Five-room resale flat in Bukit Merah goes for record S$1.59 million

The HDB unit located in Bukit Merah which is a five-room apartment located on Boon Tiong Road, has been bought for $1,588,000. This is the highest expensive HDB unit to be sold so far in Singapore.

PropNex Realty announced on Tuesday the 30th of April that an agent of the company was responsible for overseeing the transaction.

The real estate agency added that the price “smashed” the previous record of S$1,569,000 for the resale five-room Design, Build and Sell Scheme flat in Lorong 1A Toa Payoh in January 2024.

The 112 square-metre resale unit is situated above the 35th level of the building with a 40-storey height 9B Boon Tiong Road. It is leased for 99 years and will begin in January 2016.

The HDB project Tiong Bahru view that includes blocks 9A,9B10A and10B, is the unit.

Lim Yong Hock, PropNex’s key executive officer, said the company “essentially checks all the boxes” due to its “top qualities” of proximity to the city, residing at the top of a building, as well as having a lengthy lease balance.

“Furthermore we are also observing an increasing demand for five-room resales flats in city-fringe locations because five-room apartments aren’t typically offered in HDB’s Build-To Order projects in desirable locations near the city.”

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Tiong Bahru is the newest housing area for Singapore’s selective En bloc Redevelopment Scheme. The first blocks 110,111,113 and 114 Bukit Merah view, have been demolished.

PropNex confirmed that the sale of the S$1.59 million flat that was resold has yet to be reflected in HDB data as at Apr 30, which indicates there are 43 HDB flats in Tiong Bahru View sold for at least S$1 million in July 2018.

In the 9B Boon Tiong Road alone 13 million dollars worth of resale flats were sold, including three four-roomers and ten five-roomers, not including the record-breaking deal.

PropNex said that 10 units of five room apartment resales in Block 9B were sold for S$1.05 and S$1.4million.

Prior to the most recent transaction at 9B Boon Tiong Road, three other HDB flats were resold for S$1.5 million. Two of which are in Toa Payoh and were resold in January 2024. A second flat was sold at Bukit Merah in June 2023. It is located in Moh Guan Terrace.

PropNex has observed an increase in million-dollar resale flats in recent years, and said it anticipates such transactions to increase in 2024, and possibly surpass 2023 in which case 469 million dollars HDB units were resold.

Lim said that recent flat resales worth millions of dollars “still made up a tiny fraction” of overall HDB flat resale transactions.

According to him, the general demand for HDB flats is also “healthy”.

The executive in charge said, “We project that HDB volume of resales will be between 26,000-27,000 units over the entire 2024 timeframe.”

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