View of public housing blocks in Toa Payoh.
A 23-year-old executive flat in Toa Payoh was sold for a whopping $980,000 in June this year, reported AsiaOne.
Based on figures on the HDB website, the price is comparable to those sold at the iconic Pinnacle @ Duxton.
Located between the 10th and 12th floors of Block 101B, Toa Payoh Lorong 2, the 1,560.77 sq ft unit is situated behind the Braddel MRT station on the North-South line. The flat is also just a five-minute drive from Toa Payoh Town Centre, HDB Hub and Toa Payoh MRT station.
Aside from being the most expensive flat to be sold in Toa Payoh this year, the sale also ties as the most expensive executive flat to be sold within the area with a unit sold in March 2014 from neighbouring Block 99B, noted property portal The Edge.
An executive unit located on a lower level of the same block also breached the $900,000 mark when it was sold for $910,000 in March.
Figures on the HDB website showed that a total of four HDB flats, comprising two executive apartments and two five-roomers, have been sold in Toa Payoh for $900,000 or more so far this year.
Last year, only one HDB unit within the area crossed the mark. Located opposite Toa Payoh MRT station, the five-room unit fetched $955,000.
Huttons Asia Associate Senior Marketing Director Zavier Zhang attributed the high price to a combination of various factors, such as its size and location within a mature estate in central Singapore.
“In general, executive apartments are more sought after due to their more spacious layout, especially compared to executive maisonettes where the staircase takes up a considerable amount of space. Moving forward, new Build-To-Order (BTO) units are also significantly smaller in size. This means executive apartments built in the 1990s are considered premium and rare units,” he said.
The price is also more affordable compared to the private residential market, he said, noting that five-bedders at the recently launched Gem Residences are being sold for $1.8 million despite their smaller size.