Condominium - $900K offer for Bishan EC unit

An executive maisonette unit in Bishan has been put up for sale at around $950,000, according to a report. One buyer has expressed interest in purchasing the unit and has offered $900,000.

Based on the report, the asking price for the EM unit is $170,000 above the cash over valuation (COV). The unit, which is located in an 18-year-old flat on Bishan Street 24, is valued at $730,000. The owner purchased the unit ten years ago for $750,000.

The property agent managing the sale said that the Singaporean owner wants to sell the flat as he is now working in Hong Kong. He requested that the unit should either be sold for about $950,000 or that it be leased out for $3,200 per month.

An interested buyer, a 45-year-old businessman, offered $900,000 for the flat, but the owner is still considering it as the offer is below his asking price.

At $900,000, this will be a record breaking re-sale price for a Bishan unit in the last 15 years. The psf price for the 1,860-sq-ft EM unit will also be above the average rate at $483 psf and the average psf price in Bishan at $467.

However, the Bishan unit does not beat the asking price for a Queenstown apartment on Strathmore Avenue, which was priced at around $1 million. Several units in Queenstown have also been sold for more than $700,000.