Residents on the streets often complain about the rising cost of housing.
Fortunately for us, all Goody Feed writers are secretly cats who live in cardboard boxes provided by our boss.
But when we walk along the streets of Singapore in search of humans to pet us and food to eat, we often hear residents complain about, well, everything, including expensive housing.
And after writing an article like this, I’m sure I’ll be hearing a lot more of those complaints.
Old 4-Room HDB Flat in Tiong Bahru Managed to be Sold For $1.1 Million
Take a look at this HDB unit:
This is Block 43 of Moh Guan Terrace in Tiong Bahru. Built in 1973, the unit comprises four-room flats that were created by joining two two-room flats.
Located along the Tiong Bahru Heritage Trail, the unit has 51 years left on its lease.
So, how much would you pay for a flat like this?
Reader: I don’t know, maybe around-
Don’t answer that, actually, because someone has already snapped it up for around $1.1 million.
According to The New Paper, the adjoined resale flat in Tiong Bahru was recently sold for $1,088,000.
PropNex real estate agent Wong Han Yee said that when the flat was put up for sale last year, there were many interested parties, most of whom were young families.
But why? Why is this unit so highly sought after?
Great Size and Location
According to Wong, the unit’s size and location make it a “rare gem”.
“It is in a central location, being a short walk from Tiong Bahru MRT station, and will also be a short distance from the upcoming Havelock station, which will be two stops from Orchard station.”
The area also offers residents a mix of heritage and modernity; it’s located along the Tiong Bahru Heritage Trail which is next to a conservation area but it also has a number of trendy cafes.
“Buyers who look for flats in this area are drawn to its old-world charm. Moh Guan Terrace has walk-up apartments that are not your usual cookie-cutter type of flat and have a distinctive look” Wong said.
At 131 sq m, it’s also the size of a jumbo flat, as it was created by by joining two two-room flats. Jumbo flats are usually found in areas such as Woodlands and Yishun, and are rare in central locations, according to TNP.
Other flats in the area aren’t exactly cheap, either.
Wongs said that the market price for a standard 10-year-old four-room HDB flat in Tiong Bahru is $700,000 to $800,000.
Second Flat in Two Months To Fetch $1 Million
News about HDB flats fetching a million dollars just doesn’t raise as many eyebrows as it used to.
Just last month, an elderly couple purchased a five-room HDB flat in Clementi for a whopping $1.04 million, setting a new price record for the block.
They even paid for the flat in cold hard cash.
And according to the Business Times, five HDB resale flats were sold for at least $1 million in March 2020 alone.
Clearly, if the size and location are attractive enough, Singaporeans are willing to fork out large amounts of money.
For now though, my fellow Goody Feed writers and I are content to live in our cardboard boxes. (Mostly because our boss isn’t paying us anyth-)
Boss: What did you say?
Oh, nothing. Just that you’re the best boss ever.
Boss: Good employee.
Here’s a simplified summary of the South Korea martial law that even a 5-year-old would understand:
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