Most of us have the assumption that the older the 99-year-leasehold flat (read: shorter remaining lease term), the lower its appreciation value.
This seems to be far from the case, particularly for one very fortunate homeowner in Bishan Street 13.
The owner of a 1,571-sqft HDB maisonette, which has 64 years left on its lease, managed to sell his property for S$1.18m, or S$751.11 psf in April 2022 – a record in psf terms for executive HDB flats sold in the Bishan Street 12 and 13 neighbourhood.
A similar but larger 1,755-sqft maisonette was previously sold for S$1.288m (Bishan St 12) in January 2022, but that was at S$733 psf. Of course, if we consider all HDB resale flats sold in the area in recent months, Bishan Street 24 holds the record with Natura Loft’s S$1.36m, or S$1,052.63 psf.
The main difference is that Natura Loft is a DBSS project which TOPed in 2011, while the Bishan Street 13 maisonette TOPed in 1987.
For the maisonette homeowner, he happened to chance upon his home value potential when he was tracking it via 99.co Property Value Tool.
This tool allows homeowners to estimate the potential value of their homes – which can be useful if they ever wish to put them out on the market for sale one day. Luckily, for the maisonette owner, that day came out of the blue.
99.co was able to connect him with an agent (Bluenest’s Kenneth Chua) and the rest, as they say, is history.
Imagine if the homeowner had not used the tool – he may never have known the potential gain he could have earned or met potential buyers to close the deal.
“Using 99.co tools like the SRX Home Valuation report, we are able to leverage on data like competitive listings and past transaction information to give a clear sense of the market sentiments and also formulate the optimal selling price for our sellers,” Bluenest informed us when asked about the deal.
Features-wise, the HDB Executive flat is an envious 6-minute walk to Bishan MRT and can be renovated to make room for a multi-generational family or large families with children.
It comes with 4 bedrooms (on the 2nd floor) and has an elongated living room-cum-dining space, balcony, kitchen and 3 bathrooms.
The owner had originally listed the property for S$1.198m (S$762.57 psf) – which would have garnered an even higher psf record for executive HDB flats in the area if that had gone through.
Like most maisonettes, the living room is spacious and airy, with an enclosed high-ceiling balcony that can be used for laundry, gardening or relaxation. There is a clear separation of spaces between the living and dining areas, with the kitchen situated to the left of the main entrance via a frosted glass sliding door.
If you’re in the market to sell or rent out your property, you too can make your enquiry after assessing our Property Value Tool.
Once you’ve got a rough estimate of how much your property value is worth, you can request a Valuation Report and indicate if you have any intention to sell your property within 6 months, a year or much later. Based on your intention, an agent will then contact you to make arrangements with potential buyers.
The above HDB Maisonette is one such example of how a homeowner was using 99.co’s Property Value Tool, which then allowed him to secure the eventual sale at a record psf price.
Alternatively, you can also put your property up for sale or rent via 99.co’s owner listing tool as well.
Once you’ve entered the rest of the details (eg. views, availability date, unit facing direction, notes for other agents, conditions, restrictions, photos and videos), you’re all set. All you need to do next is wait for an agent to contact you and then make arrangements to meet potential buyers.
Planning your property journey must always start with a solid estimate of your home’s worth. Check out yours on 99.co’s Property Value Tool today and let 99.co help you get matched to the right agent in your property journey.
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Are you planning to list your property for sale or rent? Let us know in the comments section below or on our Facebook post.
If you found this article helpful, check out How to estimate your property’s value like a pro with 99.co’s Property Value Tool and Upgrading from a HDB flat to a condo? The guide to end all guides.
Looking for a property? Find the home of your dreams today on Singapore’s fastest-growing property portal 99.co! If you would like to estimate the potential value of your property, check out 99.co’s Property Value Tool for free. Also, don’t forget to join our Facebook community page or Telegram chat group! Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
The post Bishan HDB with 64 years left sold for $1.18m, with a record S$750 psf for the neighbourhood appeared first on 99.co.
