5-Room HDB Broke Record & Sold for $1,295 Million Within 3 Weeks After It Was Listed

By
Aveyn Toh
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Last Updated on 2021-08-02 , 3:52 pm

The rich tend to flaunt their wealth in many ways.

Some buy Rolexes; others buy a Tesla.

There are also some that dumped over a million into buying the HDB of their dreams.

And then, there are the space-crazed billionaires and their uniquely shaped rockets who resembles a male private part, who are in a league entirely their own.

Breaking Record as The Most Expensive HDB to Be Sold

Measuring 120 sqm, the five-room unit at Block 273A on Bishan Street 24 was recently sold for a whopping S$1.295 million, beating out the previous record of S$1.268 million and snagging the title of the most expensive HDB to be sold.

The previous record was held by a five-room unit in Block 1B at The Pinnacle @ Duxton.

The 40-storey block was built as part of the Housing and Development Board’s Design, Build and Sell Scheme (DBSS) project named Nature Loft which was pretty well-maintained.

It features an unblocked city view due to being above the 35th floor.

It is also located in Bishan which has a robust transportation system and is a mature estate with plenty of amenities.

The unit has around 89 years left on its lease.

Despite refusing to budge on the selling price, the original owner sold the unit within just three weeks of posting the offer.

The Rise of Million-Dollar HDBs

In the first half of 2021, 106 HDB resale flats were sold for one million dollars and above.

If compared to the first half of 2020, that’s a 4-fold increase!

In July alone, 18 of such HDB flats have been resold.

This only goes to show that there is an increase in demand for well-located HDBs in the resale market.

According to analysts, the delay in Build-To-Order (BTO) flats might be the major driving force behind this increasing demand.

Why These HDBs are “Worth” Millions?

Like how beauty is in the eye of the beholder, the worth of an HDB differs depending on the people who are interested to buy it.

However, there are some general criteria that make a million-dollar HDB worth its price tag.

For starters, connectivity is a crucial factor and no, we’re not referring to your wi-fi connection.

To put it simply, flats that are centrally located will see their valuation rise up a lot faster than flats that aren’t.

Space is also another important factor.

Considering how much more we’re all trapped at home together, whether it’s work-from-home (WFH) or home-based learning (HBL), units that are spacious will naturally look a lot more attractive to prospective buyers.

Of course, millionaires prefer a home located in an HDB that has a bit of pizzazz, so to speak.

This is why many of the million-dollar units currently available for sale are located in lifestyle-oriented flats that were built under DBSS.

Note that DBSS are units that are built by private developers and are unique from each other, but the same HDB regulations are imposed on the owners of these units.

The maturity of the estates is another factor buyers will consider when considering a unit’s worth.

This is also why most of the million-dollar flats are located in mature estates like Bishan and Queenstown.

The only non-mature estate to hit the million-dollar mark to date is the executive suite in Block 851 Hougang Central which sold for one million in January 2018.

For the rest of us non-millionaires, we shall be happy with our tiny BTOs at a secluded part of Singapore. For those that are happy with the simple life, watch this video to the end so that you can get ready for your BTO application:

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Aveyn Toh
Email: [email protected]