SINGAPORE -Despite the declining resale flat price index, an executive flat in Bishan has sold for more than a million dollars this month.
The 149sqm executive maisonette in Blk 192, Bishan Street 13, changed hands for $1.05 million, according to the Housing & Development Board's online data.
Built in 1987, the two-storey unit between the 22nd and 24th floors, has 71 years left on its 99-year lease.
Another maisonette at Bishan St 22 sold this month was priced at $812,000. The 146sqm unit is between the 7th and 9th floors.
Bishan is known for its record-beating HDB flat prices, but it now has competition from Pinnacle@Duxton.
Two HDB flats sold for more than a million dollars this month at the Pinnacle@Duxton.
One of the 107sqm units, located between floors 46 and 48 of Block 1A, was sold for $1.05 million, while another unit between floors 28 and 30 of Block 1G went for $1.06million.
All of the transactions for five-room flats at that development this year breached $900,000, and six went for a million or more.
At the project's launch years ago, five-room units at the Pinnacle@Duxton were priced at $345,100 to $439,400.
The flats at the 50-storey Pinnacle@Duxton have just crossed their five-year minimum occupation period (MOP), and are in a highly sought-after location.
But the older Bishan flats have consistently fetched high prices, and the housing estate holds the record for the most expensive flat ever sold - a maisonette at Block 194 that went for $1,088,888 in October last year.
Another unit in nearby Block 190 fetched $1 million in December.
Despite the sky-high prices for these desirable units, the resale price index for HDB flats has fallen for the last seven quarters since mid-2013.
It slipped by another one per cent in the first quarter this year, reports revealed last week.
While the index is trending downwards, the price for larger executive flats has gone up by one per cent in the last quarter, according to an SRX report. Location also plays a part.
In Bedok, a 143sqm executive maisonette went for $570,000 this month. Also built in 1987, the unit in Block 145 is located between floors one and three.
Another 28-year-old maisonette - at Bukit Batok St 31 between floors seven and nine - went for $610,000.