Yet another record-breaking property transaction has transpired in Singapore, this time in a rather unlikely area: Ubi.
A two-storey HDB Executive Maisonette changed hands for S$1.06 million, making it the first to break the million-dollar mark in the estate.
The sale involving the unit at Block 326 Ubi Avenue 1 took place in October 2023.
A real estate agent cited its location and complete interior furnishings as reasons for the high cost.
Another expert claimed that a million-dollar flat in Ubi was inevitable, given the small number of HDB units in the area.
2023 saw numerous estate records broken and million-dollar HDB transactions becoming more frequent.
Just last month, a unit became the first four-room flat in Ang Mo Kio to be sold for S$1 million.
Also in October, Ubi, which is mostly known for being an industrial area, had a unit cross the S$1 million mark for the first time.
An Executive Maisonette, located between the 10th and 12th storeys at Block 326 Ubi Avenue 1, reached the remarkable milestone at S$1.06 million.
Source: Shin Min Daily News on Facebook
The two-storey HDB unit covers 146 square metres and has over 61 years remaining on its lease.
Source: HDB Resale Flat Prices
Shin Min Daily News spoke to a real estate agent who explained the high price.
Firstly, the unit occupies the penthouse spot on the top floor, giving unobstructed views all around.
The owner also initially did not intend to move out and spent at least S$200,000 on extensive interior decorations, with the unit even appearing in a magazine.
Thus, the buyers can move in without spending time or money on furnishings.
Thirdly, the unit sits in a convenient location with many amenities.
These include a commercial district just a five-minute walk away and 24-hour supermarkets.
In terms of transportation, Ubi MRT Station can be reached within 10 minutes of walking.
Both Maha Bodhi School and Manjusri Secondary School are located nearby, with the buyer allegedly intending to enrol their children into the schools.
Lastly, Ubi lacks residential apartments, especially large ones.
Furthermore, the government has shown little interest in constructing new maisonettes. Therefore, its scarcity and desirability attracted higher prices.
An expert interviewed by Shin Min Daily News highlighted that Ubi features only 832 apartments, compared to over 5,000 in Tampines.
Out of that, only six maisonettes underwent transactions in Ubi this year.
All those factors combined with the Ubi’s proximity to the downtown city areas lent to the “inevitable” breaking of the seven-figure record.
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Featured image adapted from Shin Min Daily News on Facebook.
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