Sunday, March 10, 2013

5-room flat of 10 years old sold for $945,000

Mar 08, 2013 - By: Singapore
More 5-room flats are being sold above $900,000

A 10-year-old 5-room flat that measures 1,184 sq ft was sold for $945,000.

Situated in a prime location near Tiong Bahru MRT station, the unit in Block 23 Jalan Membina was transacted at $800 psf where the price is comparable to suburban executive condominiums in the area.

According to data from the HDB, there is an increasing trend of 5-room flats being sold above the $900,000 mark, more so in mature estates in Redhill, Queenstown, Toa Payoh and Marine Parade. For the first 2 months of 2013, 10 resale flats were transacted for more than $900,000 each. 

Interestingly, prices have also risen by 5% in the Singapore Real Estate Exchange in 2012.

Experts have attributed the increase in resale prices to the limited supply of BTO flats in mature estates. Also, because of this reason, the prices of private properties in the area could possibly have jacked up the prices of resale flats.

However, market watchers expect the prices in the resale market to remain stable as there would be more BTO flats to be built in mature estates in the pipeline. The supply of resale flat is expected to increase in the second half of 2013.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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