Updated: 01/14/2014 00:00

HDB maisonette sold for record $1.05 million despite market slowdown

An HDB maisonette in Bishan sold for a record-breaking $1.05million last month, despite overall decl...

Expat Guides

An HDB maisonette in Bishan sold for a record-breaking $1.05million last month, despite overall declining resale prices.

Singapore Real Estate Exchange figures show that the median resale price in Bishan last month was $539,000, making it the third-priciest HDB town that month, behind pacesetter Marine Parade and Bukit Merah.

The price for the property was $250,000 over its valuation, easily trumping the median cash- over-valuation (COV) across the island of just $5,000.

According to Dennis Wee Realty property agent Thomas Hee who brokered the deal, the 150 sqm unit is on the 20th floor in a block near Bishan MRT. Its prime location and status as a rare maisonette contributed to its record price.

The record-breaking HDB maisonette was the fourth HDB property to sell for at least $1 million last year. The others were another Bishan Street 13 maisonette, which went for $1.01 million, a $1 million Toh Yi Drive maisonette, and a rare corner terrace house in Whampoa that fetched $1.02 million. The terrace house is one of just 285 "landed" public homes built by HDB's predecessor, the Singapore Improvement Trust.

Unlike the latest property, those deals took place before June's tighter home loan rules.

Despite having the new curbs slow the market, there have been recent sales for over $900,000. These included an adjoined flat in Ang Mo Kio, another Bishan Street 13 maisonette, an executive flat in Toa Payoh and two maisonettes in Clementi that all sold in November. On top of that, a 150 sqm executive flat in Queenstown changed hands for $980,000 last month.

Still, such units buck the trend. Overall resale prices slid 4.3% last year and are at their lowest level since July 2012, while the median COV plummeted 85% over the same period.

For more District Guides, you can head over to iProperty.com Singapore.

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