A top-floor unit at City View @ Boon Keng has been sold for more than $1 million, confirming predictions that the premium public housing project would turn some flat owners there into millionaires.
The five-room flat at the Design, Build and Sell Scheme (DBSS) development in Boon Keng Road went for $1,028,000 last Saturday, after just two weeks on the market.
PropNex agent Benson Fong, who helped to sell the unit with his colleague Angela Lim, said the unit's high floor, good view and central location are the main reasons behind the handsome price.
"More than 10 people came to view the flat. There was also another offer of $1 million," he said.
At 1,281 sq ft, the flat sold for $802 per sq ft (psf). Its original launch price is not known, but prices ranged from $349,000 to $727,000 when the project was launched in 2008.
Both the sellers and buyers declined to be interviewed.
But Huttons agent Christine Peh, who represented the buyers, said her clients are happy with the unit's unblocked vantage point and spacious layout.
The Straits Times understands that the flat, on the 40th floor, has higher ceilings in the balcony and living room compared with units on the lower floors.
The south-east facing unit also boasts scenic views of the Sports Hub, Marina Bay Sands, Jalan Besar Stadium, Rochor Centre and the Sultan Mosque.
One can even see the Changi Airport control tower and Indonesia's Batam island on a clear day.
More home owners at the three-block City View are expected to put their flats on the market, after the five-year minimum occupation period ended in January for most flats.
Some owners had been given special permission by the Housing Board to sell their flats early.
At least 20 other units there have been sold to date, according to SRX Property data. These include a five-room flat on the 21st floor that went for $928,000 last month.
The average psf price stands at $748 for four-roomers there, said SRX Property.
In comparison, four-room HDB flats within 1km of City View were sold this year for an average of just $579 psf.
R'ST Research director Ong Kah Seng said he is "not too surprised" that a City View unit has breached the million-dollar mark.
"The transaction looks quite bullish, but it's supported by the central location. DBSS flats are also rolled out as more upmarket public housing," he noted.
But he said the million-dollar price tag will not necessarily apply to other units in the development.
"It will only be for flats with very attractive, intrinsic attributes, depending on the direction they face and floor they are on," he said.
City View resident Sharon Wu, who lives on the 39th floor, said she and her husband have no intention of selling their five-room home, even if it fetches a high price.
"The location is convenient and my children's schools are nearby," said the business manager and mother of three.
"I also like the fresh air up here. We don't have a fan in our living room because it's always so breezy.
"The view is also very hard to get nowadays. We are looking forward to watching this year's National Day fireworks at the Sports Hub from home."