Expect more million dollar resale flats to be on the market soon, say property agents

Singaporeans can expect a few more million dollar Housing Development Board flats in the resale market soon. 

This is according to one property agent that MediaCorp spoke to, who says the high asking price of some flats can be attributed to their prime location and large liveable space. 

Mr Mohamed Ismail, Chief Executive Officer of local property firm Propnex said he even expects some resale flats to go above a million dollars. 

This includes the Pinnacle@Duxton whose owners will complete their minimum occupation period in the next few years. 

The deal for a million dollar resale flat in Queenstown has been confirmed today. 

It's a record amount for a public housing flat. 

The transaction for the executive apartment at Block 149 Mei Ling Street has turned a few heads, with a Cash-Over-Valuation, or COV, of $195,000.

But Mr Ismail says there is no reason for Singaporeans to be alarmed. 

"The median COV islandwide is only 30,000 so people are relatively cautious in their approach and you're not paying such high COVs islandwide. So I think Singaporeans by and large are prudent and know what they are buying into and even those who pay the hundred over thousands, they do understand these are select properties that have a good demand, and on that basis they feel it's justified paying such price."