Another day, another record-setting resale flat, right?
Just yesterday, we shared how Sengkang joined the exclusive club of million-dollar HDB estates. And now, another record-breaking sale has hit the headlines – this time for the most expensive HDB resale Singapore has ever seen.
Let’s get into the details of the sale:
The previous record holder sold for S$1.57M
It was another 5-room HDB flat, specifically a Design, Build, and Sell Scheme (DBSS) resale at The Peak @ Toa Payoh. For those of you who don’t remember, this transaction took place back in January, with the flat spanning 1,259 square feet and occupying levels 40 to 42. At S$1,568,888, the price per square foot for the unit was S$1,246. Given the scarcity of large DBSS flats in Singapore – only 13 projects in Singapore have them – such a price tag wasn’t surprising.
But what factors influenced the prices of the current sale?
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Most expensive HDB resale in Singapore: Bukit Merah 5-room flat for S$1.59M
Nestled above the 35th floor of the towering 40-story project on Boon Tiong Road, this project comes with a 99-year lease that started in January 2016, providing long-term residency for its occupants with approximately 91 years remaining.
Part of the Tiong Bahru View HDB project, which includes blocks 9A, 9B, 10A, and 10B, this particular transaction occurred in block 9B.
Spanning 1,206 square feet, the unit commands an impressive S$1,317.93 per square foot. That’s approximately 5.78% higher than the price per square foot at The Peak.
PropNex attributes this premium price to several factors: its proximity to the city, its lofty position offering breathtaking views, its relatively lengthy lease, and the convenience of amenities within the estate, including easy access to the MRT station.
The Boon Tiong Road flat ticks all the boxes, reflecting the consistent demand for 5-room resale flats in fringe city locations. Such units are typically unavailable in HDB’s build-to-order (BTO) projects in prime city spots.
Looking for more HDB flats with lengthy remaining lease years? Check out our article here: Full list of BTO projects hitting MOP in 2024/2025 & Our top picks near the MRT
Tiong Bahru View – Everything you need to know about its location
The project enjoys proximity to three MRT stations: just a 4-minute sheltered walk from the property lies Tiong Bahru MRT, while Havelock MRT is a 10-minute walk away, and The Great World MRT is a mere 6-minute drive.
Considering that the property is a 5-room unit, it’s likely that the buyer has a family or is planning to start one. Nearby, you’ll find the PAP Community Foundation Tiong Bahru Kindergarten just a 3-minute walk away, and Zhangde Primary School a mere 6-minute stroll (371 metres). Other nearby schools include Gan Eng Seng School, Alexandra Primary School, River Valley Primary School and Outram Secondary School.
Convenience is key, with amenities such as NTUC Fairprice located at Tiong Bahru Plaza, Kim Tian Road, and Bukit Ho Swee within easy reach.
Additionally, Tiong Bahru Plaza, reachable via a sheltered walkway in just 7 minutes. For household and daily necessities, IKEA Alexandra, Anchorpoint and Queensway shopping centre are located within 9 minutes drive away.
For food options, residents can enjoy delights at Beo Crescent Market, Havelock Food Centre, Tiong Bahru Market all within walking distance. Also, the residents will be spoilt for choices with a vast variety of local hawker centre such as ABC Brickworks Market and Food Centre, Alexandra Village Food Centre, Bukit Merah Central Food Centre, Bukit Merah View Market and Hawker Centre are located within minutes drive away.
For recreational activities, residents have easy access to Tiong Bahru Park a 7-minute walk away, Pearl City Hill Park (9 minute walk) and Singapore River just minutes away.
Healthcare needs are also well-catered for, with Singapore General Hospital and Alexandra Hospital located minutes away.
Looking for a property close to an MRT station of your choice? Check out 99.co’s MRT map here.
So far, 9B Tiong Bahru View has seen a total of 13 million-dollar sales
These include three four-room and ten five-room units, not including the most recent record-breaking transaction. PropNex reported that the ten five-room resale flats at Block 9B were sold for prices ranging from S$1.05 million to S$1.4 million.
Taking a closer look at the transactions in Tiong Bahru View and the Tiong Bahru neighbourhood, it’s apparent that there were 43 transactions in Tiong Bahru View in 2021 at an average of S$965 per square foot. In 2023, there were 15 sales at an average of S$1,047 per square foot. Excluding the current sale, there have been 3 transactions this year at an average of S$1,191 per square foot. This indicates a 13.72% increase in the overall average price per square foot of units transacted in the project over the past year and a 23.45% increase over the past 3 years alone.
Looking at the bigger picture, the average prices in Tiong Bahru remain reasonable, with an average of S$797 per square foot in 2021, S$865 in 2023, and S$899 in 2024. So far, over the past year, there has been a 3.89% increase in the average price per square foot, and since 2021, there has been a 12.67% increase.
However, this means that Tiong Bahru View saw almost the same percentage of psf growth in one year as Tiong Bahru has seen in three years. Once again, this underscores the willingness of homebuyers to pay a premium for larger units.
Rather look at condos that will MOP this year? Have a read here: Upcoming Executive Condos (ECs) that will MOP in 2024 & 2025
Thinking of selling your flat after MOP, but not sure how to get started? Let us help you.
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