Over 300 exec condos sold-to-date for above $1million

The priciest hit $1.61M in August.

Savills reported that Singapore has just seen another record deal being inked. An EC in Yishun, it said was sold for a whopping S$1.61 million in August this year, bagging the record for the highest-priced new EC.

Here's more from Savills:

According to data from the Urban Redevelopment Authority (URA), this unit, priced at S$595 per sq ft, is a four-bedroom, double-storey dual-key penthouse at 1 Canberra, sprawling over 2,713- sq ft. The project was launched by MCC Land (Singapore) Private Limited in May this year.

Over 300 new ECs have been transacted above S$1 million thus far, half of which were sold in the first eight months of this year. A growing number of young, affluent buyers seem to be snagging bigger and more luxurious penthouses or sky suites. The rising trend for such luxurious buys could have been triggered by rock-bottom interest rates, rising incomes and many EC buyers escaping unscathed from the latest rounds of property curbs.

The growing number of resale Housing Development Board (HDB) flats being sold at ever-increasing prices has also deepened the pockets of many HDB upgraders who now have more to spend on their next property, which inevitably would be an EC.