A 1,130 sq ft HDB resale flat in Bedok has just been sold for S$1 million, making it the first 5-room resale flat in the estate to join the million-dollar-flat club.
The flat is located within the 10th and 12th floor range of Blk 747B in Bedok Reservoir Crescent, which is part of Belvia, a DBSS project. The project TOPed in 2014.
According to the HDB resale flat prices portal, it had a remaining lease of 90 years and 4 months when it was sold.
Previous S$1m HDB resale flats in Bedok were all executive resale flats
While Bedok is no stranger to million-dollar HDB resale flats, this recent transaction marks a first for 5-room resale flats in the estate. Previously, the million-dollar flats in the estate were all executive apartments and maisonettes.
The first HDB resale flat to cross the million-dollar mark in Bedok was a jumbo flat sold for S$1,048,888 in October last year (the transaction was first reported in late September).
In particular, the flat was formed by merging a 3-room unit and a 4-room corner unit, leading to a total floor area of a whopping 1,862 sq ft. This translates to a price psf of around S$563.
Since then, six other million-dollar executive flats have breached the million-dollar mark, with a floor area ranging from 1,539 sq ft to 1,571 sq ft. This would mean that the price psf for these flats ranged between S$639 psf to S$722 psf.
In fact, a new all-time high price was recorded for an executive resale flat in Bedok recently. The 1,539 sq ft flat, located within the 16th and 18th floor range of Blk 10B Bedok South Avenue 2, was sold for S$1,110,888. This works out to around S$722 psf.
In terms of absolute price, this would make it the most expensive flat in Bedok (for now). But not in terms of price psf.
Million-dollar 5-room HDB resale flat set record for highest price psf in Bedok (so far)
Measuring 1,130 sq ft, the price psf for the million-dollar resale flat works out to around S$885 psf. This makes it the priciest HDB resale flat in the town in terms of price psf (at least for now).
One possible explanation for the high price is that it’s from a Design, Build and Sell Scheme (DBSS) project. DBSS projects were built by private developers and feature high-quality finishing like condo units. However, they are different from ECs as they were sold by HDB and do not have condo facilities.
More importantly, the scheme has since been suspended, making them rarer compared to BTO flats. It’s also why some DBSS projects have recorded million-dollar flats in the resale market, such as Natura Loft in Bishan and City View @ Boon Keng.
Another likely reason is the remaining lease. As mentioned earlier, the unit had a remaining lease of 90 years and 4 months when it was sold. Since the project TOPed in 2014, it’s relatively new.
One thing to note is that there’s a lack of newer HDB flats in Bedok that are available on the resale market. Since the BTO system started in 2001, only seven BTO projects have been launched in the estate. Among these, only two projects, Ping Yi Greens and Fengshan Greenville, have completed their MOP and entered the resale market.
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For first-time home buyers, the good news is that HDB will finally launch a BTO project in Bedok this May, after almost seven years since the previous launch. So the resale market won’t be their only option.
Planning to sell your HDB flat soon? Let us help you get the right price by connecting you with a property agent.
If you found this article helpful, 99.co recommends 4-room Pinnacle@Duxton flat, sets new sale record at S$1.4m and S$1,369 psf and Record number of 4-room HDB resale flats sold at least $1m in Q1 2023: Here’s where to find them.
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