Home News Five-room resale flat in Bedok fetches $1 million in landmark transaction

Five-room resale flat in Bedok fetches $1 million in landmark transaction

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High-value property transactions rising in the area

SINGAPORE: A five-room flat in Bedok has sold for a cool million dollars, setting a new record in the eastern town, amid soaring property prices island-wide.

The 1,130 square feet unit, located either on the 10th, 11th or 12th floor of Block 747B, Bedok Reservoir Crescent, has become the first five-room flat in Bedok to fetch such a price. This transaction marks a new benchmark for the resale market in the area.

According to real estate agency 99.co, the flat that joined the million-dollar club is one of the units at Belvia, a Design, Build and Sell Scheme (DBSS) project in Bedok.

The HDB website shows that the flat boasts an area of ​​1,130 square feet, with a price per square foot of approximately $885. The remaining lease on this unit amounts to 90 years and four months out of the total 99-year leasehold.

It is noteworthy that the previous million-dollar HDB flats in Bedok were predominantly executive apartments and maisonettes. The recent sale of this five-room flat represents a departure from the trend.

Last September, a jumbo HDB flat in Bedok was sold for $1,048,888, marking the first million-dollar transaction in the area. This jumbo flat, which was formed by combining a three-room and a four-room unit, boasted a spacious total area of ​​1,862 square feet.

The price per square foot for the jumbo flat was approximately $563. At the time of resale, it had 69 years and eight months remaining on its lease, which began on April 29, 1993.

Following the sale of the jumbo flat, six executive apartments went on to cross the million-dollar mark in recent months. These apartments range in size from 1,539 to 1,571 square feet, with prices per square foot ranging from $639 to $722.

It is not just the HDB market that is experiencing record-breaking sales; the resale prices of condominium flats in Bedok have also reached new heights. A condo unit located between the 16th and 18th floors of Block 10B, Bedok South, was recently sold for $1,110,888, equivalent to approximately $722 per square foot.

The growing number of high-value transactions in the area reflects the increasing desirability of Bedok as a residential location. With prices reaching unprecedented levels, it remains to be seen how the market will adapt to meet the growing demands of prospective buyers and investors. /TISG

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