A five-room flat in Clementi was sold for more than $1 million in early August, topping the list of public housing transactions, excluding units at the Pinnacle @ Duxton.
The resale flat on the 18th floor, measuring 116 square metres, secured a $1,005,000 deal. This is rare for suburban Housing Board flats, though executive maisonettes and terrace houses have raked similar margins.
Resale prices at the Pinnacle @ Duxton – an award-winning development in Tanjong Pagar with iconic sky bridges – have also crossed the $1 million mark.
Perhaps a unique feature helped its case: The flat is part of Clementi Towers, the Housing Board’s first foray into integrating living spaces with a mall and bus interchange.
The project is connected to The Clementi Mall and Clementi bus interchange, and residents can easily get to the MRT station via these routes.
“The location is so good, just above Clementi MRT Station and the shops in the mall. That is how we managed to get this level of pricing,” said LHG Properties agent Rose Har, who secured the deal on the seller’s behalf.
“It is a unique project. In that sense, it is like the Pinnacle – you cannot compare it to other HDB projects nearby,” quipped SLP International head of research and consultancy Nicholas Mak.
Mr Chris Koh, the director of property firm Chris International, said that tasteful renovation could have played a part in the record-breaking deal. “I don’t think you will see $1 million flats in other estates,” he added.
Kampung Admiralty, a new HDB integrated project, is expected to be completed in 2017. Conveniently set beside an MRT station, the residential development will also play host to a clinic, eldercare and childcare facilities, shops and a range of eateries.
Check out The Straits Times for more.
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