So, you’re thinking of moving to Serangoon. Maybe you want to move near NEX or the quieter Serangoon North neighbourhood. As you’re looking at resale HDB flats, you’re wondering, “How much should I expect to pay?”
The interest in HDB resale flats and property in the Rest of Central Region (RCR) districts has grown. More are willing to pay good money for an HDB resale flat in these neighbourhoods, as indicated by the number of million-dollar HDB flats in the estates. Serangoon is no exception.
Despite the COVID-19 pandemic, the HDB resale flat market remains bullish. Demand is driven by the BTO construction delays and buyers looking for more living space.
To help you better plan your housing budget, we looked at the median selling prices of the 3-, 4-, 5-room HDB resale flats and executive apartments in the past three years and made some predictions on how much you can expect to pay.
Why You Need to Look at Past Prices of Serangoon HDB Resale Flats
Before we start, let’s go into why it’s necessary to look at past resale flat data. It has to do with a thing called cash over valuation (COV). Chances are, you already know how COV works. Just in case you need a reminder, here’s a quick recap on COV.
COV is the difference between the sale price of the intended resale flat you wish to purchase and its actual valuation by HDB. The catch is HDB will only provide the actual valuation figures after you and the seller agree on the HDB flat’s selling price.
Having to pay higher COV may cause an unexpected dent in your finances as it can only be paid in cash. It may also affect the amount of Buyer’s Stamp Duty you’ll have to fork out. So as much as possible, you want to be prepared.
Shopping for a new home and unsure of how to finance your property purchase? Get in touch with our friendly home loan advisors. Clarify all doubts with our experts at no cost!
Average Selling Price of Serangoon HDB flats in the Past 3 Years
If you already know which block you’re gunning for, you can look up the HDB flat on PropertyGuru. Then, scroll down to the ‘Pricing Insights’ section to view recent transaction prices and price trends.
It’s also good to compare this figure against the quarterly-released figures for resale statistics on the HDB website. You can apply the percentage of price growth to date then estimate the cash outlay of COV.
Here’s a complete overview of the median resale transaction prices in Serangoon from Q1 2018 to Q3 2021. All prices are rounded to the nearest hundred dollars.
How Much Should You Pay for an HDB Resale Flat in Serangoon
By comparing the median asking prices for Serangoon flats listed on the PropertyGuru website, we can get an idea of how much homeowners are willing to sell their flats at. We then can compare the difference between the asking price and transacted price.
What this does is give an estimate of the potential amount of COV you should be prepared to pay (and how much you could potentially offer to be the most attractive offer).
If you’ve not decided what type of flat to buy, maybe you can get some ideas by browsing all HDB flats in Serangoon for sale on PropertyGuru.
On the PropertyGuru website, the filter only provides information on the number of bedrooms in the flat. However, the current homeowners may have done renovation works and changed their floor plan via adding or hacking down walls to create or remove bedrooms. So to provide more accurate information, we figured out the size range for the 3-, 4- and 5-room flats:
- 3-room flat: 635 to 883 sq ft
- 4-room flat: 884 to 1163 sq ft
- 5-room flat: 1164 to 1367 sq ft
- Executive apartments: more than 1367 sq ft
Without further ado, here are the median asking prices for the different flat types in Serangoon, as listed on PropertyGuru.
Buying a Resale HDB Flat in Serangoon
Serangoon is a mature estate with many charms and comforts. NEX is a shopping mall situated above the MRT station, offering plenty of food options, a cinema, and even a dog park. You can get to the city centre in just 12 minutes via the North East line. You’re also connected to the Circle line so getting around is a breeze.
If you have children, know that there are five primary schools, four secondary schools and a junior college (Nanyang Junior College) within the residential town.
For those house hunting in Serangoon, we hope this article has been helpful for you. Good luck, and may you find your dream home soon!
If you’ve already purchased your dream home but are unsure which home loan to take, contact our friendly home finance advisors for personalised advice. They can help you to plan a feasible budget and compare mortgage rates, all at zero cost!
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