Super Large AMK HDB Flat Sold for a Record Price of Over $1 Million

Back when the 99-year lease was a hot topic to debate, PM Lee came out to say that it’s ‘fair’ and allows Singaporeans to have an investment.

So, you’re wondering, how can it be an investment when in 40 years time, I’m going to sell a flat that only has a 59-year lifespan left?

Well, this HDB unit might just prove your expectations wrong.

Super Large AMK HDB Flat Sold for a Record Price of Over $1 Million

On 6 June, 99.co blog reported that a 1,916-square-feet HDB flat in Ang Mo Kio was sold for a record price of $1,030,000, making it the first HDB flat to be sold for over a million dollars.

Which is even more impressive when you consider that this transaction was done while we’re in the midst of Covid-19.

Located on the fifth floor, it consists of two adjoining three-room flats with the common corridor space incorporated into the apartment.

The property owners bought the flat for $850,000 back in 2014.

So How Did They Do It?

Was it only because of the size? Is all hope lost if you only have a 90-square-metres four-room flat?

Turns out, it’s not.

The previous owners, a husband-and-wife team of interior architects, did a dramatic makeover of the jumbo flat.

They wanted a green space but didn’t want it within an air-conditioned area so they converted the common corridor into a terrace.

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This is their living room.

The master bedroom with a walk-in wardrobe.

And even a work studio.

The makeover cost the couple about $200,000, which they say is normal for such builds.

So why is the couple selling? Will we be expecting another million-dollar transaction for an HDB flat five years down the road?

Sadly, they won’t be staying in Singapore and will be relocating to Europe.

But it’s for a happy reason, though.

The couple said:

“We’re doing very well in Singapore, but we’ve also decided to open an office in Europe while continuing our business here, with Cheryl coming back once a month.”

Other than the flat, the couple’s branded appliances are included in the sale.

Young families with kids were among some of the prospective buyers and there were even three or four who were downgraded from landed properties.

The couple managed to settle the sale before CB kicked in.

The previous time an amount close to a million for an HDB flat was back in 2016. It was a DBSS flat that was sold for $980,000.