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

SINGAPORE: A five-room Housing & Development (HDB) flat at 7 Boon Keng Road changed hands in an all-time high transaction.

The unit sold for a cool $1.54 million, reported real estate portal 99.co on Wednesday (Sept 3). Interestingly, the report noted that the price was just S$28,000 less than a nearby landed terrace house fetched recently. In May, the house, located at 31H Cambridge Road, went for S$1.84 million.

“This underscores just how competitive prime HDB flats have become in city-fringe estates,” 99.co added.

Property details

The five-room flat is somewhere on the 25th to 27th floors of the block and measures 1,281 square feet, which means it sold for S$1,202 per square foot (psf). The block itself still has around 85 years left on its lease, since it reached its Minimum Occupation Period (MOP) in 2016. This could be partly why the flat fetched such a high price, noted EdgeProp on Tuesday (Sept 2).

As for its surroundings, the block is one of three 40-story buildings in the project, which is called City View @ Boon Keng and which was completed in 2011. It has 714 flats in total, all of which are three, four, or five-room units. It is part of the DBSS (Design, Build and Sell Scheme) that stopped in 2011, adding to the rarity of the unit.

“DBSS developments blend public-housing accessibility with private-sector design and build standards; a combination that typically yields larger internal layouts and more refined finishes than standard HDB blocks. The limited supply of DBSS projects naturally supports stronger price resilience compared to neighbouring standard HDB developments,” added 99.co.

The project is located near the Boon Keng and Bendemeer MRT stations, which makes it easy for residents to access the North-East and Downtown Lines. Bendemeer Market and Food Centre, Bendemeer Shopping Mall, and the Central Expressway, as well as a good number of schools, are also nearby.

In May, another five-room flat at City View @ Boon Keng sold for $1.49 million, or $1,163 psf. Until the most recent sale, it had held the all-time high record.

HDB flats have appreciated in value by 44 per cent over the last ten years. In fact, 2024 was a record-breaking year, with more than 1,000 units getting sold for over S$1 million.

“Over the years, HDB flats evolved from being just a simple roof over the head for resettled families, to assets having a strong investment appeal,” Savills’ Alan Cheong told the UK’s The Telegraph last month. /TISG

Read also: 5-room HDB loft at Queenstown sells for S$1.658 million