Lately, it’s been the older HDB projects grabbing attention with record-breaking million-dollar sales. But that doesn’t mean buyers are overlooking remaining lease years. In fact, lease length remains a top priority for most buyers when choosing an HDB resale flat. A perfect example is the recent sale of two newly MOP-ed projects, one in Bidadari and another in Ang Mo Kio. The Bidadari unit fetched S$1.2 million, while the Ang Mo Kio flat sold for S$1.08 million.
Table of contents
- The S$1.2M sale in Bidadari’s Alkaff Vista
- A capital gain of over S$700K
- Alkaff Vista location review
- Not the only million-dollar sale from Alkaff Vista
- Another million-dollar sale in Ang Mo Kio: S$1.08M at Cheng San Court
- A S$600K capital gain
- Cheng San Court amenities
- Cheng San Court and Ang Mo Kio sales trends in the past 5 years
The S$1.2M sale in Bidadari’s Alkaff Vista
The first sale occurred at Alkaff Vista, a project located at Block 106A, Bidadari Park Drive. This unit, situated between the 7th and 9th floors, is part of a 17-storey building, so it’s roughly at the midpoint of the block. With a sizable 1,216 square feet of space, this flat sold for S$1.2 million, equating to S$986 per square foot (psf).
c was launched in 2010 and completed in 2019, making it a recently MOP-ed project. With nearly 95 years left on its 99-year lease, the unit still holds plenty of value for its new owners. The extended lease term is likely a key factor contributing to the hefty price tag, giving buyers more assurance about the long-term value of their purchase.
Looking for more HDB flats that MOP-ed recently besides Alkaff Vista? Check out our article here: Full list of BTO projects hitting MOP in 2024/2025 & Our top picks near the MRT
A capital gain of over S$700K
To put this sale into perspective, it’s worth noting that when the BTO units in Alkaff Vista were first launched, prices for 4-room units started at S$433,000. Given that the resale price of this unit was S$1.2 million, the original owners likely made a capital gain of approximately S$767,000 – an impressive increase of 63.92%. However, it’s important to remember that this figure doesn’t take into account any HDB grants or additional selling costs, such as agent commissions and legal fees, which could slightly adjust the final gain.
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Alkaff Vista location review
Alkaff Vista offers a range of amenities that make it an attractive living option for families and individuals alike. The project is well-equipped with a children’s playground, fitness stations for adults and the elderly, and a precinct pavilion. One of its standout features is a roof garden on the 8th storey, offering a peaceful escape for residents.
In terms of location, Alkaff Vista is just a 5-minute walk from Potong Pasir MRT Station (NE10), and 13 minutes on foot from Woodleigh MRT (NE11). If you don’t mind driving a little further, Geylang Bahru MRT (DT24) on the Downtown Line is about a 10-minute drive.
The proximity to nearby amenities adds further convenience. For instance, Woodleigh Village Hawker Centre is just a 2-minute drive away, while Woodleigh Mall is a 9-minute walk from the project.
Other nearby shopping hubs include The Poiz Centre (a 7-minute walk), City Square Mall (a 7-minute drive), and within an 8 to 10 minute drive, you can reach NEX , Heartland Mall Kovan, Toa Payoh Hub, Grantral Mall @ Macpherson, Zhongshan Mall, and Aperia Mall.
For those with children, there are several reputable schools within the vicinity of Alkaff Vista. Within a 1km radius, you’ll find Cedar Primary School and St. Andrew’s Junior School. Between 1 to 2 km away, schools like Maris Stella High School, Pei Chun Public School, and St. Gabriel’s Primary School are all accessible.
Planning on getting a home of your own in Bidadari? Take a look at your options here: Alkaff Oasis, Alkaff LakeView, and Alkaff CourtView.
Not the only million-dollar sale from Alkaff Vista
This S$1.2 million sale isn’t a one-off occurrence. In fact, three other transactions from the project were sold at impressive prices, two of which also crossed the S$1 million mark. Here’s the four sales from Alkaff Vista so far:
Among these, the S$1.2 million sale stands as the highest resale not only in Alkaff Vista but in all of Bidadari. Given that Alkaff Vista is the first project in Bidadari to reach MOP, the current lack of competition may have played a role in the higher prices. However, as more projects in the area reach MOP, we can expect other million-dollar sales to follow. On average, units in the project have fetched for about S$1,096,875. This suggests that the buyer of the S$1.2 million unit paid 8.60% more than the average resale price.
Another million-dollar sale in Ang Mo Kio: S$1.08M at Cheng San Court
Over in Ang Mo Kio, a unit at Cheng San Court (Block 590B, Ang Mo Kio Street 51) recently sold for S$1.08 million. This unit, located between the 28th and 30th floors of a 32-storey block, measures 1,001 square feet and achieved a price of S$1,078 per square foot (psf).
Cheng San Court, which began its lease in 2019, is one of the youngest resale projects in Ang Mo Kio. With approximately 93 years and 6 months left on its lease, this flat offers buyers the assurance of a long lease period, much like the units in Bidadari.
Check your affordability with 99.co’s affordability calculator!
A S$600K capital gain
In terms of capital gain, the original buyers of this Cheng San Court unit also enjoyed a significant return on their investment. When the project was launched, 4-room flats in Cheng San Court were priced from S$435,000 (excluding grants). The S$1.08 million resale price represents a capital gain of approximately S$645,000, or 59.72% over the original purchase price.
Not sure how much your home can sell for? Find out its worth with 99.co’s Property Value Tool!
Just like in Alkaff Vista, this sale is not the only million-dollar transaction from Cheng San Court. Here’s a list of the million-dollar sales in the project, ranked from most to least expensive:
Cheng San Court recorded its first million-dollar resale in November 2023, which was also Ang Mo Kio’s first-ever million-dollar sale for a 4-room flat. Since then, there have been eight more million-dollar sales, including the most recent S$1.08 million transaction. Like Alkaff Vista, this S$1.08 million resale is the most expensive 4-room HDB resale not just in the project but in the whole of Ang Mo Kio.
Read more: Cheng San Court: Decoding the success behind Ang Mo Kio’s 4RM, 1 Mil record-breaking sale
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Cheng San Court amenities
Cheng San Court offers excellent connectivity to the city centre, being just a 6-minute walk from Ang Mo Kio MRT Station (NS16) on the North-South Line, and a 5-minute drive from Mayflower MRT Station (TE6) on the Thomson-East Coast Line, which opened in 2024.
Looking ahead, the development will benefit further from its proximity to two upcoming MRT stations along the Cross Island Line (CRL). Tavistock MRT Station (CR10) and Teck Ghee MRT Station (CR12), expected to be completed by 2030, are estimated to be within a 6 to 7-minute drive via Ang Mo Kio Avenue 8.
Looking for a property close to an MRT station of your choice? Check out 99.co’s MRT map here.
For dining options, residents can walk to Cheng San Market and Cooked Food Centre in just 4 minutes, or take a 7-minute walk to Chong Boon Market and Food Centre, both of which offer a wide variety of local food choices.
Families with young children will appreciate the proximity to schools. Within a 1km radius, there are Jing Shan Primary School and Teck Ghee Primary School. Schools within the 1 to 2 km radius include:
- Anderson Primary School
- Ang Mo Kio Primary School
- Catholic High School
- CHIJ St. Nicholas Girls’ School
- Mayflower Primary School
- Townsville Primary School
In terms of secondary schools, Deyi Secondary School and Chong Boon Secondary School are both nearby, offering further educational options for residents.
For everyday grocery needs, the nearest stores are Giant at 525 Ang Mo Kio Avenue 10. If you’re looking for entertainment, AMK Hub is just a 9-minute drive away, while Bishan-North Shopping Mall and Junction 8 are each around 10 minutes by car. And if you enjoy outdoor activities, the expansive Bishan-Ang Mo Kio Park is also a 10-minute drive, providing a great space for exercise and relaxation.
Ready to make Ang Mo Kio your home? Here are some choices for you: Teck Ghee Parkview, Ang Mo Kio 61, AMK Central Heights, and Cheng San Centre.
Cheng San Court and Ang Mo Kio sales trends in the past 5 years
While the spotlight has been on the million-dollar sales at Cheng San Court, it’s important to note that not all units are hitting those high prices. In fact, the average price for sales in Cheng San Court in 2024 stands at S$662,445. This is only slightly higher than the average for the whole of Ang Mo Kio, which is S$643,721 this year. The buyer of the S$1.08 million unit paid about 38.66% higher than the average price for the project, making it a standout transaction.
However, despite the buzz around these high-ticket sales, both Cheng San Court and Ang Mo Kio have seen fewer transactions in 2024 compared to the previous year. In 2023, both areas experienced the highest volume of transactions in the last 10 years, but 2024 has seen a dip. Cheng San Court recorded a 10.02% drop in transacted volume, while Ang Mo Kio saw a more modest decline of 0.51%. This might suggest a cooling in the resale market, despite the continued presence of record-setting sales in the area.
Rather look at condos that will MOP this year? Have a read here: Upcoming Executive Condos (ECs) that will MOP in 2024 & 2025
Would you pay a million dollar for newly MOP-ed projects in these areas? Share your thoughts in the comments section below or on our Facebook page.
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