10—year—old 5—room flat sold for S$945,000

SINGAPORE: More five—room resale flats have been sold above the S$900,000—mark, especially in estates like Redhill, Queenstown, Toa Payoh and Marine Parade.

A 10—year—old flat measuring 1,184 square feet at Block 23 Jalan Membina, near Tiong Bahru MRT station, was sold for S$945,000.

This means that its price of S$800 per square foot is similar to suburban executive condominiums but half the price of private condominiums in the area.

According to the HDB, just in the first two months of this year alone, 10 resale flats were sold for more than S$900,000 each.

And, the Singapore Real Estate Exchange said prices have risen by 5 per cent in the past year.

Senior manager for training, research and consultancy at DWG, Lee Sze Teck, attributed the high prices of these resale flats to them being in "mature estates (where) the BTO supply is limited. Also, because of the high private property prices in these areas."

"We expect the resale market to remain stable, because the government is going to build a lot more BTO flats. We only expect resale flat supply to increase in the second half of 2013," he said.

— CNA/ck/ir