A Bukit Panjang executive flat on Jelebu Road was sold in September for S$1.02 million.
According to EdgeProp Singapore, this is the town’s first HDB flat to breach the million-dollar barrier.
HDB website data shows that the unit is located between the 28th and 30th stories.
Source: SRXSRX
It has a remaining lease of 78 years and eight months.
Executive flats are typically larger than five-room flats and feature additional rooms.
Lee Sze Teck, senior director of data analytics at Huttons Asia, told EdgeProp Singapore that Block 181 Jelebu Road is located close to the Bukit Panjang integrated transport hub, as well as two malls.
Source: Wikipedia
This could explain the high price.
The flat is also relatively high-rise with 30 stories. High-rise flats typically fetch higher prices.
Additionally, at 127 square metres, the flat is considerably large.
The block doesn’t only have executive flats.
It also consists of four- and five-room flats, said Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI).
Source: Google Maps
According to the Housing Development Board, executive flats have additional space for a study, which can easily be converted into a living room or TV nook.
There are also two additional bedrooms and they are larger than five-room flats.
Five-room flats at 181 Jelebu Road are typically between 110 and 113 square metres.
Property agents have sold 36 million-dollar flats so far in September.
However, this pales in comparison to August, where there were over 54 million-dollar flats resold.
We’re still not at the end of the year, but it’s looking likely that the number of resale flats sold in 2023 will exceed 2022’s.
Mr Mohan said that there were 367 million-dollar flats sold last year, compared to 322 so far this year.
It remains to be seen if this trend will carry on in the future.
As it is, a vast majority — about 90% — believes that HDB resale prices are either high or unaffordable.
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Featured image adapted from Google Maps.
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