Located on a high floor, the 112 sq m flat in Boon Tiong Road has a remaining lease of 95 years.
A standard 5-room HDB flat was sold for $1.2 million in April this year – the first time that a standard HDB flat price surpassed the most expensive non-standard flats (DBSS units, terraces, maisonettes or flats at Pinnacle@Duxton) ever sold, revealed an OrangeTee & Tie report.
Located between the 34th and 36th storeys, the 112 sq m flat in Boon Tiong Road has a remaining lease of 95 years.
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It smashed the previous records set by a 5-room DBSS unit at Boon Keng Road sold in January this year and a 237 sq m HDB Terrace at Jalan Bahagia in September 2018, both of which were sold at $1.185 million.
The property consultancy noted that while only 26 standard flats were sold for over $1 million as of April this year, the number has been steadily rising through the years.
In fact, it expects more of such transactions “as many new flats in mature estates like Bukit Merah and Queenstown will be reaching minimum occupation period (MOP) in the coming months”.
OrangeTee & Tie added that demand for HDB resale flats remains resilient, with sales volume for Q1 2019 hitting a seven-year high of 4,835 units sold.
The figure is 8.5 percent higher compared to the same period last year, but down 14.2 percent on a quarterly basis.
“The quarter-on-quarter decline is within expectation as the number of resale applications is usually lowest in the first quarter of the year due to slower marketing activities immediately after the year-end holidays and during the Chinese New Year period,” it explained.
Looking ahead, OrangeTee & Tie expects the HDB resale volume to increase “in tandem with more flats reaching five-year MOP this year”.
Resale prices may also continue “to stabilise as the HDB price index declined marginally by 0.3 percent in Q1”.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org