Singapore

Cool market, hot price: Queenstown flat sells for almost $1 million

A five-room flat in  Toa Payoh made headlines for its $955,000 transaction price during the seventh lunar month, my paper reported last week.

The sale stood out as the property market had been relatively quiet.

And the lunar seventh month is a period that traditionally sees real estate deals slowing down.

The amount is comparable to the resale prices that some units in The Pinnacle@Duxton are changing hands for, The Straits Times reported.

But it's not just Toa Payoh flats that are going for close to a million dollars. Shin Min Daily News reported that a Strathmore Avenue five-room flat was sold for $958,000 last week.

Like Toa Payoh, the Strathmore unit is in a popular housing estate: The four-year-old 118 sq m unit in Queenstown is located on a high floor, between the 25th and 27th levels.

Hot property: More than 30 queries came in within two weeks of the Strathmore flat going on the market. PHOTO: SHIN MIN DAILY NEWS

Teacher Wu Mei Ling, 34, said she bought her Strathmore Ave flat for $538,000 but had to sell it as she was returning to work after taking time out to look after her two children.

The transaction means she made a $420,000 profit.

A similar unit with a 99-year-leasehold from 2011 sold for $900,000 in February, according to data compiled by SRX Property.

Ms Wu is moving to a place nearer to her parents, so they can look after her three-year-old son and 11-month-old daughter.

The family's housing agent said they received 30 phone queries within two weeks of putting the flat on the market and 18 groups came to view the place.

Didn't accept $970,000 offer

One couple offered $970,000 but the deal fell through as the sellers were in a hurry to move and did not want to wait too long for the prospective buyer's citizenship status to be confirmed.

"The eventual buyers are a middle-aged couple with two grown-up children, who used to live in a condominium," the agent added.

Sources: Shin Min Daily News, The Straits Times, my paper

UncategorisedQueenstown