Public housing in Singapore. (Photo: Lionel Leo/Wikimedia Commons)
Despite the bleak property market, City View @ Boon Keng saw at least 14 flats sold even though it only entered the resale market this year, according to a recent Straits Times report.
In fact, flat owners at the premium public housing project have been reaping big profits.
Housing Board data shows that three- to five-room flats there were sold from $560,000 to $900,000, far exceeding the project’s launch prices of between $349,000 and $727,000, as well as HDB prices within the vicinity.
Century 21 Chief Executive Ku Swee Yong attributed the high prices to the project’s design and recent completion in 2011.
“It’s the newest in the neighbourhood. As a Design, Build and Sell Scheme (DBSS) project, it also has high-quality design and fittings.”
The second DBSS project after The Premiere @ Tampines, the 714-unit City View @ Boon Keng comprises three 40-storey blocks and was developed by Hoi Hup Sunway.
Although owners at City View are only allowed to sell their units from this year, following the end of their five-year minimum occupation period, 10 units were sold earlier.
This came after the HDB granted the said owners special approval. Property agents who helped sell the properties revealed that some of the reasons included emigration and divorce.
ERA agent Brandon Zheng, for instance, handled the $820,000 sale of an eighth floor five-room unit, whose owners moved to Australia.
Looking ahead, Ku expects the units at City View to go for more, given the project’s proximity to the city.
“I wouldn’t be surprised if the top-floor units exceed $1 million,” he said.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
