Bukit Merah apartment with five rooms goes at S$1,59 million, which is the highest price ever recorded
A five-room apartment on Boon Tiong Road in Bukit Merah has changed hands at S$1,588,000. This makes it the priciest Housing and Development Board (HDB) unit resold in Singapore to date.
This is according to PropNex Realty, who on Tuesday (Apr 30) announced that one of its property agents overseeing the sale of the unit on the 28th of April.
The real estate agent added that the price “smashed the previous record” of around S$1,569,000 for five-room Design, Build and Sell Scheme property in Lorong 1A Toa Payoh achieved in January 2024.
Located above the 35th floor of the 40-storey 9B Boon Tiong Road, the 112 square metre resale flat has a 99-year lease that starts in January 2016.
The HDB project Tiong Bahru view comprising blocks 9A,9B,10A and 10B, is the one.
Lim Yong Hock said that the unit “basically meets all the criteria” in light of its “top characteristics” that include being near the city, on a high-floor, and having a fairly long lease balance.
The HDB Build-To-Order projects do generally not offering five-room apartments in the most desirable locations closer to the city.
Find out more about: Lentor Hills Residences
Tiong Bahru View is the new housing site under Singapore’s selective en bloc redevelopment plan for blocks at 110 111, 113, and 114 Bukit Merah View. These blocks have been demolished since then.
PropNex said that the HDB data for the Tiong Bahru View flat sold at least S$1,000,000 in July 2018 doesn’t reflect the S$1,59 million transaction.
In the 9B Boon Tiong Road, 13 million-dollar resale flats were sold, including three four-roomers and ten five-roomers, excluding the most recent record-breaking deal.
PropNex said that 10 units of five-room apartment resales in Block 9B were sold for S$1.05 to S$1.4million.
Prior to the most recent transaction at 9B Boon Tiong Road, three other HDB flats were resold for S$1.5 million. Two of which are situated in Toa Payoh and were resold in January 2024. Another is an adjoining flat situated in Moh Guan Terrace in Bukit Merah, which was sold in June 2023.
PropNex has noticed an increase in number of million-dollar HDB flats that have been resold in recent years. It expects this trend to continue into 2024, possibly surpassing 2023’s record of 469 million dollars HDB units that are resold.
Lim commented that the most recent flat resales worth millions of dollars “still made up a tiny fraction” of overall HDB flat resales.
According to him, the overall need for HDB flats is also “healthy”.
“For the entire 2024 period we expect HDB sales volume to increase at between 26,000-27,000 units.” said the key executive.
