When we think of million-dollar Housing Development Board (HDB) units in Singapore, we probably think of neighbourhoods like Ang Mo Kio, Bishan and Queenstown.
But it seems like another neighbourhood has just joined the esteemed “million-dollar club” here in Singapore, and it’s probably not a neighbourhood anyone had in mind.
Yup, it’s Punggol, which some of you might know as a “Build to Order (BTO) Town”.
Recently, a loft unit in Punggol was sold for $1.198 million, with a Cash Over Valuation (COV) value of almost $200,000.
And if you’re still scratching your head and trying to figure out why and how exactly did a Punggol HDB flat end up being sold for such a handsome price, here’s what the real estate agent who handled the sale has to say about this outstanding sale of hers.
Unit is 10 Years Old, on the Top Floor: Everything You Need to Know About the Unit
According to real estate agent Yuna Lim from the Singapore Estate Agency (SEA), the unit that she sold for over a million dollars was located in Punggol Sapphire, which is an HDB complex situated near Punggol Field.
The unit, which is ten years old, spans 1,603 square feet on the HDB block’s 16th floor, its highest floor. The loft unit also boasts three bedrooms and a study room.
And that’s not all.
The unit is also fitted with floor-to-ceiling windows, which allow large amounts of natural light to enter the house in the daytime.
According to Ms Lim, such units are also pretty rare to come across.
In Punggol Sapphire, there are only 23 five-room loft units. 14 such units can also be found in Treelodge@Punggol, which had a unit sold for $970,000 in December last year.
And even though some might wonder if HDB units are really worth it with such high prices, Ms Lim explained that these units only take up a “small portion” of the overall HDB unit transactions.
More About the Agent
And here’s all you need to know about the agent who managed to score this transaction.
Ms Yuna Lim, a veteran real estate agent who has been in the industry for more than 17 years, is often known as a “hands-on” agent who overlooks various stages of her home-selling process personally.
Apart from that, she even hired an interior decorator to decorate the Punggol Sapphire unit in order for it to be more appealing—something most real estate agents probably would not choose to do.
Even though she admitted that doing so is somewhat of a “hassle”, she added that she had wished for the unit to “stand out”.
She also personally managed the whole decorating process, which involved acquiring new home accessories, a new sofa and dining set as well as touching up the walls from the very beginning.
And there’s no doubt that the extra work that she put into preparing this unit soon showed: the unit was sold just two days after the viewing process started.
Demand for HDB Flats Likely to Remain Strong
And for those who’re looking to buy or sell your flat in the near future, here’s what you need to know about the market right now.
Ms Lim said that currently, the demand for resale HDB flats has been rising steadily, mainly due to the insufficient supply of houses in Singapore as well as the various construction delays for BTO flats caused by the COVID-19 pandemic.
Of course, the prices of resale flats have also increased, with prices rising for the 26th month in a row.
Even though the Singapore government has put out measures such as increasing the Total Debt Servicing Ratio in Singapore from 43% to 55% in Singapore, it seems like it has not had much effect in decreasing the demand for houses that come with hefty price tags.
For context, 33 HDB flats were sold for over a million just last month (August 2022).
According to Ms Lim, individuals are also usually more willing to pay more money if it means that they are able to stay in a “fantastic location or a rare property”.
In particular, newer flats that have more years left on their 99-year-lease have been in greater demand, especially since the newer condition of the flats may mean that its new owners can get to save on renovation costs.
As for the “rare” properties, these include executive apartments, jumbo flats and executive maisonettes since HDB will not be building any more of such flats.
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