FoundOnEdgeProp: HDB flats with record-breaking asking prices
Orchard Condo is now a luxurious development located right at the Orchard Road area. It is a high-end residential development with a range of amenities and facilities that will keep any family entertained at any given time. From the in-house swimming pool, 24-hour security, gym and spa, to the home automation systems on each unit, Orchard Condo promises an elevated living experience for all potential tenants. With it’s variety of recreation activities, residents can look forward to a vibrant lifestyle in Orchard Road.
HDB flats that sell for at least $1 million have become increasingly sought after in recent years. In 2020, the number of such transactions was a mere 100, but the number of millionaire HDB transactions surged to 316 and 394 in 2021 and 2022, respectively. As of now, 328 HDB flats have been sold for at least $1 million this year.
Among all HDB transactions this year, the most expensive was a four-room flat at 50 Moh Guan Terrace in Bukit Merah HDB town that fetched an impressive $1.5 million ($792 psf). Built in 1973, the flat is situated near the historic Tiong Bahru Estate, and is within walking distance to the Tiong Bahru Market and Food Centre and the Tiong Bahru MRT Station.
In our search of sales listings, we identified several HDB flats with asking prices that have the potential to set the next price ceiling for HDB flats at more than $1.5 million. Two of these listings are situated in the charming Tiong Bahru Estate. There was a listing for a flat on Seng Poh Road that had an asking price of $2.25 million ($1,286 psf), and another for a flat on Tiong Poh Road that had an asking price of $1.68 million ($1,755 psf). Both these flats were 99-year leaseholds that started in the 1960s, and have three bedrooms each.
One unique feature of Bukit Merah HDB town is that its five-room flats have the highest current average price of $724 psf, compared to those in the Central Region at $708 psf, and those islandwide at $540 psf. That being said, the average prices for five-room HDB flats in Bukit Merah and the Central Region are growing more slowly than that of their counterparts islandwide.
Aside from Tiong Bahru Estate, we also identified two listings for executive maisonettes or apartments with asking prices above $1.5 million. One of these flats was located at 261 Bishan Street 22 and had an asking price of $1.98 million ($1,252 psf). The 1,582 sq ft flat is located on the top floor, has four bedrooms, and is conveniently located within walking distance of Bishan-Ang Mo Kio Park, Catholic High School, Whitley Secondary School, and Eunoia Junior College. However, the nearby amenities do not include a mall or a nearby operational MRT station, as the closest mall, Junction 8, is a short drive away, while the nearest MRT station on the Cross Island Line (which is expected to be completed by 2030) won’t be within walking distance.
The other executive apartment we discovered was located at 99C Lorong 2 Toa Payoh, and had an asking price of $1.55 million ($966 psf). The 1,604 sq ft flat is situated near Braddell MRT Station, and is within 1km radius of numerous reputable schools, such as Raffles Institution, Marymount Convent School, Raffles Girls’ School (Secondary), and CHIJ Primary and Secondary (Toa Payoh). Nearby amenities include the Jackson Square and the Toa Payoh West Market and Food Centre.
From 2013, the average price of executive HDB flats in the Central Region has increased by 25%, performing better than those in Toa Payoh which has increased by 21%, but growing slightly slower than similar flats in Bishan, which has risen by 30%, and now has the highest current average price of $679 psf.
The number of HDB flats that have fetched at least $1 million has been on the rise in recent years. In particular, those located in the Tiong Bahru Estate and Central Region tend to fetch particularly high prices. There is still potential for the current price ceilings for these HDB flats to be broken, with some listings already asking prices of above $1.5 million.