Singapore, 30 Oct 2022 SINGAPORE - Just hours before new property curbs were announced on Sept 29, I had, in a fit of nostalgia, visited my former family flat in Dover and mentally berated myself for the umpteenth time for selling it too early.
That visit was prompted by the discovery that a lower-floor unit in my old block had been sold in September for a whopping $840,000, despite having just under 53 years of its lease remaining. In March and May this year, there were two other resale transactions of over $800,000.
As I gazed at my former 21st-floor home, I wondered if I had overpaid in December 2019 for my newer 96-year lease four-room flat in Tiong Bahru, and what had happened to the price gap between newer and older resale flats since the Covid-19 pandemic started.
Data pulled by OrangeTee & Tie showed that the proportion of buyers paying at least $800,000 for a resale flat jumped to 1,948, or 9.5 per cent of a total of 20,421 resale transactions in the first nine months this year.