SINGAPORE: Housing affordability is still an important issue in Singapore, given that property prices have reached all-time highs recently.
Perhaps the most high-profile case in point is the five-room Margaret Drive HDB flat that resold for a record S$1.73 million on June 26.
However, as real estate site 99.co noted on July 22 (Monday), there were three other notable transactions of late: a Sengkang flat that sold for around S$1 million, another in Punggol that changed hands for S$1,228,000, and a Clementi unit with a S$1,150,000 transaction.
According to 99.co, this was a “triple threat.”
The first involved a 1,205 sqft five-room unit at 216B Compassvale Drive in Sengkang found between the 16th and 18th floor of its block. The company noted that this sale “sets a new benchmark for the town.”
Sengkang only recently joined the million-dollar HDB resale club. In May, an Executive Maisonette located on the seventh to ninth floors of Block 205B, Compassvale Lane, was the first to set that price.
According to HDB’s website, the unit measures 1,539 square feet and has 74 years remaining on its lease.
Read also: Yet another HDB unit resold for million dollars, this time in Sengkang
“The increase in average prices reflects the growing value and demand for properties in Sengkang. Transaction volumes vary and show notable spikes at certain points, indicating periods of heightened buyer activity.
The steady price increase aligns with the recent notable sale, highlighting Sengkang’s rising attractiveness as a residential area,” noted 99.co.
The property in Punggol that set a record high can be found at 269A Punggol Field. The 1,603 sqft five-room unit is located between the 14th and 18th floors. The average price in Punggol has now risen to S$1.2 million for five-room flats.
As for the property in Clementi, the low-rise unit between the 4th and 6th floor at 115 Clementi Street 13 fetched an all-time high price for executive flats. The site also says the average property prices in the area have steadily increased.
“The trend reveals a growing demand and increasing property values in these areas, indicating their attractiveness and investment potential in Singapore’s HDB resale market,” wrote 99.co.
However, with four out of five Singaporeans living in public housing, high resale prices are widely considered a bread-and-butter issue that the government may want to pay more attention to, given that the next General Election will be held soon.
/TISG
Read also: 5-room Margaret Drive HDB flat resold for record $1.73 million