SINGAPORE: As resale prices continue to climb across Singapore, a 127 sq m (1,367 sq ft) high-floor executive apartment at Block 181 Jelebu Road has been sold for a staggering $1.02 million, equivalent to $746 per square foot. This transaction, which took place earlier this month, has set a new benchmark for the Bukit Panjang neighbourhood, marking the first HDB flat in the area to cross the coveted million-dollar threshold.
According to real estate consultancy EdgeProp, the prime location of the executive apartment, situated right across from the Bukit Panjang integrated transport hub, Bukit Panjang Plaza, and Hillion Mall, could be a major contributing factor to the high selling price.
Block 181 on Jelebu Road, constructed in 2003, consists of eight 30-storey public housing blocks. The executive apartment in question has a 99-year lease from 2003, translating to a remaining lease of 78 years and eight months.
Block 181 offers a variety of flat types, including four-room, five-room, and executive flats. Several primary schools, such as West View Primary School, Zhenghua Primary School, Greenridge Primary School, and Bukit Panjang Primary School, are conveniently located within a 1-2 km radius of Block 181 Jelebu Road, making it an attractive choice for families.
The $1 million milestone for HDB resale transactions is not an isolated occurrence. As of Sept 23, 36 HDB resale deals have crossed this month’s threshold. The HDB town with the highest number of million-dollar deals this month is Bukit Merah, which has recorded five such transactions.
Over the past 12 months, August witnessed the highest number of million-dollar HDB resale deals, totalling 55. In 2023, 322 HDB resale transactions reached or exceeded the $1 million mark, compared to 367 such deals in 2022, as reported by Mohan Sandrasegeran, Head of Research and Data Analytics at SRI.
In recent years, an increasing number of HDB towns have witnessed million-dollar deals, with Bukit Panjang becoming the latest addition to this list. As of now, Choa Chu Kang, Jurong West, Sembawang, and Sengkang are the only HDB towns yet to record a million-dollar deal, according to SRI’s findings.