HDB terrace near Whampoa sold for record $1.185m

Romesh Navaratnarajah22 Nov 2018

HDB flats in Ghim Moh

A total of 52 million-dollar HDB flats have been sold to date this year. 

A Housing and Development Board (HDB) terrace house along Jalan Bahagia near Whampoa was sold for $1.185 million in September – setting a new record for the priciest HDB unit sold, reported Channel NewsAsia citing an OrangeTee report.

The previous record was held by a five-room Design, Build and Sell Scheme (DBSS) unit in Bishan, which was sold for $1.18 million in February 2017.

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A five-room DBSS flat located at Lorong 1A Toa Payoh was the third most expensive HDB flat ever sold at $1.16 million.

The 273 sq m Jalan Bahagia unit has 52 years left on its 99-year lease, which started in 1972.

In the first three quarters of 2018, a total of 52 million-dollar HDB flats were sold, 40 of which were less than 20 years old.

OrangeTee noted that resale transactions have been on the uptrend amid falling HDB prices.

HDB data showed that the number of resale applications received during the first three quarters of 2018 reached a five-year high at 17,462.

The number of HDB units resold for at least $700,000 also hit a six-year high during the same period, with 1,438 transactions.

Punggol posted the biggest increase in resale applications, jumping 334.4 percent for the first three quarters of 2018 as compared to five years back. The next highest increase was seen in Sengkang, at 58.3 percent over the same period.

OrangeTee attributed the hike to the growth in the number of Build-To-Order (BTO) units within those areas that have achieved the five-year minimum occupation period (MOP).

The entry of many condominiums in those areas may have also spurred HDB owners to upgrade.

Looking ahead, OrangeTee expects the number of HDB resale transactions to hit 23,000 units this year and about 24,000 units next year.

“The possible increase could be attributed to more BTO flats reaching MOP next year and subsequently ready for resale. The demand may continue to be supported by the healthy job market and robust economy,” it added.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg


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