It’s no secret that properties in Singapore, whether it’s an HDB flat or condo, tend to have higher prices when they’re located near an MRT station.
We’ve previously looked at the price psf of condos near MRT stations, as well as the price changes of condos and HDB flats near MRT stations between Q1 and Q2, and Q2 and Q3 last year.
So this time, we’re going to look at the median price psf of 5-room HDB resale flats within 1km of MRT stations. These medians are based on transactions in January 2022.
But why 5-room HDB resale flats? For starters, we don’t see as many 5-room flats available in the various estates through BTO (most are typically offered in non-mature estates). It’s also the preferred flat type, especially for those who require more space, whether for an additional family member or hybrid work arrangements.
Plus, 5-room resale flats have been making headlines over the last couple of years, with the rare ones located in prime locations sold for at least S$1 million.
The city centre
No surprises here. 5-room HDB resale flats in the city centre generally command the highest price psf.
This trend is just like what we’ve seen in our previous article on the resale prices of condos near MRT stations. Condos near MRT stations in the city centre have the highest prices as well.
To be more precise, when looking at the 5-room resale flats located near MRT stations, the most expensive flats are located within 1km of Chinatown MRT and Telok Ayer MRT at S$1,030 psf. This is followed by those located within 1km of Tanjong Pagar MRT and Outram Park MRT at S$888 psf.
The higher-than-average price psf is most likely due to Pinnacle @ Duxton, which recorded two transactions of 5-room flats that were sold for at least S$1 million in January. At least one block of the project is located within 1km of Chinatown MRT, Telok Ayer MRT, Tanjong Pagar MRT and Outram Park MRT.
On the other hand, the most expensive flats aren’t just located in the city centre.
Marymount (which is part of Bishan)
5-room resale flats within 1km of Marymount MRT have a median price psf of S$979, which is actually higher than those near Tanjong Pagar MRT and Outram Park MRT.
Compared to other areas on this list, Bishan is not even that close to the city centre. With the MRT, it takes 10 stops from Marymount MRT (nine stops from Bishan MRT) to reach the CBD.
On the other hand, this high price isn’t surprising. After all, we’re talking about one of the most popular estates in Singapore, given the number of popular schools in the area. Raffles Institution is just a six-minute walk from Marymount MRT, which could explain why flats within 1km of the MRT command a higher price psf.
Bishan is also home to the most expensive flat sold (so far) at S$1.36 million in Natura Loft. In January, the most expensive flat sold in the month was from this project as well, sold at S$1,338,888. Natura Loft is located within 1km of both Marymount MRT and Bishan MRT.
Meanwhile, 5-room resale flats within 1km of Bishan MRT have a lower median price psf of S$627. Most of the flats nearby transacted at lower prices, possibly since they are older with a remaining lease of around 60 years.
Bendemeer and Lavender (which are part of Kallang)
Being located in the city fringe, flats in Kallang naturally command higher prices than those in the suburbs, such as Bedok.
When looking at 5-room resale flats within 1km of an MRT station, in particular, those located near Bendemeer MRT and Lavender MRT command some of the highest median price psf at S$878 and S$877 respectively.
Notably, Kallang is one of the closest estates to the CBD. The CBD is just six stops away through the Downtown Line from Bendemeer MRT. Through Lavender MRT, the CBD is just three stops away.
What’s more, City View @ Boon Keng, the DBSS project in the area that’s been recording million-dollar flat sales, is located around a seven-minute walk from Bendemeer MRT. Block 9 of the project is located within 1km of Lavender MRT.
Queenstown
Another area with one of the highest median price psf for 5-room resale flats is near Queenstown MRT at S$849. Queenstown is another popular estate known for its million-dollar flat transactions, with the CBD just around four to five stops away.
As one of the oldest estates in Singapore, here’s where you can find the rare old flats with a bigger floor area (such as maisonettes) and premium HDB projects like SkyVille @ Dawson and SkyTerrace @ Dawson. Both of these “Sky” projects are around a 10-minute walk to Queenstown MRT.
And it’s not hard to see the appeal of these two projects. For starters, both look like a condo, with SkyVille even featuring a rooftop garden where you can get a breathtaking panoramic view of the city. (It’s also why the rooftop garden has attracted huge crowds of people as well as the gathering of domestic helpers, much to the annoyance of the residents.)
Meanwhile, SkyTerrace, the HDB with the Jenga/Tetris facade, boasts rare premium lofts. A few of them have since been sold for at least a million dollars. And one of them currently holds the record for being the most expensive flat in Queenstown.
Where are the most affordable flats near an MRT station then?
Flats near an MRT station typically have the highest demand and prices due to the convenience they offer. Nevertheless, this does not mean you have to pay a million dollars for a flat close to the MRT. While you can still find one near the MRT station that’s affordable, they’re usually located further from the city centre.
According to our map, the most affordable 5-room resale flats near MRT stations are those located within 1km of Marsiling MRT (S$370 psf), Woodlands North MRT (S$384 psf) and Choa Chu Kang MRT (S$398 psf). All are in the north and north-west of Singapore, and have median price psf below S$400.
Would you buy a resale flat near the MRT? Let us know in the comments section below or on our Facebook post.
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