HDB flat breaks $1 million mark

A Housing and Development Board executive flat in Queenstown was sold for the highest record of $1,000,000, the first time ever for public housing. Compared to the previous record, a Bishan executive maisonette was sold for a close sum of $980,000.

The breaking of this record was expected, as the resale market was hit by a supply crunch, a trend which is expected to continue for the next few years.

The construction in the HDB’s new-flat building was only re-established last year, as new owners fulfil the HDB minimum occupation period so there will be less resale supply entering the market for the next few years.

The Cash-over-valuation (COVS) the S$1 million Queenstown flat was S$195,000, which meant that the selling price was more than 20 %  above its valuation. The same was true for the S$950,000 Bishan executive maisonette, which was sold just the week before.

The 17-year-old Queenstown unit has a 1,615 sq ft floor area and an unblocked view of Queenstown stadium. It is also within close proximity to food centres, supermarkets and MRT station.