If you think only central areas such as Tiong Bahru or Bukit Merah will join the “million-dollar HDB resale club”, think again.
Tampines has done it. Punggol has done it.
And now, Bukit Panjang has done it.
Bukit Panjang Has Just Joined the Million-Dollar HDB Resale Club
On 25 Sep 2023, it was reported that an executive apartment in Bukit Panjang was sold for a whopping $1.02 million.
This was the first flat in the area to sell for over $1 million, placing Bukit Panjang in the million-dollar club.
Located at Blk 181 Jelebu Road, the unit has an area of 1,367 square feet (~127 sqm).
It was built in 2003 and has 78 years left on its 99-year lease.
Why so Expensive?
According to Nicholas Mak, chief research officer of real estate platform Mogul.sg, the reason for the sky-high price partly results from the nearby Bukit Panjang MRT station and Hilton Mall.
In addition, Christine Sun, OrangeTee & Tie’s senior vice-president of research and analytics, said that the flat could be classified as a “Plus flat” under HDB’s new classification given its convenient location to amenities in the area.
(More on the Plus classification at the end of the article.)
It’s not just this flat.
Another unit in the same block was sold in March this year for $950,000.
An executive apartment located at Blk 184 Jelebu Road is currently listed on Property Guru with an asking price of $1.05 million.
Bukit Panjang Residents Excited
If you’re living in Bukit Panjang, chances are, you’re excited about the news.
After all, this spells good news for your own home’s value, right?
A 26-year-old tutor who spoke to Shin Min said she hopes it’ll increase the value of her flat.
The New HDB Classification Announced in PM Lee’s National Day Rally 2023
Soon, HDB will phase out the decades-old labels of “mature” and “non-mature” estates, introducing a new classification system in their place.
From the latter half of 2024, Build-to-Order (BTO) projects will be categorized into three distinct classes: Standard, Plus, and Prime.
Plus is the new category you should know about.
Location: These flats will be situated in more desirable locations within each region, such as in proximity to MRT stations and town centres even if they’re not in a central location. The upcoming Bayshore project near East Coast Park, which is close to two MRT stations, a future shopping mall, and Siglap Community Club, serves as an example.
Conditions: Owners of Plus flats will have a 10-year minimum occupancy period. If they decide to sell, they must return a portion of the resale price to HDB, reflecting the extra subsidies they received.
Purpose: The extended occupancy period aims to attract long-term residents and deter those looking to quickly sell and move. “This will help mitigate windfall gains and ensure equity with other flat owners who do not enjoy these additional subsidies,” stated MND and HDB. The introduction of the Plus category, with its stricter sale conditions, is expected to help regulate the selling price.
Resale Conditions: Plus flats will have stricter resale conditions, including a maximum income limit for potential buyers. The specifics are yet to be disclosed. The amount to be returned for Plus flats is anticipated to be less than that for Prime flats due to typically lower additional subsidies.
You can find out more here.
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