Bishan flat smashes record with $980,000 sale

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http://business.asiaone.com/Business/News/Story/A1Story20120907-370148.html

An executive maisonette has been sold for a record $980,000 on the first day of its open house.

The sale smashed a previous record of $910,000 for the most expensive HDB flat sold in Singapore set by the sale of an executive flat in Toa Payoh in May.

The Bishan flat's new owners paid a $200,000 cash over valuation (COV), which is believed to be the highest COV ever paid for a flat.

The 1,800 sq ft flat is located on the 19th floor in Bishan Street 13 and is 25 years old. It also comes with a 150 sq ft roof terrace.

The sale is undergoing processing and will be finalised in two months.

At about $550 per sq ft, the flat is about half the price of a similar condominium unit in the area.

This year alone, five HDB flats were sold for $900,000. There have been a total of seven such sales overall. They were all from Bishan, Queenstown, Kallang and Toa Payoh; mature estates with good access to infrastructure and amenities.