Back in January, we shared the news of an auspicious HDB sale, where a 4-room flat in Sengkang fetched an impressive S$808,888, perfectly timed for Chinese New Year celebrations.
Now, just a few months later, another noteworthy transaction has taken place in Bedok, setting a new 4-room HDB record with a full-price tag of S$888,888. But that’s not the only record-high sale in the area – Bedok has yet another record-breaking sale to boast about, one that marks a milestone for the entirety of the estate itself.
4-room Fengshan Greenville flat sells for record S$888,888
The property in question, located in Fengshan Greenville at Block 188C, has a prime position on floors 16 to 18, offering panoramic views from its height. With a floor area spanning 1,001 square feet, this flat has garnered attention not only for its record sale and huat price tag but also for its price per square foot, standing at an auspicious S$888.
The property’s lease commenced in 2020, leaving about 94 years and 10 months left. This means that the seller placed the house on the market just a couple of months after the property’s Minimum Occupation Period (MOP) ended.
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That’s almost S$500k of capital gain
Comparing its current selling price to its original BTO price of S$404,500, the capital gain amounts to a staggering S$484,388, representing an impressive increase of nearly 120%. These numbers could even be slightly higher since we’re not sure if the seller received any financial assistance schemes during the initial BTO purchase. This means we could be looking at a much higher capital gain.
However, it’s essential to consider additional costs associated with selling a property (like legal fees and agent’s commissions), which may slightly reduce the net gain.
Read more: Does having no price limit affect HDB resales in the long run?
Looking for more HDB flats that MOP-ed this recently Fengshan Greenville? Check out our article here: Full list of BTO projects hitting MOP in 2024/2025 & Our top picks near the MRT
A closer look at Fengshan Greenville’s location
Situated just 11 minutes away (812 metres) from Tanah Merah MRT, Fengshan Greenville enjoys a prime location that offers residents easy access to essential amenities.
From the bustling 85 Fengshan Market and Food Centre to the convenience of a 24-hour NTUC Supermarket and Sheng Siong supermarket, residents have everything they need right at their doorstep.
The strategic location of Fengshan Greenville also provides quick access to major expressways such as PIE (5 minutes) and ECP (8 minutes), as well as popular destinations like Changi Jewel and Changi Airport (12 minutes).
With an array of malls including Bedok Mall, Jitsun Mall, Simei Point, and Tampines Mall within proximity, residents can indulge in shopping and dining experiences without venturing far from home.
Families with school-age children will also appreciate the property’s location, especially due to its proximity to esteemed primary schools such as Red Swastika School and Yu Neng Primary School.
All these reasons are probably why Fengshan Greenville is considered one of the most profitable BTOs in Singapore. In fact, in the past year alone, the project has witnessed a notable increase in average psf by 2.31% – and we’re not even halfway through 2024.
Looking for a property close to an MRT station of your choice? Check out 99.co’s MRT map here.
Most expensive HDB resale in Bedok sold at about S$1.181M
As we mentioned earlier, besides the lucky S$888,888 4-room sale in Bedok, the estate also saw another record-breaker in the same month. This time, it was an executive flat along Bedok South Avenue 2 that sold for a staggering S$1,180,888 – setting a new benchmark for HDB resales in Bedok.
Situated in Block 10B, this executive flat spans floors 10 to 12, with a remaining lease of 70 years and 9 months. With a generous unit size of 1,539 square feet, the price translates to S$767 per square foot. Interestingly, this psf rate is lower than that of the previous record-breaking 4-room sale in Fengshan Greenville.
Rather look at condos that will MOP this year? Have a read here: Upcoming Executive Condos (ECs) that will MOP in 2024 & 2025
Bedok South Avenue 2 location
Located just a short 3-minute drive from the Bedok MRT station, Bedok South Avenue 2 offers convenient access to transportation options. Additionally, both Bayshore and Tanah Merah MRT stations are situated just over 1 kilometre from the property. Within less than a kilometre radius, you’ll find the Bedok interchange, the Bedok Heartbeat complex featuring a swimming pool, the Bedok Polyclinic, and a Community Centre, all just minutes away.
Plus, there’s easy access to Bedok Mall, various shops, wet markets, and hawker centres nearby.
In terms of groceries, you’re covered with H.M.S Minimart just a 4-minute walk away and FairPrice Xpress a 6-minute stroll. There are a total of 8 grocery stores within a 1-kilometre radius. Nearby schools include Bedok Green Primary School, Integral Learning Academy (Bedok), and My First Skool at Blk 1 Bedok South, all within a 5-minute walk. There are five more schools within 1 kilometre, including Temasek Junior College.
Interested in upcoming new launches for the year? Take a look at your options here: 8 new launches expected in Q2 of 2024
Transactions in Bedok and Bedok South Avenue 2 – how are they doing?
While some estate sales have seen a decline during the pandemic, Bedok HDB flat sales have remained robust over the past few years. In fact, in both 2023 and 2021, Bedok recorded its highest transaction volumes, with 1,720 and 1,706 sales respectively.
Taking a closer look at Bedok South Avenue 2, we observe interesting trends.
In 2021, the average psf for Bedok was S$472, while Bedok South Avenue 2 averaged S$565 psf. By 2023, these figures rose to S$534 and S$721 psf respectively. In 2024, the average psf for Bedok stands at S$562, while Bedok South Avenue 2 has reached S$754 psf. This means in just 3 years, there’s been a significant 33.44% increase in the average psf for Bedok South Avenue 2 transactions.
But what drives these soaring prices?
The higher prices in Bedok South Avenue 2 can be attributed to the property’s predominantly larger units, such as 5-room DBSS flats or executive flats, which naturally command higher prices due to their size. With the current momentum, there’s potential for even further increases in psf in Bedok South Avenue 2, especially as homeowners recognise the value their properties hold. However, the broader impact on Bedok property transactions remains uncertain, and only time will reveal how this trend evolves.
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