SINGAPORE: PropNex Realty has announced the resale of a five-room HDB flat at 9B Boon Tiong Road in the Bukit Merah estate for a record $1.588 million.
This sale establishes it as Singapore’s most expensive HDB flat ever sold, surpassing the previous record held by a five-room DBSS (design, build, and sell scheme) flat at 139A Lorong 1A Toa Payoh, which was sold for about $1.57 million in January 2024.
In a statement, PropNex confirmed that the 112-square metre unit is located on a floor above the 35th level and has a 99-year lease starting from January 2016.
The HDB project at Boon Tiong Road comprises four blocks—9A, 9B, 10A, and 10B—collectively known as Tiong Bahru View.
These blocks are part of a Selective En-bloc Redevelopment Scheme (SERS) that replaced the demolished blocks at 110, 111, 113, and 114 Bukit Merah View.
Key Executive Officer Lim Yong Hock from PropNex pointed out several factors contributing to the property’s premium price tag.
“We have observed that home buyers are willing to pay more than $1 million for a resale flat situated near the city, within walking distance to the MRT station, located on a high floor with scenic views, having a relatively lengthy lease balance, and being in an estate with convenient amenities,” Mr Lim explained.
He added that the flat at Boon Tiong Road meets all these criteria.
Mr Lim noted a consistent demand for five-room resale flats in city fringe locations because these units are typically not offered in HDB’s build-to-order (BTO) projects in prime locations near the city.
“We are heartened that our salesperson, who acted for the seller, has garnered an optimal outcome for his client,” he said.
According to PropNex, 43 HDB flats in Tiong Bahru View have been resold for at least $1 million since July 2018.
Block 9B Boon Tiong Road has seen 13 million-dollar resale deals, including three 4-room flats and ten 5-room flats, not counting this latest record-breaking transaction.
However, despite the increasing number of million-dollar resale deals, Mr Lim stressed that they still account for a small fraction of the overall HDB resale flat transactions, representing only about 2.8% in the first four months of 2024.
“Million-dollar resale flats aside, we observe that the general demand for HDB resale flats remains healthy, with the transaction volume rising by 8% quarter-on-quarter to 7,068 flats in Q1 2024,” he added.
For 2024, PropNex projects HDB resale volume to trend at around 26,000 to 27,000 units.