SINGAPORE: A four-room flat in Sengkang just sold for a record S$808,888. The price tag is not just eye-catching because the number 8 is considered lucky in Chinese culture, but it also could be an indication that Sengkang may soon join the areas where flats sell for one million dollars or more.

The unit in question is located on the 13th to 15th floors of Block 272A in Sengkang Central. It has an area with a total of 969 square feet, and its price tag comes out to S$834 per square foot, reported 99.co late last week.

The real estate portal added that the property is only about 15 years old and has 84 years left on its lease, having been completed in 2009.

And while Sengkang, a non-mature estate, is quite a distance from the city centre, Sengkang Central has a lot to offer.

99.co notes that the property is just a three-minute walk from the Buangkok MRT station, while the Sengkang MRT station itself is a short six-minute ride away.

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When the weather is good enough for a walk, it won’t take more than 15 minutes. The Renjong and Ranggung LRT stations are also nearby.

The area is also in close proximity to a number of good schools, including Punggol Primary School and CHIJ St Joseph’s Convent.  Shopping is very convenient as well, with the Compass Point, Compass One, and Rivervale Plaza malls; and going to the grocery is no problem because of the NTUC Fairprice and Giant supermarkets in the area.

The rise of SG’s million-dollar resale flats

In Singapore, the housing program is a point of pride. Its housing model is widely regarded as a success all over the globe, although the red-hot real estate market coupled with rising costs of living in the past few years, affordability has become an issue.

For 2024, one real estate analyst has already predicted that more than 500 HDB flats will be priced at over one million dollars.

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This came in the wake of a five-room top-floor unit in Toa Payoh sold late last year with an eye-watering price tag of $1,568,888, the highest-ever HDB resale price.

PropertyGuru noted last October that 2023 would likely be a record-breaking year for one million dollars and above transactions. At that point, HDB’s resale flat transaction data shows that so far, there had been 369 million-dollar HDB flat transactions, with 128 in the third quarter and a record 54 in August alone.

While million-dollar transactions are still only a few years old in Singapore, they’ve become so prevalent that only Choa Chu Kang, Jurong West, Sembawang, and Sengkang have not reached this mark.

With the S$808,888 sale at Sengkang Central—right in time for Chinese New Year, as pointed out by 99.co, this area may be the next to get there. /TISG

Read also: Analyst predicts over 500 flats will be resold for more than S$1M in 2024