First million-dollar resale flat Sengkang was sold
The first resale home in Sengkang, an executive flat located at 205B Compassvale location, has sold for one million dollars ($650 per square foot). A press release issued by SRI states that the flat was sold in the month of March through an agent.
This is a landmark transaction for the estate. The estate’s flat sales have been averaging the million-dollar mark in the last few months, according to Mohan Sandrasegeran.
Compassvale Place, the estate where the million-dollar flat is situated, is made up of seven residential blocks: 205A 205B 206A 206B 206C 206D. Block 205B is 25 years old and is in its 99-year lease that began in 1999.
Sandrasegeran states that the flat is similar to other million-dollar apartments in several ways, including its expansive layout, close proximity to important transport links including Buangkok MRT Station, and the ease of access to Sengkang Grand Mall.
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“Additionally, the flat is favourably located near several educational institutions and educational institutions, which enhances its appeal.” Sandrasegeran adds: “This combination of desirable features underlines why this flat commanded a high price in the resale market.”
He says that Sengkang has been nearing the point of having its first million-dollar flat, since there have been an increase in flats that are being resold in this town, which are selling for more than $900,000.
The highest price for resales (in Sengkang), were close to $968,000. This set the stage for this area to finally reach the million dollar mark in April. Sandrasegeran says that this progression is an indication of Sengkang becoming more desirable for home buyers.
However, he cautions that despite the recent prominence of million-dollar resale flat transactions These transactions were only 2.7% of the 7,068 flats changed hands in 1Q2024.
“This indicates that while deals worth millions of dollars attract a lot of attention, they constitute a relatively small fraction of resales market activity, underscoring the diversity in the HDB marketplace for resales, with the majority of transactions occurring at more moderate price levels,” says Sandrasegeran.
Based on research by SRI Based on research from SRI, the average unit prices of million-dollar deals on the resale HDB market have adjusted downwards from $1,409 in 4Q2023 to $1320 psf in the first quarter of 2024, which is an 6.3% (q-o-q) decrease.
Sandrasegeran claims that the cost per square foot has slowed regardless of the growth in the number of transactions worth millions of dollars.
