SINGAPORE - A five-room Housing Board flat in Queenstown has been sold for $1.1 million this month, setting a new record for the area.

The 38th-floor resale unit at Block 18C Holland Drive has a floor area of 1,259 sq ft. This works out to about $874 per sq ft (psf) on the built-up area.

Built under the Selected En Bloc Redevelopment scheme, the unit has a remaining lease of 93 years and has an unblocked view.

The unit was transacted at 16 per cent above the price of a similar unit on the 37th floor at the same HDB block, which was sold at $945,000, or $751 psf, in November last year.

ERA Realty's Ms Joyyce Goh, the seller's agent, said: "Holland is a prime area for both private and public housing. This unit is located between two MRT stations, Buona Vista and Holland Village.

"Any high price for a resale flat will likely come from the Commonwealth and Holland areas because of their proximity to Orchard Road and the city."

The Straits Times understands that the buyer is a Singaporean family who had previously lived in a private property and is looking to downgrade.

"They wanted to buy in Districts 9 and 10, which is a premium area next to Holland Village. You can't find anything of this size with this unblocked view, and it was a renovated unit," PropNex agent Stanley Ho said.

The seller of the HDB flat has plans to upgrade to private property, ST understands.

Just three months ago, an executive apartment at Block 148 Mei Ling Street sold for a record $1.08 million.

Close to Queenstown MRT station and Anchorpoint Shopping Centre, the 1,615 sq ft unit, which is situated on a higher floor, has a balance lease of about 76 years and sold for about $669 psf on the built-up area.