Queenstown HDB Flat Selling For S$1.5 Million Has 97 Years Left On Its Lease
While Singaporeans who monitor property prices are all abuzz over million-dollar HDB flats, prices seem like they’re set to go higher still.
As multiple flats have breached the million-dollar mark, at least one is already aiming to get closer than ever to S$2 million.
Specifically, a Queenstown flat has been listed for sale at the eye-watering price of S$1.5 million.
Source: PropertyLimBrothers on YouTube
A buyer willing to shell out that amount will be treated to unblocked views from all rooms.
Flat for sale located in Queenstown BTO project
At least three similar listings have popped up on PropertyGuru and one on 99.co.
They list a flat at 42A Margaret Drive on sale for a negotiable asking price of S$1.5 million.
The block is part of a cluster called SkyOasis@Dawson, a Queenstown Build-To-Order (BTO) project.
Source: PropertyLimBrothers on YouTube
The development is a five-minute walk from Queenstown MRT station and 700m away from Dawson Place shopping mall, which has a FairPrice supermarket and food court, among other amenities. Margaret Drive Hawker Centre is also a stone’s throw away.
Source: PropertyLimBrothers on YouTube
Spacious 5-room flat going for S$1,256.28 psf
The photos of the interior in all four listings show that they’re selling exactly the same flat.
The flat in question is a spacious five-roomer with three bedrooms and two bathrooms across a total of 1,194 square feet (sq ft).
Source: PropertyLimBrothers on YouTube
Thus, the asking price of S$1.5 million is equivalent to about S$1,256.28 per sq ft (psf).
High-floor flat has unblocked views
The unit is also above the 40th floor, which accounts for the stunning unblocked views of the good-class bungalows (GCBs) in the Tanglin area.
Apparently, the unblocked views are consistent for all the windows in the flat.
The highest building in this development goes up to the 45th floor, so only 10 out of 1,192 units within the top five floors have such views, according to PropertyLimBrothers.
No wonder the flat has a balcony that’s unique only to those from the 36th floor and above.
Source: PropertyLimBrothers on YouTube
97 years of lease left
The flat was completed in 2021, meaning it has a long remaining lease of 97 years.
For those concerned that its owner is flouting the Minimum Occupation Period (MOP) rule, rest assured that HDB approves the sale.
That’s because the owner got the flat via the Selective En bloc Redevelopment Scheme (SERS), meaning it has a shorter MOP.
The estimated date that the MOP will be fulfilled is 6 Apr.
Another Queenstown unit sold for S$1.4M in July
While the S$1.5 million asking price might seem steep, it’s not unheard of for a unit in the Queenstown area to fetch a price close to it.
In July 2022, a five-room flat in SkyTerrace@Dawson was sold for S$1.4 million.
5-Room Dawson HDB Unit Sells For S$1.4M, Reportedly Has 93 Years Left On Lease
Considering that the flat had 93 years of lease left and was perched on the 37th to 39th floor, the one currently on sale seems more attractive.
However, the unit sold in July was also a premium loft apartment that eventually went for S$1,080 psf.
Is it worth S$1.5 million? Or is the listing just testing the market? We’ll see if anybody takes the bait.
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Featured image adapted from PropertyLimBrothers on YouTube.
