A significant development has occurred in the Singapore housing market as a four-room flat in Ang Mo Kio was sold for one million Singaporean dollars in a resale transaction. This marks a notable event in the HDB resale segment.
Ang Mo Kio is a popular residential area known for its mature estates and well-developed amenities. The high demand for housing in the area is reflected in the prices. Below, we talk about the recent ATH in detail.
About 590B Ang Mo Kio Street 51
The location of 590B Ang Mo Kio Street 51 makes it easily accessible to other areas of Singapore via Yio Chu Kang and Ang Mo Kio MRT stations. The area is also surrounded by a wide variety of school options. Schools such as Jing Shan Primary School, Teck Ghee Primary School, Anderson Secondary School, Ang Mo Kio Secondary School, Deyi Secondary School, Nanyang Polytechnic, and Singapore Institute of Technology (SIT@NYP) are located just minutes away, making it an ideal location for parents to plan their children’s education pathway early.
Residents can conveniently purchase groceries and household products from nearby supermarket Fairprice NTUC and shopping malls such as AMK Hub and Djitsun Mall. For medical needs, there are clinics available nearby like SATA Commhealth @ Ang Mo Kio, Ang Mo Kio Specialist Centre, and NHGP Ang Mo Kio Polyclinic. Additionally, Ang Mo Kio Town Garden East is a local park that residents can visit for leisure and entertainment.
Read more about Ang Mo Kio: What to expect from URA’s plans for Ang Mo Kio’s Kebun Baru Primary School
The record-breaking transaction of 590B Ang Mo Kio Street 51
On 1 May 2024, a four-room HDB flat located at Ang Mo Kio St 51, specifically in block 590B, was sold for S$1,029,991. This particular flat was situated between the 31st and 33rd floors and its resale price has set a new benchmark in the town.
It is worth noting that this sale marks the first million-dollar transaction for a four-room unit in Ang Mo Kio, indicating a growing market valuation in the area.
Read about another ATH transaction in AMK: Block 591A hits another S$1 million milestone in Ang Mo Kio
The evolution of HDB resale prices in Ang Mo Kio
Ang Mo Kio has experienced a gradual increase in the prices of HDB flats over the years due to its central location and strong community infrastructure. Recently, a four-room flat was sold at a higher price than the previous record, indicating a significant increase in market valuations.
The price trends over the past year also indicate a steady climb, which is a reflection of the tightening supply and strong buyer demand. A visual representation of these trends is shown above.
Factors contributing to the record price
Several factors have contributed to the high resale price of the flat in question. Its location on a high floor provides expansive views of the cityscape, a highly desirable feature of high-rise living. The modern design and recent renovations have likely added to its appeal.
In addition, market conditions such as low interest rates and limited availability of similar units in prime locations like Ang Mo Kio have also played a crucial role in driving up the price.
Conclusion
The recent sale of a four-room HDB flat in Ang Mo Kio for a million dollars is a noteworthy development in Singapore’s public housing market. This event highlights the changing dynamics of the market as property prices continue to rise.
It will be important to monitor the impact of this trend on community sentiment and future market trends. The sale shows the enduring allure and value of HDB flats located in prime areas, while also emphasising the ongoing challenges of balancing growth and affordability in Singapore’s housing sector.
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