Singapore's property market often makes the headlines, but our recent report on the sale of a jumbo (adjoined) HDB flat in Tiong Bahru for $1.5 million caused a stir.
SINGAPORE : Singapore's property market often makes the headlines, butcaused a stir. To recap, a 1,894 sqft HDB flat at 50 Moh Guan Terrace in the heart of Tiong Bahru shattered records when it was sold for $1.5 million, eclipsing the previous record of $1.418 million for a 5-room HDB at 92 Dawson Road. This figure seems more shocking considering the flat was completed in 1973 and has a lease of less than 49 years remaining.
From a PSF perspective, there's an even higher transaction within the same block: EdgeProp Research Toolin Tanjong Pagar, arguably Singapore's most famous and record-breaking HDB development. In April 2023, a high-floor 4-room flat at 1C Cantonment Road sold for an eye-watering $1,369 PSF, a staggering 73% higher on a PSF basis compared to the $1.5 million flat in Tiong Bahru. The total price? A cool $1.4 million for a 1,022 sqft flat.
In terms of PSF, the highest recorded was for a 4-rooom flat at Pinnacle @ Duxton: EdgeProp Research ToolAnother factor contributing to the price is the scarcity of jumbo HDB flats, especially in central areas like Tiong Bahru and Bukit Merah. In 2023, there have been a mere 37 transactions for HDB flats exceeding 1,800 sqft. Out of these, 31 were in Woodlands, 4 in Yishun, 1 in Ang Mo Kio, and a singular one in Tiong Bahru - the one we’re discussing.
Tiong Bahru is one of Singapore’s most coveted neighborhoods, with its rich history, charming architecture, and an eclectic mix of cafes and boutiques. The area also boasts excellent connectivity and proximity to the central business district. The URA Master Plan 2019 has also earmarked Tiong Bahru for further development and rejuvenation, making properties in the area an attractive investment. The rarity of such flats in prime locations adds a premium to their price.
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