SINGAPORE: An executive maisonette that changed hands for a cool S$1.24 million is the latest million-dollar HDB resale transaction.
The maisonette is located at Block 133 on Potong Pasir Avenue 1, reported real estate portal 99.co earlier this week. Its record price means it is the most expensive executive apartment at Toa Payoh to date.
99.co pointed out that the sale was an unusual one, given that the unit is located on one of the first three floors of the building, whereas units that fetch higher prices are more commonly found on higher floors.
The executive maisonette is certainly a spacious one, however, as the unit is 1,733 square feet in size. This means it was sold for S$716 per square foot (psf).
Additionally, the maisonette is 41 years old, which means it has 58 years and seven months left on its lease. This is “on the shorter side for EXEs”, the property portal pointed out.
Nevertheless, the location of the unit is a good one, with close access to three MRT stations, including Potong Pasir MRT and Woodleigh MRT, which are within walking distance from the maisonette.
There are also a number of groceries and malls nearby– and for families with children, preschools, primary schools, and even St Andrew’s Junior College are close at hand.
Lovers of the outdoors would also be pleased with the location since Kallang Riverside Park and Bidadari Park are in the vicinity.
Before the Potong Pasir transaction, the highest-priced executive flats at Toa Payoh were two units at Toa Payoh Palm Spring. One sold for S$1.239 million in April and the other for S$1.212 million in August.
To date, 22 executive units at Toa Payoh have sold for more than S$1 million.
99.co pointed out that the price of executive HDBs in the area has gone up by 10.54 per cent in the past year. While the average price for such units was S$980,716 last year, this year it has gone up to S$1,084,050.
The portal also noted increased interest in older and bigger units with shorter leases, which it says suggests an evolving market.
“At the pace the market is moving, it’s clear that buyers are prioritizing unit size (or perhaps locations with potential for future development) over the remaining lease years when making their purchase decisions,” the portal said. /TISG
Read also: Bendemeer Road executive flat sells for record S$1.318 million