Marine Parade is the latest HDB town to have a million-dollar flat. This month, a five-room resale flat at Blk 28 Marine Crescent was sold for S$1,010,888. With a floor area of 1,356 sq ft, this translates to a price psf of S$745.49.
According to a Straits Times article, the flat comes with a panoramic view of East Coast Park from all windows, including the utility room.
In fact, the flat is just around an 18-minute walk from the park, with East Coast Parkway running between the block and the park.
Notably, Tao Nan School is around a three-minute walk from the flat. The ST article also quoted one of the sellers as saying that this was one of the selling points they believed would help them get a good price for the flat.
More importantly, the upcoming Marine Terrace MRT (opening in 2024) on the Thomson-East Coast Line will be around a seven-minute walk away from the flat.
A balance lease of less than 52 years
With the lease starting in 1975, the flat has 51 years and 9 months left when it was sold.
Nevertheless, this was not a concern for the buyers, who were reportedly a Singaporean couple planning to live out their retirement years in the flat.
The deal was brokered by Colin Wong and Brian Ying of Propnex. Ying had told ST that the buyers had paid a cash over valuation (COV) of slightly less than S$100,000.
According to Wong, the unit was initially listed for S$999,000, “with the intention of negotiating upwards”.
The sellers also revealed to ST that they would only sell the flat with an offer price of more than a million dollars.
They were the second owners of the flat, having bought it in 2011 for around S$870,000.
According to our Researcher data, 5-room flats at Marine Crescent Ville, had sold at an average price of between S$774,000 to S$865,000 over the past five years, with prices increasing at 3.94%.
What do you think of this million-dollar flat transaction? Let us know in the comments section below.
If you found this article helpful, 99.co recommends First million-dollar flats sold in Pasir Ris, Woodlands in May 2022 and Million-dollar 4-room HDB resale flats: What, Where, Why and When?
About Virginia Tanggono
Virginia covers the property news in Singapore, from record sales to profile stories on home ownership. In her free time, she occasionally searches for spoilers of movies and TV shows.
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