SINGAPORE: A four-room resale Housing and Development Board (HDB) unit near Kallang MRT station has been sold for more than S$1.3 million.

This is one of the most expensive transactions for resale flats this year, after the sale of the 50-year-old jumbo four-room unit in Moh Guan Terrace, which was sold for S$1.5 million in June.

The property in question is a four-room unit situated on the 28th floor of Block 8B, Upper Boon Keng Road. The unit boasts an attractive view of the picturesque Kallang River and Sports City, making it a sought-after location. The property comes with a remaining lease of 92 years and 8 months and spans an area of 98 square metres.

The seller initially listed the property for S$1,388,888, and the unit was sold after approximately three and a half months on the market, during which two groups of prospective buyers visited the unit. The rapid sale indicates strong demand for such properties in this area.

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One notable aspect of this sale is that the property is not affected by the Prime Location Model (PLH) restrictions. This offers new homeowners flexibility in their investment choices, making it a lucrative opportunity for prospective buyers.

The location of this four-room unit is also highly attractive. It is not only conveniently located within walking distance from Kallang MRT station but is also in close proximity to the Central Business District. Furthermore, it is just two MRT stations away from another central area, Paya Lebar, and is well-connected to the Kallang-Paya Lebar Expressway (KPE), providing easy access to major transport routes.

Analysts have pointed out that the scarcity of new five-room flats in mature areas, coupled with the desirability of the location, has indirectly driven up resale prices of four-room HDB flats in mature areas like this one.

The Kallang Trivista HDB area to which this unit belongs has a total of 808 units and reached its Minimum Occupation Period (MOP) in 2021. Notably, 504 households initially residing in the Rochor Point HDB flats relocated to this area after the Government requisitioned the Rochor Point HDB flats at the end of 2011 due to the development of the North-South Expressway project.

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The million-dollar sale of this four-room HDB unit near Kallang MRT station showcases the enduring appeal of mature areas and their prime locations while highlighting the continued demand for housing and skyrocketing prices for resale flats despite cooling measures.