5-room Boon Keng flat fetches S$1.55M record price

SINGAPORE: A five-room Housing & Development (HDB) flat at Boon Keng was recently sold for a record S$1.55 million. The unit is located within City View @ Boon Keng, a Design, Build and Sell Scheme (DBSS) project. The eye-watering price means that the buyer shelled out $1,231 per square foot (psf), the property website EdgeProp reported on Tuesday (Oct 28).

This sale comes on the heels of another million-dollar resale transaction at Kallang in September, when a five-room flat at 7 Boon Keng Road changed hands in what was then the all-time high transaction. That unit sold for a cool $1.54 million, or S$1,202 psf.

The new record-setter is right next door, on the 31st to 33rd floors of 8 Boon Keng Road. Like its neighbour, its lease began in 2011, which means it has around 85 years left on it. EdgeProp noted that this lengthy amount of time remaining may have been one of the reasons that the flats fetched such high prices.

Location, which is of utmost importance in considering property, is likely another reason. The flat is close to the MRT stations at Boon Keng and Bendemeer, making the North-East and Downtown Lines very reachable to residents. Fun fact: the Boon Keng MRT station is actually within a six-minute walking distance from the flat.

Additionally, Bendemeer Market and Food Centre is nearby, as are Bendemeer Primary School, Hong Wen School, Bendemeer Secondary School, and Northlight School.

Read also: Record $1.65M HDB resale flat blurs price gap with executive condos

Which 5-room flat holds the record for all of Singapore?

While the Boon Keng flats at numbers 7 and 8 are definitely pricey, the most expensive resale flat is still a five-room loft unit at SkyTerrace @ Dawson in Queenstown. The unit, which has around 90 years left on its lease, was sold for S$1,658,888 in June.

The 122 sq m premium loft apartment is located on the 22nd to 24th floors of Block 92 Dawson Road.

The chief researcher and strategist at Orange Tee Group, Christine Sun, noted that the number of HDB flats resold for more than $1 million rose in the third quarter of the year. Significantly, data from HDB, released on Oct 1, said that the price tag on resale flats went up by 0.4 per cent in the last quarter. /TISG

Read also: Kallang all-time high: 5-room Boon Keng Road flat sold for $1.54 million