Million-dollar HDB deal set in motion

Million-dollar HDB deal set in motion

It's almost confirmed: A million-dollar record price for a public housing flat looks ready to be set after the buyer and seller of an executive apartment along Queenstown's Mei Ling Street went through the first appointment with HDB yesterday, with that agreed-upon price.

The 150 square metre (1,614.6 square foot) home with three bedrooms and a study comes up to about $619 per sq ft (psf), also a new record for HDB flats. Both buyer and seller are Singaporeans.

BT reported last week that the $1 million deal was in the works, and that the buyer had agreed to pay a cash premium of $195,0000 for the flat, which is located near the Queenstown MRT station.

What is also noteworthy is the level of interest that the flat drew.

Earlier, market specialists had expressed little surprise at the new record, saying that flats in the area were popular, and have seen a slew of buyers willing to fork out top dollar for the location.

But they also highlighted that such transactions are the minority of deals in the HDB resale market, and are not representative of the market.

Source: Business Times – 13 September 2012