DBSS flat in Bishan sold for record $1.18m

Romesh NavaratnarajahFebruary 1, 2017

Natura Loft

Artist’s impression of Natura Loft, a DBSS project in Bishan. Source: ADDP Architects

A five-room flat in Natura Loft, a Design, Build and Sell Scheme (DBSS) project in Bishan, has made headlines for becoming the most expensive resale transaction in a public housing development so far, reported The New Paper.

The buyer forked out $1.18 million, after being attracted by the flat’s breath-taking view, strategic location and spacious interior, according to the seller’s agent, Singapore Realtor Inc’s Joey Chan. Aside from being one of only 12 penthouses in the 480-unit project, its 120 sq m area means it is bigger than the typical five-room flats measuring 110 sq m.

The deal, which closed in end January, also broke previous records set by DBSS units or flats in the Pinnacle @ Duxton. Last August, a DBSS unit at City View @ Boon Keng fetched $1.1 million, while a flat at the Pinnacle was purchased for $1.12 million in September.

Originally, the five-room units at Natura Loft were launched at prices ranging from $590,000 to $739,000, while the four-roomers cost between $465,000 and $586,000. But after meeting the Minimum Occupation Period (MOP) of five years in 2016, 11 other five-room units were sold on the resale market for $830,000 to $1.04 million, while 14 four-roomers were bought for $700,008 to $818,000.

While these values are in line with market prices for upscale DBSS flats in Bishan, R’ST Research Director, Ong Kah Seng, cautioned that these do not represent the resale market in general as prices remain soft.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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