As HDB flat prices go through the roof, rentals are also following suit, with new records being set almost every other month.
Just two months after a Tiong Bahru flat was rented for S$6,200 a month, a flat in Ang Mo Kio has broken that record.
It was rented out in February for a whopping S$6,500 monthly.
Source: Google Maps
This easily breaks the HDB flat rental record for 2022 set by the Tiong Bahru flat.
The flat in question is in Block 549 Ang Mo Avenue 10, according to records searchable on HDB’s website.
The rental transaction for the five-roomer commenced in February 2023 at S$6,500 per month, way higher than similar flats rented out from blocks on the same road from December to March.
An estimated area of 1,463 square feet (sq ft) makes its rental about S$4.40 per sq ft (psf).
According to EdgeProp, Block 549 was completed in 1980, meaning it’s already 43 years old and has 56 years left on its 99-year lease.
The 16-level block has 86 three-roomers and 30 four-roomers, as well as just one five-roomer and one executive flat — making the flat that was rented out quite rare indeed.
Source: Google Maps
There are many shops and eateries in the area, including Cheng San Market and Food Centre, as well as supermarkets like FairPrice and several kindergartens and childcare centres.
But it’s also about 1km, or two to three bus stops away, from Ang Mo Kio MRT station and slightly nearer to the upcoming Tavistock MRT.
However, according to Shin Min Daily News, the five-roomer rented out for S$6,500 comprises two three-roomers combined.
That explains why its spacious floor area of 1,463 sq ft is bigger than the average five-room flat.
It also should have four bedrooms, instead of the three bedrooms that a regular five-roomer has, said a real estate expert interviewed by the paper — that makes this flat special indeed.
Though the block isn’t that near the MRT, the presence of three industrial estates in Ang Mo Kio means there’s a set demand for rentals in the estate, another expert said.
The Ang Mo Kio flat isn’t the only one to bring in a high rental in recent months.
According to EdgeProp, a five-roomer in 1B Cantonment Road started renting out for S$6,250 just this month — S$250 less than the Ang Mo Kio flat.
A check on HDB’s website also confirms this transaction.
Source: HDB
1B Cantonment Road is the address of one of the seven towers in Pinnacle@Duxton, an iconic Singapore building — which would explain the tidy sum.
Several units in that development have already entered the million-dollar resale HDB club.
The flat in question is 1,142 sq ft in area, meaning the rental is about S$5.50 psf and higher than the Ang Mo Kio flat’s.
However, we’re sure the lofty views will make up for the extra cost.
The record rental price for 2022 was said to be S$6,200, reaped by a flat in Block 17 Seng Poh Road in December.
In just three months of 2023, that record rental has already been eclipsed twice by the units in Ang Mo Kio and Pinnacle@Duxton, signalling just how fast the property prices move in Singapore nowadays.
These prices were unthinkable even in October 2022, when a flat in Bendemeer was rented out for S$4,600 a month — a sum now paltry in comparison.
How high will the market continue to soar? It seems like the sky’s the limit now.
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Featured image adapted from Google Maps.
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