SINGAPORE: A four-room Housing and Development Board (HDB) flat in Toa Payoh has been sold for a record-breaking S$1.201 million, setting a new high for the area.

The 1,000 sq ft flat, located at Block 130A Lorong 1 Toa Payoh in the Toa Payoh Crest estate, has 93 years left on its lease and sits between the 37th and 39th storeys.

The flat, sold in September for S$1,200,888, surpassed the previous record held by a similar four-room flat at Block 131B, which fetched S$1.2 million in June this year.

Source: HDB

Highly Sought-After Estate

According to property portal 99.Co, Toa Payoh Crest, completed in 2018, has emerged as a popular choice for homebuyers.

The estate comprises four 40-storey blocks with a total of 1,007 units. So far, it has recorded 16 million-dollar-flat transactions this year alone.

The estate’s prime location contributes to its high demand.

Based on Google Maps, Toa Payoh Crest is conveniently located near three MRT stations: Caldecott, Braddell, and Toa Payoh.

In addition, its proximity to Toa Payoh West Market and Food Centre, as well as Toa Payoh Central, makes it highly attractive for potential buyers.

The unblocked view of the city skyline, thanks to the undeveloped plot of land next to the estate, further enhances its appeal.

Price Hikes and Concerns

Although record-setting resale prices continue to make headlines, Minister for National Development Desmond Lee pointed out on August 20 that flats with very high resale prices account for “a very small proportion of all transactions.”

He noted that such sales represent only 0.5 per cent of all four-room or smaller flat transactions in the past two years.

These units tend to be centrally located, well-connected to public transport, and situated on very high floors with good views.

Nevertheless, the rise in million-dollar flats has sparked concerns about the affordability of resale flats in general.

Minister Lee warned that these transactions could lead to unrealistic price expectations among sellers and anxiety among buyers, potentially distorting market dynamics.

He cautioned that if the market moves too far out of sync with economic fundamentals, it could result in a property bubble.

Million-dollar flats currently account for about 2 per cent of all resale transactions over the past 1.5 years.

In August alone, 104 flats were sold for at least S$1 million, down from 120 in July.

In the first seven months of 2024, 539 HDB flats crossed the million-dollar threshold, compared to 470 in 2023 and 369 in 2022.

SINGAPORE: Two recently MOP-ed (Minimum Occupation Period) projects have achieved significant resale values.

As per reported by Singapore’s property portal 99,co, a unit at Alkaff Vista in Bidadari sold for S$1.2 million, while a flat at Cheng San Court in Ang Mo Kio fetched S$1.08 million.

A check on HDB website indicated that the S$1.2 million 5-room unit located at Block 106A, Bidadari Park Drive.

This particular unit, situated between the 7th and 9th floors of the 17-storey building, spans 1,216 square feet.

Launched in 2010 and completed in 2019, Alkaff Vista boasts nearly 95 years remaining on its 99-year lease, contributing to its substantial market value.

When Alkaff Vista’s BTO units were initially launched, 4-room flats began at S$433,000.

Alkaff Vista offers a range of amenities, including a children’s playground, fitness stations, and a roof garden on the 8th storey, appealing to families and individuals alike.

Its location adds further allure, being a mere 5-minute walk from Potong Pasir MRT Station and conveniently close to various shopping hubs and schools, such as Cedar Primary School and St. Andrew’s Junior School.

Interestingly, the S$1.2 million sale stands as the highest resale not only in Alkaff Vista but across Bidadari.

This project is the first in the area to reach MOP, and its current lack of competition may have contributed to the elevated prices.

As more projects in Bidadari reach MOP, it is anticipated that additional million-dollar sales will follow.

This S$1.2 million sale is not an isolated event; in fact, three other transactions from the project were also sold at impressive prices, with two of them exceeding the S$1 million mark.

4-Room unit at Cheng San Court Achieves S$1.08 Million Sale

Meanwhile, a unit at Cheng San Court (Block 590B, Ang Mo Kio Street 51) recently sold for S$1.08 million.

This flat, located between the 28th and 30th floors of a 32-storey block, measures 1,001 square feet and achieved a price of S$1,078 psf.

Cheng San Court, launched in 2019, is one of the youngest resale projects in Ang Mo Kio, with approximately 93 years and 6 months left on its lease.

Original buyers of this Cheng San Court unit also experienced a notable capital gain.

When the project was launched, 4-room flats were priced from S$435,000, making the recent resale price a 59.72% increase, or S$645,000.

Cheng San Court has seen a surge in million-dollar transactions since recording its first such sale in November 2023, marking Ang Mo Kio’s first-ever million-dollar sale for a 4-room flat.

With this latest S$1.08 million transaction, it stands as the most expensive 4-room HDB resale not only within Cheng San Court but throughout Ang Mo Kio.