One million? No.

But S$1.1 million, yes.

That's the minimum amount that will make Mr Andrew Teo, 50, part with his flat - an executive mansionette at Queenstown.

Queenstown flat hits $1 million mark Click on thumbnail to view

His asking price may not be too far-fetched.

After all, a similar unit in his neighbourhood is selling for a record S$1 million, with a cash over valuation (COV) of S$198,000.

COV is a premium paid to the seller in cash.

Mr Teo, who is unemployed, bought the flat at Mei Ling Street six years ago for about S$540,000.

He lives there with his wife and three daughters.

Explaining his S$1.1 million "asking price", he said: "The flat is near the MRT station, supermarkets, a sports complex and 10 minutes away from town.

"It is a very tranquil place at night, and feels like a resort. Very few people would actually sell the place."

Resale executive mansionettes have been in the spotlight recently.

The New Paper reported on Sept 3 that a whopping S$168,080 in COV was paid for an executive mansionette in Tampines. It was sold for S$808,080.

A few days later, The Straits Times reported that an executive mansionette at Bishan was sold for a record S$980,000, with a COV of S$200,000.

At that time, it was believed to be the highest-ever COV forked out - but an executive mansionette at Bishan was later reported to have changed hands for S$970,000, with a record COV of S$250,000.

TNP visited Tampines, Bishan and Queenstown, the hot property spots, to find out how much it'll take for residents there to part with their flats.

Mr Chandhu Sadhnani, 32, who lives with his parents in Tampines at the same block as the executive mansionette which was sold for S$808,080, said they would sell their executive flat for a similar price.

Said the SAF regular: "It's a matter of timing for us. If we can afford to sell it, why not?"

His flat was bought for S$100,000 about 26 years ago, and he reckoned it would now be worth about six times that amount.

Location

"The location helps as well," Mr Chandhu said. "There's a wet market, a stadium, a mall and a park close by."

But Mr Lim Cheng Sai, 60, who lives one block away, was of a different mindset.

His flat, which has the same layout as the executive mansionette, was bought for S$750,000 in 1996.

He said: "It was quite expensive at that time, but it was also fully renovated."

But Mr Lim, who lives with his wife and son, has no plans on selling it.

"We won't have anywhere else to stay if we do," he said.

"And we really like the convenience and the space, so I won't sell it. It's not about the money."

Ms Evelyn Wee, the property agent who sold the Bishan executive mansionette for a record S$250,000 COV, said: "On a clear day, there is a panoramic view of the Singapore Flyer, Changi Airport and even Batam.

"There are only 52 of such flats with a similar design in Singapore. It is a point block, it has high ceiling and a family area on the second floor."

The 25-year-old flat was put up for sale by a retired couple in their 70s. The flat was bought by a retired businessman in his 50s, who is downgrading from a landed property in Serangoon Gardens.

Residents living in the same Bishan block told The New Paper that they would only sell their flat for a similar price.

Said Mr Teo Teck Keong, who is in his 50s: "I'll only sell it for $1 million and above, no less."

The engineer, who has lived there since the block was built, said the flat has always been a hot commodity.

"Even in the 90s, I was offered over S$700,000 for it," he claimed. "And I bought this place for just S$90,000."

Another resident, Ms Heuk Ah Bee, who is in her 70s, was not keen on selling her flat at first.

But when the retiree found out that her neighbours (the retired couple) had sold theirs for S$970,000, she pondered for a while before saying: "I'll consider it."

But some also said S$1 million was not enough for them to part with their flat.

One of them was Mr Adam De Souza, 25, who lives with his sister and parents.

Said the recent university graduate: "Living here has been pretty good. It's convenient, and we are familiar with all our neighbours.

"With all the new buildings coming up, I doubt we'll find something that can compare to this."

Mr De Souza also felt the place held some sentimental value for him.

"I grew up here, so I'm pretty attached to this flat," he said.

'Money's not an issue'

"I don't think we'll sell this place, no matter what people offer us. Money's not an issue."

Mr Bernard Seow, 58, who moved into an executive mansionette at Mei Ling Street in April, heaved a sigh of relief when he heard about the $1 million flat.

He bought his flat for S$865,000, with a COV of S$90,000.

"At least now I know I was not paying the most," he said.

Mr Seow also said that he has no plans to move. He downsized to the executive mansionette from a landed property in Bukit Batok.

He lives in the flat with his 28-year-old son.

"I used to live in a three-storey house, but now I live in a two-storey house. This will be my retiring home."

- Mr Bernard Seow (above), 58, who moved into an executive mansionette at Mei Ling Street in April

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