Recently, a five-room HDB unit went off the market for a record S$1,223,000 — a rare sum for a public housing property.
The unit is located within a cluster of flats called Ghim Moh Valley.
Source: terence chung on Flickr
As it turns out, the property is located in prime real estate — close to some name-brand schools and just a short drive to town.
Apart from that, the flat also appears to be renovated and in good shape.
At first glance, it’s clear that the previous owners have taken care of the home.
The five-room unit boasts a spacious living area with large windows spanning the entire length of the wall.
Photo courtesy of Branden Lee
Not only that, the common area is even large enough to accommodate a six-seater dining table.
Photo courtesy of Branden Lee
Based on the pictures, the previous owners have also installed air-conditioning in the common room — for those extra hot days.
Beyond the dining area is an enclosed kitchen with a clean and minimal aesthetic.
Photo courtesy of Branden Lee
The kitchen too, seems spacious with lots of storage options in the built-in cabinets.
Unlike the light and breezy shared spaces, the private bedrooms are cosier with warm, recessed lighting.
Photo courtesy of Branden Lee
The cherry on top? It looks as though one of the bathrooms even has a bathtub.
Photo courtesy of Branden Lee
AsiaOne reported that the seller bought the unit about 10 years ago for likely around S$400,000 to S$500,000.
With those estimates, they presumably netted about S$700,000 in profit.
While the interior of the unit has its fair share of merits, the location also plays a part in the high selling price.
Speaking to MS News, Associate Branch Director Branden Lee from Propnex Realty who marketed the unit said that the area is an “education region”.
Quoting the one-kilometre policy for primary school registration, Mr Lee said that many families move to the area as they’re gunning for schools like Henry Park or Fairfield Methodist Primary.
Source: Precise Development Pte Ltd
Sure enough, Henry Park Primary School is about 1.2 kilometres away from the property — or a mere seven-minute drive.
Meanwhile, 22 Ghim Moh Link is also around the same distance from Fairfield Methodist School (Primary).
Apart from the primary schools, there are also secondary and tertiary education institutions around the area.
To name a few, Anglo Chinese School (Independent), Singapore Polytechnic (SP), and the National University of Singapore (NUS) are all clustered in the region.
Apparently, it’s also rare that such a unit in the area appears on the market.
Mr Lee shared that only “one or two units pop out occasionally in a year or two”.
He attributes the rarity to the fact that most residents in the area are seniors who have been staying in Ghim Moh for 20 to 40 years.
Source: Wikipedia
Hence, these older residents in their retirement are less likely to move out.
In fact, Ghim Moh Valley — where the unit is located — was developed for displaced Selective En bloc Redevelopment Scheme (SERS) residents.
According to the HDB website, the cluster of blocks houses residents of Blocks 9 to 12, and Blocks 9A and 12A Ghim Moh Road.
Upon looking into the state of the unit, its prime location, and the low supply, it’s no wonder that it’s valued so highly.
That said, this is not the first time that a public housing unit has sold for over a million dollars.
This month, it was reported that a four-room unit at Pinnacle@Duxton sold for S$1.4 million.
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Featured image adapted from grbenji and courtesy of Branden Lee.
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