City View at Boon Keng sets another record with $1.2 million HDB flat sale

Despite a $1.2 million sale for a 5-room resale HDB flat and a 0.2% fall in July, the resale HDB flat market has remained fairly stable.

5 units at City View @ Boon Keng sold for over $ 1 million

City View @ Boon Keng

A 5-room resale flat in Boon Keng has just been sold for $1,205,000. Located on the 39th floor of City View @ Boon Keng, the sale has set yet another record.

The previous highest price for a public housing unit was $1.2 million, $5,000 less, for a 5-room HDB unit in Tiong Bahru in April this year.

City View @ Boon Keng has been popular with buyers who can afford to pay high prices, it seems. This is the second unit which has made a mark in the books for its record-breaking sale price.

Another unit as sold for $1,185,000 in January; and 5 of the 9 units sold this year which surpassed the $1 million mark came from this block.

The 714-unit block was completed in 2011 and is located close to both the Bendemeer and Boon Keng MRT stations.

See more: 4 Tiong Bahru HDB flats sold for more than $1 million

High-floor units in newer HDB flats may fetch more

In July, the number of resale flat transactions rose 11.9% despite a fall of 0.2% in resale prices. 2,12o resale units exchanged hands last month, up from the 1,895 units in June. This could be due to the usual pick-up in sales activities after the June holidays.

Prices of units in non-mature estates rose 0.2% while those in mature estates fell 0.8%. It used to be that the older resale units could fetch more because of the larger floor area they provided, but some newer units are matching those high prices despite their smaller sizes.

HDB in Farrer Park Road. Picture: iProperty

Most of the new HDB blocks are taller and some of the top floor units can offer up expansive and expensive views. 71 HDB units were sold for more than $1 million last year alone.

Some analysts have noticed that interest and value of older flats are starting to dip in comparison to the rise in the value of newer units which have just entered the market after fulfilling their minimum occupation period (MOP).

The competition in the market has also heated up as more new units enter the market and older flats become more accessible as buyers can now use more of their CPF savings as well as secure larger HDB loans for the latter.

See more: ECs that will achieve Minimum Occupation Period (MOP) in 2019