A 2,863 sq ft HDB corner house in Whampoa was sold for S$1.02 million or about S$360 per sq ft back in April this year, according to media reports.
The rare terrace property with a garden is one of just 285 HDB landed properties in the country and the fourth such type to be sold for more than S$1 million. These homes were built by the Singapore Improvement Trust in the 1960s.
The latest resale deal breaks the record set by a Bishan Street 13 maisonette sold for S$1.01 million in January. However, analysts maintain that such deals are uncommon and do not reflect the overall market.
“They are all very rare units you don’t get to see everywhere,” said PropNex Senior Vice-President Lim Yong Hock. “Even within the same block, there are only one or two units with that kind of layout and size.”
With 59 years left on its 99-year lease, the property’s selling price includes a cash-over-valuation (COV) of S$140,000. The buyer is a neighbour who lived in a 990 sq ft terrace house along the same the road.
“The buyer has been living there for a long time and they wanted to stay in this kind of property, so they switched over and moved nearby,” Lim said.
Source : PropertyGuru – 1 July 2013