SINGAPORE: The property portal 99.co reported earlier this week that executive flats in Pasir Ris and Bukit Batok have been resold recently at record prices. This comes after over two years without significant price changes, the report added.
This month, an executive maisonette at Pasir Ris changed hands for S$1.25 million, while another in Bukit Batok was sold for S$1.12 million.
“These two recent transactions suggest a renewed willingness among buyers to pay more for larger, older flats despite lease decay and less central locations,” said 99.co.
The 1,604 sq ft Pasir Ris maisonette is located between the first and third floors of 603 Elias Road and is part of Elias View. The price it fetched meant it sold at S$779 per square foot (psf), which is the first time an executive flat in the area has approached the S$800 psf mark. The unit, which has a duplex layout, is now a rarity in Singapore.
As the 327-unit development was built in 1995, it means that the unit still has more than 65 years left on its lease. 99.co also noted that the recently sold executive maisonette is the highest-priced HDB flat in Pasir Ris among all flat types, with the runner-up being another executive flat sold in September 2022 for S$1.238 million at 130 Pasir Ris Street 11. That flat spanned 2,024 sq ft, which means it sold for S$611 psf.
As with all property transactions, location played a big part in this unit’s high price, as it is conveniently near a number of places, including Elias Mall, Pasir Ris Elias Community Club, Sungei Api Api Park, and several schools.
The property portal noted, however, that Elias View lacks immediate MRT access, though bus services are readily available.
The Bukit Batok executive maisonette, meanwhile, is part of the Nature View development and has more than 71 years left on its lease. Unlike the Pasir Ris unit, it is situated on higher floors. The 1,776 sq ft unit is located between the 13th and 15th storeys, and was sold at about S$630 psf.
The price the new owners paid, S$1.12 million, has set two records: one for most expensive executive flat in Bukit Batok and another for most expensive HDB flat in the area by absolute price.
The top five most expensive resale flats in Bukit Batok are all found in Nature View. The record was previously held by an executive flat that changed hands in May 2023 for S$1.088 million.
Nature View has much to offer homeowners, especially those with families, which helps explain its high prices. Its proximity to Bukit Batok Nature Park, as well as primary and secondary schools, heightens its attractiveness. /TISG
Read also: S$1.6 million Bishan maisonette sets record for executive flat resale prices
