Friday, September 14, 2012

Queenstown flat hits $1 million mark

Thursday, Sep 13, 2012

 An executive maisonette at Mei Ling Street has been sold for $1 million.

The 1,615 sq ft flat has broken the record of $980,000, which was set by a Bishan flat sale just a week ago.

Its new owners reportedly paid $620 per sq ft and a whopping cash over valuation (COV) of $195,000 for the 17-year-old property.

From the executive flat in Block 145, one can see the Queenstown stadium clearly. It is also located in a mature estate with food centres, supermarkets and an MRT station close-by.

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Dennis Wee Group agent Irene Ho told The Straits Times (ST) that the Singaporean couple who bought the apartment had previously owned a private property.

More than 50 bids were received after the flat was listed in June, Ms Ho told ST.

The sale will be finalised in two months' time.

Much buzz was already created last week when news of the probable $1 million sale broke, with many worried that the rising home prices will become a norm in the property market.

Minister of National Development Mr Khaw Boon Wan said on Saturday that Singaporeans need not be "traumatised" by the recent record-breaking prices of resale executive flats.

He told leaders at a grassroots dialogue that looking at the larger picture was more important, pointing out that the Government has managed to keep prices for most units affordable with the new Build-to-Order (BTO) flats.

On Tuesday, The New Paper (TNP) reported that a couple has expressed willingness to sale their executive maisonette at Block 147 Mei Ling Street at $1.1 million.

However, not all executive flat owners are willing to ride on the trend of sky high prices and cash out just yet.

A resident at nearby Block 150 told ST that he is not looking to sell his 1,600 sq ft home even thought he gets fliers daily promising a million dollars for his flat.

Mr Baljeet Singh, 57, said he liked living in the area because it was convenient and would rather leave the flat to his children.

He bought the executive unit for $295,000 in 1994.

An analyst told ST that such high prices could become a norm when more premium flats like The Pinnacle@Duxton enter the resale market.

However, a spokesperson from Dennis Wee Group said that generally, most new flats remain affordable. He added that the way prices fluctuate depend largely on what buyers are willing to pay for a property they like.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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