While our Housing Development Board (HDB) blocks are getting higher and higher, there’s no doubt that the prices of HDB flats have also risen over the years.
With that, there has also been the introduction of the “million-dollar club”, which is essentially what its name suggests: A “club” of HDB flats sold for over a million dollars.
Most recently, a two-storey maisonette at 287D Jurong East Street 21 was just sold for one million dollars, making it the first flat in Jurong East to join the highly coveted “million-dollar club”.
Based on the HDB website, the mansionette is located between the seventh and the ninth floors and has around 1,561 sq ft of space.
The flat was also built in 1998, meaning it still has 74 years and seven months remaining on its lease.
Rise in House Prices in Jurong East
And it seems like this isn’t the only HDB flat at Jurong East that’s going at a high price.
From December last year till now, Jurong East has seen 49 resale transactions for Executive Condominium (EC) units. Out of the 49, eight were sold for over $900,000, and another 13 were sold at prices between $800,000 to $890,000.
Mr Lim Yong Hock, PropNex Realty’s Key Executive Officer, pointed out that 1,800 out of the 23,400 HDB units in Jurong East are ECs. In comparison, around 6,000 of the 72,000 HDB units in Jurong West are ECs.
With a lower supply of ECs and higher convenience for residents living in Jurong East due to facilities such as MRT stations, hospitals, shopping malls and the Science Centre, he commented that a million-dollar HDB unit emerging in Jurong East is “no surprise” to him.
Apart from that, Mr Lim added that the abovementioned unit at Jurong East was most likely well-furnished when it was sold; the buyer would not have offered such a high price if it was not.
He estimated that the renovation works for an HDB flat spanning 1,500 sq ft would amount to at least $100,000 and said that the flat was most likely fit to be occupied straightaway at the time of the transaction.
On the other hand, property agents predict that more HDB flats with hefty price tags will emerge in Jurong East in the future.
Christine Sun, the Senior Vice President of Research & Analytics at OrangeTee, said that the government’s further efforts to develop the area would contribute to the rise in property prices.
She also brought up another possible reason for the change in property prices: Even though a large portion of the younger generation used to lean towards moving into mature estates to live closer to their parents, members of the older generation have gotten increasingly keen on moving into non-mature estates to live closer to their children and grandchildren instead.
Nicholas Mak, the Head of Research and Consultancy at ERA, pointed out that Jurong East is a regional centre and might even become the second central business district in Singapore next time, which can contribute to higher property prices.
In addition, the abundance of shopping malls and commercial areas in the place means that Jurong East is a relatively “independent” neighbourhood, which also increases property prices.
He also predicted that more HDB units in Jurong East, especially larger units or ECs, will be sold for over a million dollars.
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Other Neighbourhoods With High HDB Flat Prices
Apart from Jurong East, another maisonette at Block 2 Toh Yi Drive in Bukit Timah was sold for $1.3 million recently.
The flat, located between the block’s tenth and 12th floors, set a new record for the highest resale price for maisonette HDB units in Singapore.
Previously, the record was held by another maisonette flat at Block 3 Toh Yi Drive. It was sold for $1,290,800.
Mr Mak emphasised that Toh Yi Drive is located near the end of Bukit Timah and is near top schools that are popular among parents. Additionally, there are only a few blocks of HDB flats at Toh Yi Drive, and the likelihood of Built-to-Order (BTO) flats being constructed there is also low.
According to him, these are all possible factors that drove the price of the maisonette at Block 2 to $1.3 million.
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