Central location contributed to resale premium

Three units at premium public housing project Park Central @ Ang Mo Kio have been resold, with the priciest going for $980,000 – at least 40 per cent more than it originally cost.

The deals were closed last month, and were for five-room units at the Design, Build and Sell Scheme (DBSS) development. Recent executive condo launches include Treasure Crest and Northwave EC while existing ones include The Terrace EC, Brownstone EC, The Vales EC, Parc Life EC , Sol Acres EC, The Visionaire EC,  Bellewoods EC, Signature at Yishun, The Criterion EC, Waterwoods EC, Skypark Residences, Wandervale EC, The Amore EC,  Bellewaters EC.

Experts said the central location near Ang Mo Kio MRT could have contributed to their premium.

Units at Park Central, developed by United Engineers, started meeting the five-year minimum occupation period in July.

One 112 sq m unit on the 14th floor fetched $780,000. Another one of the same size, on the 27th floor, went for $905,000.

Fetching the highest price so far of $980,000 was a 120 sq m unit around the 28th to 30th storeys.

When launched for sale in 2008, five-room units at Park Central went for about $600,000 to $700,000.

The four-room units sold for about $400,000 to $500,000.

OrangeTee research manager Wong Xian Yang noted that Ang Mo Kio flats command good prices.

Housing Board flats in Ang Mo Kio Avenue 1, for instance, fetched up to $880,000 recently. “So, Park Central transacted prices are not out of the norm,” he said.

Park Central is among several DBSS developments which became eligible for resale this year.

The scheme, which was suspended in 2011 after public unhappiness over the prices, engaged private developers to provide public housing that would resemble private condominiums and offer some of their features.

The Premiere @ Tampines was the first to be eligible for resale in 2014, followed by City View @ Boon Keng in January this year.

Park Central, Parc Lumiere in Simei and Natura Loft in Bishan have also become eligible for resale.

One City View unit went for $1.1 million, and at Parc Lumiere, the most expensive sold for $738,000.

SLP International Property Consultants head of research Nicholas Mak suggested that in the next five to 10 years, DBSS units may start to lose a bit of their shine.

“Right now, DBSS flats look good, look different. But over time, as more HDB flats come with private condo-like facades, DBSS flats are not going to stand out anymore.”

executive condo and land site pic 1