In the sales history of public housing, not many units breach the $1 million mark. Yet at least 3 have done so this year despite declining market prices. Last quarter saw the steepest price-decline yet since 2015.
Three 5-room resale HDB flat units sold above $1 million
Though few and far in between, the sale of these 3 resale HDB flats for more than $1 million each goes to show that there are willing buyers out there. Buyers who are willing to pay for location, space and perhaps even a bit of heritage.
The 3 resale flats were all regular 5-room units located in the Commonwealth and Holland Village estates. None of them were in the Executive flats category where Design Build and Sell Scheme (DBSS) and flats such as those at Pinnacle@Duxton fall within.
Executive flats have a higher possibility of fetching prices closer to the $1 million mark. A DBSS penthouse at Bishan’s Natura Loft, for example, sold for $1.18 million. Though considered public housing units, DBSS flats are developed and sold by private developers. At the iconic Pinnacle@Duxton, a unit broke the record with its $1.12 million price tag in 2016.
Buyers drawn by million-dollar views and location
The 2 units in Commonwealth Drive sold for $1.028 and $1.035 million while 1 unit in Holland Drive fetched $1.03 million. All the units were sold between July and last month. The buyers of the unit at Holland Drive were drawn to the million-dollar view of landed properties in the vicinity and the proximity to the Holland Village MRT station and other amenities nearby.
While regular resale HDB flats rarely cross the $900,000 mark, more in the Holland Village area are expected to hover around that price range as their central location and flat size are particularly rare and desirable.