HUDC flat in Bishan goes for S$1.1 million

By PropertyGuru – October 6th, 2010
 

A 1,668 sq ft HUDC unit at Block 315 in Shunfu Road has been sold to a Singaporean buyer for around $1.1 million, in a transaction that was approved in July before the implementation of the property cooling measures.

The unusually high price tag, which translates to around $659 psf is a record for this type of project, which has already been phased-out.

“The buyer was willing to pay a premium for this unit because it’s in very good condition, on a high floor and located just outside the city,” said Mr. Adam Tan, corporate communications manager at PropNex.

Mr. Tan added that if the flat was located on a low floor, or in outlying places like Jurong or Chua Chu Kang, it wouldn’t have broken the $1 million mark.

News of the record breaking sale has come as a shock to many Singaporeans who expected prices of public housing to drop because of the tough new rules.

Interestingly, the property agent who brokered the deal is also advertising an HDB executive apartment in the same area for $1.28 million, or around $778 psf.

However, Mr. Tan urged home buyers not to panic as such sales are not the norm. “The government will definitely step in to make sure public housing remains affordable. Now that HDB has launched a higher supply of flats, demand will lessen which will keep prices stable.”