A 13-year-old 21st storey executive flat in Block 150, Mei Ling Street, was sold for $890,000. The executive flat in Queenstown comes with expansive views of Sentosa and Mount Faber.

The current owner of the 1,614 sq flat reportedly paid only $300,000 for it in 1992.

Before this transaction, the highest transacted price for an HDB flat in the central area was $780,000 for a similar Executive flat in Mei Ling Street in November 2007. Five other similar executive flats in the same locality were also sold in the November/December period at prices ranging from $728,000 to $765,000.

A five-room resale flat in nearby Kim Tian Place was sold for $720,000 last June.

(G.4) 4-room Jalan Membina flat sold for $590,000

A five-year old four-room flat at Blk 21 Jalan Membina, which has a fabulous view of Sentosa, and a superb location near Tiong Bahru MRT station and Tiong Bahru Plaza was sold for a record $590,000 in the beginning of the year. 

HDB's latest data show four-room units in the same area sold for $415,000 to $495,000 late last year.

(G.5) A better economy contributing to an ‘upgrading’ trend in 2008

The two tables (5.1 and 5.2) below give a good impression of the transactions of the different flat types in the last couple of months. Demand for larger flats continues to hold up well.

• In January 2008 five-room flats enjoyed a 25.88% share (or 597 transactions) of the total monthly transactions, a marked improvement from the 24.87% share (or 486 transactions) a month ago.
  
  
• In the same month, Executive flats took up 8.32% share (or 192 transactions) of the total monthly transactions, an increase from 7.52% share (or 147 transactions) in December 2007. The 45 more units sold in January 2008 represent a 30% improvement in sales volume.

The higher demand for larger flats may reflect an improving economic prospect, wage increases and a general ‘upgrading’ trend.

Table 5.1 - January 2008 HDB Resale Transactions

Table 5.2 - December 2007 HDB Resale Transactions

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