Public housing price surge: Executive Apartment in Hougang sells for S$1.073 million

A Hougang Central flat lately sold for S$1.073 million, another example of the notable rise in public housing prices.

The flat is a single-floor HDB Executive Apartment, measuring 1,485 sq ft and was built in 1999.

This is the first among the non-mature estates in Hougang that sold for over a million dollars, reported 99.co on Friday (Jul 29), quoting Propnex agent Kum Soon Ho as saying that the Executive Apartment had only been on the market for less than one month.

In spite of its high price, many parties showed interest in the flat.

In the first two weekends of its showing, several inquiries already came in over ten groups of buyers saw the apartment.

“The buyers who eventually purchased the flat made an offer within the first viewing,” 99.co said.

The apartment’s large living space made it uncommon among HDB Executive Apartments, which were phased out around two decades ago.

The flat is situated among quiet neighbours and has been subject to a renovation that improved its features—such as wooden flooring in the kitchen and living area and marble flooring and recessed ceiling lights in the rest of the flat.

It also has a well-designed open-concept kitchen and is found in an attractive location, just minutes away from the Hougang Central bus interchange, Hougang MRT station, Hougang Mall, and Punggol Park.

The high price the flat commanded is not likely to be the last.

“Over the past five years, there have been more executive apartments in non-mature estates exchanging hands, with a price appreciation of a healthy 22.56 per cent. 

All the million-dollar records notched so far are that of either 5-room flats or executive apartments, suggesting that more people are willing to pay more in exchange for a larger living space,” 99.co noted.

Earlier this month, the site reported that 5-room HDB flat at SkyTerrace @ Dawson sold for an all-time high of $1.418 million.

Two months ago another 5-room flat, this time at City Vue @ Henderson, set the all-time high record, selling for S$1.4 million.

In June in a Bloomberg interview, Liu Thai Ker, the man behind Singapore’s Housing Development Board who is also known as “the architect of modern Singapore” expressed concerns over Singapore’s high property prices.

More and more properties in Singapore costing millions of dollars have been reported, as the property market has gotten pricier.

The average private property now costs about 15 times of median household earnings, which is higher than in New York, London and San Francisco, Bloomberg noted.

“I do worry that nowadays, public housing prices is really a business venture than actually solving the housing need. 

I feel that the implication may not be very good for the economic development of Singapore,” Mr Liu said.

/TISG

‘Architect of modern Singapore’ Liu Thai Ker is concerned that public housing prices are ‘a business venture’ rather than solving housing needs