Image credit: Look Architects
In the neighbourhood of Kallang, where property transactions seem to be breaking records left and right, another sale in the area caught our eye.
Just last week, we discussed the record-breaking sale of not just a 3-room HDB, but also a HDB terrace and the oldest million-dollar home at the time of the transaction, with a lease of only 47 years remaining. And now, we have another noteworthy sale to add to the list – a recently MOP-ed 4-room HDB flat that sold for a little over a million dollars.
This sale marks the first million-dollar transaction in the project, and it might not be the last.
That’s a capital gain of S$446k to S$576k
Located in Block 26A and situated between the 22nd to 24th storey, the S$1.02M 4-room unit is 990 sqft. This works out to around S$1,030 psf. The remaining lease on the flat at the time of sale also stood at 95 years and 5 months.
The HDB resale unit in question is part of the Saint George’s Tower BTO project, which was launched for sale in the September 2014 HDB BTO exercise. During the initial sale, 4-room flats in this project were priced between S$459,000 to S$574,000, with selling prices, including HDB grants, potentially dipping as low as S$444,000.
While the capital gain hovers around S$500,000, it’s important to consider other selling costs such as legal fees and agent’s commissions, which might slightly reduce the net gain.
But overall, it looks like Saint George’s Tower is also joining the ranks of HDBs that reach million-dollar valuations upon reaching MOP, similar to City Vue @ Henderson and Toa Payoh Apex. This is likely due to its prime location.
Read more: City Vue @ Henderson sells for S$1.46M, second highest HDB transaction in Bukit Merah
Looking for more HDB flats that MOP-ed this year besides Saint George’s Tower? Check out our article here: Full list of BTO projects hitting MOP in 2024/2025 & Our top picks near the MRT
Saint George’s Tower
The name Saint George’s Tower may ring a bell for some.
In 2020, the architecture firm behind the design of three blocks at Saint George’s Towers Build-To-Order (BTO) project received a top design award for Housing Board projects. The unique architectural features of these towers, including staggered windows every six floors, earned Look Architects the HDB design award under the housing category.
Apart from its aesthetic appeal, the project offers residents facilities like fitness equipment and benches where they can enjoy unobstructed views of the city and the Whampoa River.
Read more: 10 condo units made at least 200% gain in April 2023, biggest at S$2.47m
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Convenient accessibility
Situated just a 3-minute walk away from Boon Keng MRT along the North East Line (NEL), Saint George’s Towers enjoys excellent connectivity.
Boon Keng MRT station is merely 2 stops away from Little India, an interchange for the Downtown Line (DTL), and 3 stops away from Dhoby Ghaut, an interchange for NEL, the North-South Line (NSL), and the Circle Line (CCL).
For drivers, accessibility is equally convenient with the nearby Central Expressway (CTE) and Pan Island Expressway (PIE).
Additionally, residents have easy access to amenities such as Bendemeer Shopping Mall, Balestier Plaza, and City Square Mall, along with educational institutions like Hong Wen School, Northlight School, and Bendemeer Primary and Secondary School, all within a short distance.
Exploring the idea of living near an MRT station? Check out our MRT directory for valuable insights and information to guide your decision.
HDB resale properties for you in Kallang/Whampoa
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The “lottery effect”
The recent million-dollar sale brings good news for potential sellers in the area and individuals with greater buying power seeking to downsize to well-connected neighbourhoods after selling their private properties.
However, the surge in property prices, driven by transactions like these, can be daunting for the average aspiring homeowner.
For example, if the same 4-room HDB flat were priced at S$459,000 during the initial BTO exercise, its current selling price of S$1.02 million reflects an eye-watering gain of 122%.
But if it’s any consolation to you hopeful homebuyers, not all units in this project are priced past the million dollar mark. In fact, looking at the listings on our website, the lowest prices for 4-room units in Saint George’s Tower start at S$898k.
Check your affordability with 99.co’s affordability calculator!
Read more: Highest condo loss in May 2023 was S$3.08m; 38 units sold at a loss
Will the new HDB classification change anything?
In response to such market dynamics, the government has introduced new measures, including the reclassification of HDB flats into three categories – Prime, Plus, and Standard – starting from the second half of 2024.
The aim of these new categories are to maintain affordability in desirable locations by providing subsidies, all while mitigating the “lottery effect.”
However, property analysts have raised concerns about the potential impact of introducing Plus flats in desirable locations, fearing it may drive demand for existing flats rather than reduce it. In fact, we’re already hearing how existing properties in Plus locations are rising.
So, while these measures are intended to address market imbalances, their effectiveness remains to be seen.
Read more: What the BTO classification changes would mean for first-time home buyers, parents, couples & singles
Thinking of selling your flat after MOP, but not sure on how to get started? Let us help you.
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