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SINGAPORE: Last month, a premium apartment sold for over one million dollars, the second pricey transaction since September last year.

The flat is on the 22nd to 24th floor of Block 184 Jelebu Rd. The unit sold for S$1,007,788.00, according to data on the Housing and Development Board (HDB) website.

Bukit Panjang joined the million-dollar HDB flat club late last year when a unit found on the same street, at Block 181 Jelebu Rd, was sold for S$1.02 million.

With that sale, the only towns left with no resales of HDB flats for S$1 million and above are Jurong West, Choa Chu Kang, Sembawang, and Sengkang, though Sengkang may join the “club” soon.

Read also: Will Sengkang soon join the S$1 million HDB flat club?

But back to the latest million-dollar baby at Bukit Panjang. The 126 sq m unit was built in 2003, which means it has 78 years left on its lease.

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Interestingly, the first flat that sold for over a million inspired the most recent sale.

Shin Min Daily News quotes an ERA property agent who managed the deal as saying that because the first flat had a high price, the sellers felt certain they could also set a similar price.

Moreover, the agent said that the sellers, who are high-income white-collar workers, were in no hurry and could, therefore, afford to wait until a good buyer came along.

He added that after the sale of the Bukit Panjang premium apartment, they were looking to buy a condominium next.

As in many property sales, location played a big part since Block 184 Jelebu Rd is close to Bukit Panjang Plaza, Hillion Mall, and the Bukit Panjang integrated transport hub.

The agent also told Shin Min Daily News that the buyers were a young couple eligible for the $20,000 proximity grant because the premium apartment is near their family’s residence.

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The two are first-time home buyers who were “willing to buy the unit at a higher amount so that they can live there for a long time,” the agent said, adding:

“Their parents can also help take care of their children, and the unit is in good condition. They can move in quickly without spending much time and money on renovations.”

In Singapore, premium apartments are considered a good investment due to their high resale value. /TISG

Read also: HDB resale flats in Tampines and Punggol sold for over S$1 million, more records broken