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1st City View @ Boon Keng flat resold for $855k

DBSS PROJECT: The owners of the 24th-floor five-roomer were given special approval by the HDB to sell their unit before the project's five-year minimum occupation period ends in April. They had bought it for $627,000.


    Feb 02, 2016

    1st City View @ Boon Keng flat resold for $855k

    THE first flat at City View @ Boon Keng has changed hands on the resale market at a price of $855,000, according to Housing Board records.

    The five-room unit at the Design, Build and Sell Scheme (DBSS) project along Boon Keng Road was sold a few months before home owners there are allowed to put up their units for sale.

    The flat spans 109 sq m and is on the 24th storey of a 40-storey block.

    The flat owners, a young couple with two children, were given special approval by the Housing Board to sell their unit early before the project's five-year minimum occupation period ends in April.

    They had bought it for $627,000 when the project was launched back in 2008 to popular demand.

    The project's three- to five-room units ranged from $349,000 to $727,000, prompting concerns that the homes were overpriced by public housing standards.

    The prices, an average of $520 psf, were wedged between those of resale HDB flats and private 99-year leasehold condos in the same area.

    But property pundits now say that the buyers' investments will pay off.

    Pointing to the first recorded transaction, Chris Koh, director of estate agency Chris International, said: "Despite having paid a premium, the fact that they can walk away with a profit of one-third the launch price in today's sluggish resale market is not bad."

    The sellers, who are moving so their son can live closer to his secondary school in Serangoon, said they had an initial asking price of $950,000.

    "We realised it was unrealistic, especially given the current market," said the wife, a 34-year-old country manager in the music industry who declined to be named.

    "But we still think we made a reasonable profit."

    C&H Properties agent Edmund Lee, who handled the transaction, said the buyers like the location.

    "It's near the city, has a lot of amenities and the flat is very windy because it's on a high floor," said Mr Lee, 55.

    More units are expected to hit the market soon. Sales listings can already be found on various property websites.

    City View @ Boon Keng comprises three 40-storey blocks of 714 flats with features such as large bay windows, lift lobbies with card access systems and views of the Kallang River.

    It is also within walking distance from Boon Keng and Bendemeer MRT stations as well as Kallang Community Club.

    PropNex agent James Lim, 34, believes resale prices for the project may breach the million-dollar mark like they did at Pinnacle@Duxton, partly because of its city-fringe location.

    "There are a lot of low-lying buildings around the area, especially on the side facing Lavender and Jalan Besar, so the view is unblocked."

    Additional reporting by Neo Xiaobin