The first million-dollar resale property in Sengkang has been sold

The 1,539 sq ft executive residence at the 205B Compassvale Place is the first resale flat in Sengkang to be sold for $1 million ($650 per sq ft). A press release from SRI states that the flat was sold in the month of March by an agent.

“This transaction marks a significant event for the estate that has been steadily moving towards the million-dollar mark in declining sales in recent years,” says Mohan Sandrasegeran the head of research and data analytics.

Compassvale Place, the estate in which this million-dollar apartment is situated is comprised of seven residential blocks: 205A 205B A 206B 206C 206D. Block 205B has been let for 99 years starting in 1999.

Sandrasegeran claims that the million-dollar flat shares some of the features that other million-dollar flats have, namely, its spacious layout, closeness to vital transportation links like Buangkok MRT station, and the ability to access Sengkang Grand Mall.

 

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“Additionally, the flat is located in a convenient location near a number of educational institutions that add to its appeal,” Sandrasegeran says, adding: “This combination of desirable characteristics is why the flat was able to fetch a premium price on the resales market.”

He says that Sengkang is within the process of registering its first million dollar resale apartment because there is a growing number in this town of resale apartments that are sold for over $950,000.

By 1Q2024 the highest price for resales (in Sengkang), were nearing $968,000. This was the beginning for this area to finally exceed the million dollar mark in April. This progression reflects Sengkang’s increasing desirability among homebuyers,” says Sandrasegeran.

But, he warns that despite the increasing popularity of flats that are sold for a million dollars These transactions were only 2.7% of the flats traded the hands during 1Q2024.

“This suggests that, while deals worth millions of dollars attract a lot of interest, they are a relatively small fraction of resales market activity, which highlights the range in the HDB marketplace for resales, with the majority of transactions occurring at a lower price,” says Sandrasegeran.

Based on SRI research The average unit cost of HDB deals that are that exceed $1 million has dropped from $1,409 per square feet in 4Q2023, and to $1,320 in the 1Q2024 period. This is a 6.3 percentage reduction (q-oq).

“This suggests that although the number of million-dollar sales increased, the price per square foot slowed down,” says Sandrasegeran, noting: “A higher volume of (million-dollar HDB resale ) transactions didn’t necessarily mean higher prices per square foot.


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