An HDB flat is a type of public housing in Singapore that is built to provide affordable housing to Singaporeans. However, these days, it seemed like the term affordable is stretchable.
Recently, an HDB unit in Bishan was sold for a record S$1.36 million.
A 5-Room HDB Flat in Bishan is Sold for a Record $1.36 Million in Oct 2021
A unit in a Design, Build and Sell Scheme (DBSS) project, Natura Loft was sold for S$1.36million. That unit was quickly snatched up in mere three days after it was put up for sale.
This sky-high price tag demolished the previous record of S$1.295 million logged in by a five-room unit in the same project.
Although Bishan is not considered a prime location under the prime location public housing (PLH) model, various home hunters are willing to fork out the extra cash to secure a roof to call their own there.
With not one but two MRT lines available near the middle of Singapore, who could fault their decisions? Then again, if one is paying for a million-dollar HDB flat, public transport is the last thing they are worried about.
Zoom Viewing
These days, everything could be done via Zoom even viewing a home. Five groups of buyers went through a virtual Zoom viewing of the unit before some of them decided to view the unit in person.
This all took place in three days.
Bidding War Between 3 Groups of Buyers
The million-dollar unit was so popular that three groups of serious buyers went into a bidding war to acquire it.
As mentioned, the previous high record price for a unit in the same DBSS project cost about S$1.295 million, thus some of the buyers were reluctant to go above that ceiling.
However, the heart wants what it wants and they adjusted their offers, some by up to four times, just to outbid each other.
In the end, the seller went with the offer of S$1.365 million although it was a last-minute offer. Who wouldn’t?
The buyers do not wish to be identified.
S$1.36 million DBSS Unit
Located on the 37th floor of the 40-storey block, this 120 sq m unit that overlooks the Singapore skyline has around 88 years and 10 months left on the lease.
The sellers, a Singaporean family, decided to put the unit back on the market for they are moving to a private property. They purchased the unit around five years ago and they were the second owners of the unit.
The PropNex agent, Venessa Toh, who brokered the deal were shocked at the overwhelmingly positive outcome. She expected the deal to take around one month to close.
192 HDB Resale Flat Sold for at least S$1 Million in 2021
Despite the pandemic and people losing jobs left and right, many people are still purchasing million dollars HDB flats. As of 31 Oct 2021, 192 HDB resale flats were sold for at least S$1 million each.
This is the highest number in a year. In October alone, there were 18 million dollar resale flats sold.
Besides Bishan, most of these million-dollar resale flats were located in the central area of Singapore, Queenstown and Toa Payoh.
And this, ladies and gentlemen, is the reason why Prime Location Public Housing is introduced.
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Featured Image: Google Maps
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