Updated as of 20 May 2022: This article has been updated to include more information about the sale.
Another resale flat has clinched the title for being the most expensive HDB flat this month, just two months after a new record was set.
A five-room resale flat at Blk 96A of City Vue @ Henderson was sold for S$1.4 million, breaking the previous record of S$1,388,888.88 set in March for a five-room flat at Pinnacle @ Duxton.
The deal was closed by Assistant Marketing Manager Gwen Ong Yuwen and Associate Division Director Clarence Long of ERA.
Spanning 1,216 sq ft, this translates to a price psf of S$1,151.
The flat, located on a high floor between floor 40 and 42, was originally listed for S$1.45 million, with Clarence sharing with 99.co that the owners had put it up for sale as they were planning to upgrade.
Gwen added that they received multiple enquiries for the listing, with more than 20 groups of buyers coming down for the viewings. The deal was eventually sealed in around three months.
Development is a SERS replacement site
CIty Vue @ Henderson is a replacement site for the Redhill Close SERS project that HDB announced back in 2011.
Likewise, the site at Henderson Road used to be occupied by two blocks that were part of a SERS project announced earlier in 2007.
The blocks were then demolished in 2012 to be redeveloped into what is today City Vue @ Henderson.
According to Clarence, what attracted the potential buyers were the location and size of the flat. With the development completed in 2018, it is considered a new project in a mature estate. New five-room flats are also rare, with only around 135 of such flats in the project.
(In the last few years, new BTO projects in central, mature estates tend not to offer five-room flats. This includes the two upcoming BTO projects launching this month nearby City Vue.)
“There’s a sheltered walkway to Redhill MRT as well,” he added.
Besides serving as replacement flats for those who were displaced by SERS, HDB sells the surplus through the Sale of Balance Flat (SBF) exercise. On the other hand, flats bought through SBF tend to be less desirable as they were essentially leftovers.
MOP starts earlier for those affected by SERS
Notably, the lease of these flats only started in 2019. Typically, HDB owners are subjected to a five-year Minimum Occupation Period (MOP) (10 years for PLH flats), whereby they have to occupy the flat and cannot sell it during this period. Nevertheless, there have been cases of flats being resold before the five-year period has ended due to these reasons.
On the other hand, for those affected by SERS, if they were to choose a flat at the replacement site, their MOP will be seven years, starting from the flat selection date onwards. This explains why there have been resale transactions recorded in the project since November last year.
It is also why in the case of this flat, the owners have completed the MOP, and hence were able to sell the flat.
The record-breaking transaction is not the only million-dollar-flat transaction at City Vue @ Henderson
Besides this S$1.4 million flat, other million-dollar-flat transactions recorded so far include a 4-room flat sold in December for S$1.03 million and a 5-room flat sold in November for $1.256 million.
99.co understands that there was also another sale for a five-room flat at S$1.38 million in the same block that was recently exercised in April. The deal was closed by Jeremy Yong and Christina Tan from Property Lim Brothers of Propnex. According to Jeremy, the early sale was possible as the owners were previously affected by SERS. This meant that the MOP for the flat has ended as well.
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What do you think of this million-dollar flat transaction? Let us know in the comments section below or on our Facebook post.
If you found this article helpful, 99.co recommends Bishan HDB with 64 years left sold for $1.18m, with a record S$750 psf for the neighbourhood and 600 households over 4 blocks in Ang Mo Kio picked for SERS.
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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.
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
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Wow! 😂