SINGAPORE: While some years ago, the very idea of an HDB flat selling for one million dollars seemed out of this world, this once preposterous idea has become a reality in more and more areas in Singapore, especially with the red-hot property market over the past few years.
Today, it looks as though Sengkang, one of Singapore’s most populous residential towns, is coming close to joining the ranks.
A five-room HDB flat located at 216A Compassvale Drive recently sold for S$968,000. “This event highlights Sengkang’s growing appeal and signals a broader trend within Singapore’s HDB market,” noted AsiaOne on Friday (Mar 21).
If the next sale of an HDB flat in Sengkang breaches the S$1million price tag, only Jurong West, Choa Chu Kang, Sembawang, and Tengah will remain as the last HDB towns standing.
However, at Jurong West, Choa Chu Kang, like Sengkang, HDB flats have recently already sold for over S$900,000.
“Over the years, Sengkang has undergone a significant transformation from being a quiet residential area to becoming one of Singapore’s liveliest and most family-friendly towns. This town has become a highly sought-after location among homebuyers due to its extensive amenities, green spaces, and excellent connectivity,” adds AsiaOne.
Sengkang has come a long way from its roots as a fishing village in the north-east region of Singapore. Until recently, Sengkabg used to be the venue for a number of rubber, pepper, and pineapple plantations.
By 1994, an urban design team composed of ten members from HDB came up with a concept for a new town in the area, with long-term plans for 95,000 housing units.
Three years later, the first flats at Rivervale were completed, and fast forward more than two decades, Sengkang has become a home for over 200,000 residents.
It boasts both primary and secondary schools, and there is even land provision for a junior college. Commercial, community, sports, and medical facilities are also available, and the town is easily accessible via public transport.
Million Dollar Babies
In spite of affordable housing being one of the cornerstones of Singapore public policy (nearly 80 per cent live in HDB flats) the first million dollar flat was sold way back in 2012. It was a 150 sqm executive flat at Blk 149 Mei Ling Street in Queenstown, which carried a S$1,000,000 price tag.
By 2023, 470 HDB flats were sold for at least S$1 million, bringing the total to 1400 million dollar babies and reflecting teh increase in living costs including housing.
Central, Bishan, Queenstown, Toa Payoh, and Bukit Merah have the most number of flats that have sold for S$1 million or more.
In November of last year, real estate website 99.co reported that a 4-room HDB resale flat at Tiong Bahru sold for a cool S$1.5 million. /TISG
Read also: HDB resale flats in Tampines and Punggol sold for over S$1 million, more records broken