5-Room Bukit Merah Flat Exchanges Hands For S$1.45M, Setting Record
Prices across the board have continued to be on the rise, especially for resale properties. Earlier this year, a buyer purchased a five-room flat in Bishan for S$1.43 million.
A new sale for a five-room apartment in Bukit Merah has now eclipsed that amount, setting a new record for five-room units in the area.
It exchanged hands for S$1.45 million and required no renovation works.
5-room Bukit Merah flat sold for S$1.45M
According to Shin Min Daily News, the location of the flat is between the 19th and 21st floors of Block 96A in City Vue @ Henderson.
Source: Google Maps
Spanning an area of 113 square meters, it has 94 years and nine months remaining on its lease.
The ERA agent who handled the transaction, Luo Xinglin (transliterated from Chinese), told the Chinese daily that the buyers of the unit were Singapore permanent residents originally from India.
They apparently liked the number of the unit.
The unit also required no renovation works and was ready for its new owners to move in.
Sellers had to lower selling price
Luo revealed that the sellers were a young Chinese family who did not initially hire an agent. Their original asking price was S$1.68 million but lowered it to S$1.48 million when there were no potential buyers.
The family then received around 10 inquiries, with six groups of buyers dropping by to see it.
Source: Google Maps
The transaction eventually went through within two weeks and is expected to be completed by the end of November.
Luo added that the buyer was also aware that the resale prices of other nearby units were lower but still preferred the unit at Block 96A.
Shin Min Daily News reports that since September 2021, seven flats involved in million-dollar sales have popped up in the same HDB block.
The latest such transaction was last year, when a unit on the 41st floor exchanged hands for S$1.4 million.
New classification system for HDB flats
Speaking to Shin Min Daily News, the head of research and content at Propnex said that HDB would be implementing a new classification system for flats next year.
The area where the unit was in would probably fall under the Prime or Plus categories.
Source: Google Maps
Buyers who do not want to have to contend with restrictions such as the 10-year minimum occupation period might prefer to purchase existing units.
As such, they wouldn’t mind paying more.
Lee Sze Teck, Senior Director of Data Analytics at Huttons, added that another five-room flat on the 45th floor of Block 96A also exchanged hands this month for S$1.45 million.
The living room of the apartment faced Marina Bay Sands, while the kitchen faced Sentosa.
Lee shared that the area Block 96A was in was close to the MRT station and had a breathtaking view, attracting buyers.
In addition, Bukit Merah has recently launched several projects. With no further resale restrictions, City Vue @ Henderson has been attractive to many buyers.
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Featured image adapted from Google Maps and Google Maps.
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