Marine Parade flat sold for record high has 50 years left on lease
In the two years since a Marine Parade unit became the estate’s first million-dollar flat, prices there have only gone upwards.
Last month, a jumbo flat in Marine Parade set a new record for the estate when it was sold for the princely sum of S$1.38 million.
Source: Vincent Tay Property on YouTube
Record-breaking Marine Parade flat has 50 years left on lease
The record-breaking flat is located in Block 64 Marine Drive, according to HDB resale flat records.
Source: HDB
It’s on the 10th to 12th floor of a 14-floor block whose residents obtained their Temporary Occupation Permit (TOP) way back in 1976 — 48 years ago.
That means the flat in question has just 50 years and 10 months left on its 99-year lease.
Source: Google Maps
Marine Parade flat is spacious as it’s an adjoined flat
One of the features that works in the flat’s favour, however, is its space.
As the flat is an adjoined flat, i.e. two flats combined, it has a generous floor area of 157 sq m, or 1,690 sq ft.
That works out to a price per square foot (psf) of about S$816 psf.
Flat was renovated 5 years ago
Adding to its value is the fact that the flat was renovated five years ago at a cost of S$200,000, according to 99.co.
Mr Vincent Tay, the property agent who transacted the sale, showed off its tasteful furnishings on YouTube, lauding its “masterful space-planning” and double-glazed windows that allow in “abundant natural light” and sea breeze.
Source: Vincent Tay Property on YouTube
He also noted that the master bedroom suite boasted a walk-in wardrobe with a dresser.
Source: Vincent Tay Property on YouTube
The attached bathroom had separate “his-and-hers” bathroom facilities, and even a private toilet cubicle.
Source: Vincent Tay Property on YouTube
The kitchen has “top-of-the-line” appliances and a 5.2m-long worktop, he said.
Source: Vincent Tay Property on YouTube
While the unit has three bedrooms, flat owners can easily bump it up to five, the agent added.
The renovation also included a new electrical system and new gas and water pipes installed in the 48-year-old flat.
Flat is 5 mins’ walk from MRT
The flat is also well-located, with the newly opened Marine Parade MRT station a fully sheltered 5-minute walk away, Mr Tay said.
FairPrice supermarket is 3 minutes’ walk away, while it takes 7 minutes to get to Parkway Parade on foot, he added.
According to HDB, Marine Parade Central Market and Food Centre is 306m from the block.
Families with young children will also be glad to note that there are five childcare centres and four kindergartens within 500m of the property.
Of course, East Coast Park is just a stone’s throw away via an underpass beneath the expressway, as well as Parkland Green, a row of beachside cafes and restaurants.
1st million-dollar Marine Parade flat sold for $369K less
The S$1.38 million paid for the flat in Block 64 Marine Drive is about S$369,000 more than the S$1,010,888 shelled out for Marine Parade’s first million-dollar flat in July 2022.
5-Room Marine Parade HDB Sold For S$1.01M, Has Unobstructed View Of East Coast Shoreline
That flat, located on the 24th floor of Block 28 Marine Crescent, similarly had just 51 years and nine months left on its lease.
However, it was also smaller, at 126 sq m or 1,356 sq ft.
95 million-dollar flats sold in June
The trend shows no signs of abating, with 95 HDB flats resold for more than S$1 million in June, according to government data obtained by Shin Min Daily News.
This figure broke the record for highest number of million-dollar flats transacted in a single month.
Previously, the record was 74, set separately in both January and May this year.
Also read: Geylang 4-room HDB flat sold for S$1.006M, first such unit to cost 7-digit sum in estate
Geylang 4-room HDB flat sold for S$1.006M, first such unit to cost 7-digit sum in estate
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Featured image adapted from Vincent Tay Property on YouTube and Google Maps.
