SINGAPORE: A flat at Bidadari sold for S$1,258,888 recently, setting the record for the most expensive resale four-room flat at Toa Payoh, according to a report on property website 99.co.
Previously, a S$1.15 million resale transaction in March 2024 at Toa Payoh Crest held this distinction.
Read also: Toa Payoh 4-room flat sets new record with $1.15M resale price
The new record is set by a high-floor flat at Alkaff Lakeview, which just reached its Minimum Occupation Period (MOP) last year and still has about 95 years and a month left on its lease. The sale netted the owner a profit of nearly S$800,000, according to the report, which noted that Alkaff Vista and Alkaff Lakeview are the first Housing & Development Board (HDB) projects in Bidadari to reach MOP.
The 1,044 sq ft unit can be found between the 10th and 12th storeys of Block 118A at Alkaff Crescent Road. It sold for approximately S$1,205 per square foot (psf).
“According to the 99.co’s Valuation Tool, this unit could have been valued at approximately S$1.18 million, suggesting the buyer likely paid around S$78,888 in Cash Over Valuation (COV). As such, the reported sale price does not accurately reflect the unit’s valuation, as it includes the additional cash the buyer paid above the appraised value,” the report added.
This would make the resale the eighth most expensive for four-room flats, not counting the pricey resales at Pinnacle @ Duxton.
99.co further pointed out that the seller saw a profit of nearly 160%, since four-room flats at Alkaff Lakeview had been priced between S$433,000 and S$550,000 during its Build-To-Order (BTO) launch in November 2015. Assuming that the flat originally cost S$491,500, the report added that the seller walked away with S$767,388 on top, which translates to a profit of 156.13%.
According to the report, the seller’s profit could have been “even higher or slightly lower”, as the buyer might have secured grants, giving them an even better price for the unit. It added, however, that fees paid to the agent, as well as other expenses connected with the transaction, would have somewhat lessened the seller’s profit.
Earlier this month, a five-room flat at Ang Mo Kio fetched a record price for resale flats in the area, having been sold for an eye-watering S$1.48 million. The flat is located at DBSS Park Central @ AMK, 588A-D Ang Mo Kio Street 52 and has an area of 119 sq m. Its remaining lease term is 85 years and 7 months. /TISG
Read also: Ang Mo Kio 5-bedroom flat sells for record-high price at $1.48M