Rising HDB unit prices should come as no surprise for any Singaporean. HDB resales in August 2023 saw a record number of 54 flats sold for at least S$1 million.
In June 2023, a unit in Moh Guan Terrace in Tiong Bahru, with 49 years remaining on its lease, changed hands for S$1.5 million.
At the end of Aug 2023, a pre-war flat in nearby 82 Tiong Poh Road reportedly sold for S$1.12 million, with just 43 years left on its lease.
Three other units at Block 82 Tiong Poh Road are up for sale, with staggering prices ranging from S$1.68 million to S$2 million.
Generally, units with less time on their lease sell for lower prices, for obvious reasons.
The older blocks in Tiong Bahru, however, are currently being put up for sale at prices of over a million.
A four-room flat in Moh Guan Terrace, with just 49 years left on its lease, changed hands for S$1.5 million. The impressive figure marked the most expensive sale for an HDB unit.
Source: Google Maps
Any doubts that it was a one-time anomaly faded when on 29 Aug 2023, a three-room unit at the nearby 82 Tiong Poh Road allegedly sold for S$1.12 million.
While MS News was unable to find the transaction online, the property agent who made the sale, Ms Celeste Loh, shared a picture with some details on the reported sale to us.
The screenshot of the alleged transaction showed that the flat possessed an area of 1,033 square feet (around 96 square metres), with the price per square foot (psf) at S$1,084. Additionally, the pre-war flat had less than 43 years remaining on its lease.
Image courtesy of Celeste Loh
Ms Loh also told MS News that the buyer paid the high price as the location and size were exceptional.
Moreover, the buyer found that the unit had promising rental yields.
Built sometime in the 1930s, Block 82 is one of the oldest estates in Singapore.
A search for listings there on PropertyGuru reveals that three flats are for sale at the time of writing. The three-bedroom and two-bathroom units are listed for S$1.68 million, S$1.99 million, and even S$2 million.
Source: PropertyGuru
The S$1.68 million unit’s psf price is as high as S$1,755. Shin Min Daily News reported that the property agent pointed to the Moh Guan Terrace sale as raising confidence in the local homeowners.
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Featured image adapted from Google Maps.
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