "That property is in a very good location, in terms of very good schools, and is also very centrally situated."

Both Ms Sun and Mr Ismail said the previous owners would have bought the flat at a premium price from the developers, which Mr Ismail estimated to be $600,000 and upwards.

Mr Ismail said he will not be surprised if the current record is broken in the coming months, although he is not expecting a huge increase.

"Today, the HDB market has taken a rebound and the private property prices are also positively increasing. Therefore, DBSS (flats), based on design, are seen as a value proposition."

This article was first published in The New Paper. Permission required for reproduction.