As HDB resale flat prices go ever higher, million-dollar flats have already popped up everywhere, with benchmarks constantly being raised.
While many had threatened to hit the halfway mark to S$2 million, none had done so — until now.
A flat in Tiong Bahru has reportedly been sold for a cool S$1.5 million, setting a new record.
Source: Google Maps
It’s now the most expensive HDB resale flat in Singapore.
The flat in question is on the top floor of 50 Moh Guan Terrace, a four-storey block in the quaint Tiong Bahru neighbourhood, according to real estate portal 99.co.
It’s one of a few clusters of iconic four-storey HDB blocks in the estate.
The blocks are typified by their lack of lifts, making those on higher levels unsuitable for the elderly and disabled.
Source: Google Maps
While they’re near amenities like Tiong Bahru Market & Food Centre and a community club, the biggest draw of the area is undoubtedly its old-school charm and cool cafes.
According to 99.co, Block 50 was completed in 1973 — meaning that it’s already 50 years old.
It also has just 48 years and eight months left on its 99-year lease.
On the surface, the short lease might seem to be a minus point that doesn’t justify the unit’s steep price.
However, one reason for the buyer being willing to fork out a huge sum might be the flat’s size.
It has a massive floor area of 1,894 square feet (sq ft), much bigger than the average four-roomer — typically about 1,000 sq ft, according to HDB.
Source: Knight Frank via EdgeProp
This also means that the flat is S$792 per square foot (psf) — lower than the average price psf for an HDB resale flat in Tiong Bahru.
The “adjoined flat”, as labelled by HDB, is one of only three four-roomers in Block 50.
Whatever reasons the buyer had, their outlay of S$1.5 million has made the new home Singapore’s most expensive resale flat.
Knight Frank Singapore, which brokered the deal, said the transaction beat the previous record holder — a five-roomer in SkyTerrace@Dawson that went for S$1.1418 million.
This record had stood for almost a year from July 2022.
That’s not all, though — the Tiong Bahru flat has also become the most expensive four-room flat in Singapore.
The previous crown was held by a unit in Pinnacle@Duxton that was sold for S$1.4 million.
While both these units had higher views and longer leases, they were also smaller at 1,313 sq ft (SkyTerrace@Dawson) and 1,023 sq ft (Pinnacle@Duxton).
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Featured image adapted from Google Maps.
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