What HDB flat is worth $1.4 million?
This five-room HDB flat at Block 96A Henderson Road, apparently.
More Than Five Offers
The 113 square meters flat sits between Redhill and Tiong Bahru MRT stations, and easily smashed the previous record of $1,388,888 for a five-room flat at the Pinnacle@Duxton in March.
Gwen Ong and Clarence Long, the two ERA property agents that closed the deal together, told The Straits Times that intense marketing efforts for the flat started this year. The asking price was $1.45 million.
This flat was super popular, with more than 20 in-person viewings over three months from serious buyers. They received more than five offers in total, with each offer coming in closely before hitting $1.4 million.
A SERS Replacement Site
The unit is located on the 41st storey of a 48-storey block. It has 96 years and one month left on its lease.
The unit at City Vue @ Henderson is actually a Selective En Bloc Redevelopment Scheme (SERS) replacement site. Located in Bukit Merah, it was designated for the Redhill Close SERS project in 2011.
Owners who bought flats under SERS at the replacement site can sell the flats, either after five years from date of occupation, or seven years from date of selection of the unit.
A very limited number of five-room HDB flats in that area, coupled with the long remaining lease, made the unit a very attractive one for buyers.
Mr Long added that this unit caters to the higher spectrum of the HDB market. The buyers there know that this unit is a rare, limited-edition one, which is why they’re willing to offer such high prices.
The previous record of $1.38 million was for a five-room unit that was more than 10 years old, so this step up to $1.4 million for a longer lease matches market expectations.
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120 Million-Dollar HDB Flats In 2022
In May, 15 HDB flats have been sold for at least $1 million. There are 120 million-dollar HDB flats sold in 2022 so far.
There were 259 such deals in 2021, and 82 in 2020.
New BTO Projects Possibly Under PLH Model
A Build-To-Order (BTO) launch is coming this month, where new flats in two projects in the vicinity will be offered for sale.
One of the projects are actually bounded by Tiong Bahru and Henderson roads, which is in the same area as the $1.4 million flat.
Given that HDB resale units in the area are now selling at high prices, more people would be eyeing those BTO flats. These two BTO projects could thus come under the prime location public housing (PLH) model.
PLH models have stricter buying and selling conditions, like a 10-year minimum occupation period, so that these HDB flats i prime areas can remain affordable and inclusive.
However, HDB will only announce whether the BTO project falls under the PLH model when it is launched for sale.
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