Earlier, it was reported that four HDB flats at Bidadari’s Alkaff Vista estate recently crossed the S$1 million mark following the completion of their Minimum Occupation Period (MOP), signalling the rising demand for homes in the centrally located estate.

These high-value transactions took place between August and September 2024, with the highest being a five-room unit that sold for S$1.2 million last month.

The other three, all four-room flats located at Block 106B and Block 106A, changed hands for prices ranging from S$1.08 million to S$1.17 million.

According to HDB’s website, another unit at Block 105A, a low-floor flat, was sold for S$937,500.

Property Agents Flood Estate, Prompting Residents to Put Up Signs to Ward Them Off

In a report by Shin Min Daily News, several residents have complained about being inundated by property agents.

Some residents have reported daily visits from agents, prompting them to put up signs requesting that agents refrain from knocking on their doors, as they have no intention of selling.

At least 200 residents have reportedly placed “Do Not Disturb” signs outside their homes to ward off these unsolicited visits.

According to residents, agents typically knock on doors during weekday evenings, but since the signs were posted, many agents have taken the hint and now leave brochures instead.

Alkaff Vista is a Build-to-Order (BTO) project consisting of four blocks, was initially launched between 2015 and 2016.

Prices for four-room flats ranged from S$433,000 to S$682,000 during that period, depending on factors such as floor level and location, according to PropertyNets.SG.

Social Media Users Fear Rising Housing Costs May Impact Future Generations

Public reaction to these million-dollar flat sales has been mixed, with many expressing concerns on social media about the rising costs of public housing.

Some worry that the trend of million-dollar flats making headlines could make it more difficult for future generations to afford homes.

One comment recalled that the government had previously stated only about 2% of transactions would exceed S$1 million.

He expressed concern for future generations, stating that even with grants, they may still need to pay more than S$500,000 for a new flat.

He questioned how Singaporeans can increase the birth rate while also ensuring sufficient retirement savings.

The comment referred to a recent statement from HDB asserting that public housing in Singapore remains affordable and attainable for citizens.

It noted that million-dollar flats made up only 2 percent of total resale transactions in the past 1½ years.

HDB also pointed out that these high-value flats primarily consist of maisonettes, executive apartments, jumbo flats, and five-room units with desirable features, such as prime locations.

Netizens Voice Concerns Over Speculative Trends in HDB Resale Market

A netizen even questioned whether the current HDB resale market has “become a lottery”, with some hoping to secure en bloc or BTO units in high-demand areas. “This island is one big casino!” he remarked.

Another echoed this sentiment, noting that those who pay over S$1 million for an HDB flat are often individuals who have sold their landed properties and downsized to single-storey flats for retirement, freeing up cash in the process.

Another netizen pointed out that some view properties in mature estates as profitable investment opportunities.

The comment suggesting that buyers are rushing to purchase properties there, hoping to cash in once they are eligible to sell after the five-year mark, potentially earning a fortune for the first owner.

He suggested that if the government sells flats to citizens who no longer need them, it should take the flats back at a reasonable price and resell them to those in need.

He emphasised that these flats should not be placed on the open market, as they must adhere to HDB regulations, noting that HDB properties are not private assets to begin with.

A comment expressed frustration and concern over the government’s allowance of high-value HDB flat sales, which they believe contradicts the purpose of subsidised housing meant for poor and middle-income citizens.

He highlighted perceived loopholes in the system, as rising prices make it difficult for some citizens to afford homes, even with CPF (Central Provident Fund) assistance.

SINGAPORE: Bidadari’s Alkaff Vista estate has seen a surge in million-dollar Housing and Development Board (HDB) resale flat transactions, with four units crossing the S$1 million mark following the completion of their Minimum Occupation Period (MOP).

These high-value sales took place between August and September, showcasing the rising appeal of the centrally located estate.

Alkaff Vista, a Build-to-Order (BTO) project consisting of four blocks, was initially launched between 2015 and 2016.

Prices for four-room flats ranged from S$433,000 to S$682,000 during that period, depending on factors such as floor level and location, according to PropertyNets.SG.

Now, four out of the five resale flats in the estate have fetched prices exceeding S$1 million.

A check on HDB website indicated that the highest resale transaction recorded so far is a five-room flat at Block 106A Bidadari Park Drive, which sold for a staggering S$1.2 million in September.

This unit, located mid-level in the 17-storey block, is classified as an “improved” flat model.

Other significant transactions include:

• A high-floor unit at Block 106B, sold for S$1.17 million.
• A flat at Block 106A, between the 13th and 15th floors, sold for S$1.13 million.
• A unit at Block 106B, between the 10th and 12th floors, sold for S$1.08 million.

Meanwhile, the only unit sold below S$1 million was a low-floor flat at Block 105A, which changed hands for S$937,500.

Demand Fueled by Strategic Location and Design

Alkaff Vista’s strategic location plays a pivotal role in the skyrocketing prices.

Situated within a five-minute walk from Potong Pasir MRT Station and a 13-minute walk from Woodleigh MRT, the estate offers residents easy access to Singapore’s public transport network.

Both stations lie on the North-East Line (NEL), providing seamless connectivity to key destinations like Dhoby Ghaut and HarbourFront.

Bidadari, part of the mature estate of Toa Payoh, has been designed as a “community in a garden,” featuring vast green spaces, parks, and walkable areas.

The 10-hectare Bidadari Park adds to the estate’s appeal, offering residents a serene environment amidst urban living.

Additionally, the estate is located near well-regarded schools such as Cedar Primary and Secondary, Maris Stella High School, and Stamford American International School, making it a prime choice for families.

PropertyNets.SG also attributes the rise in prices to the estate’s well-thought-out housing layouts and proximity to these public transport hubs, which significantly increase its attractiveness to potential buyers.

Residents at Alkaff Vista Urge Property Agents to ‘Stop Knocking on Our Doors’

While some homeowners have benefited from the lucrative resale market, not all are pleased with the increased attention.

According to Shin Min Daily News, several residents have reported being bombarded by property agents who visit their homes nearly every day, prompting some to place signs outside their doors, requesting that agents refrain from knocking as they have no intention to sell.