Same estate, same numbers, different projects – Bukit Merah sees yet another national high, matching the S$1.588M figure we saw earlier last month, but this time from City Vue @ Henderson.
Deja Vu with Bukit Merah’s record-breaking sale
If you’re experiencing a sense of déjà vu reading this article title, you’re not alone.
In late April, news broke about a 5-room DBSS unit in Tiong Bahru View spanning 1,206 square feet selling for an impressive S$1.588 million – that is S$1,317.93 per square foot.
PropNex attributed the premium price to several factors: its proximity to the city, stunning views from a high floor, a relatively long remaining lease, and convenient access to amenities within the estate, including the MRT station.
Read more on that sale here: At S$1.588M, this 5R HDB in Bukit Merah is Singapore’s most expensive resale flat
So, what about this S$1.588M sale from City Vue @Henderson?
With a prime location on Henderson Road, the S$1.588M unit is nestled amongst the tallest stacks in the development, Block 96A. This suggests the high floors (46th to 48th) likely boast breathtaking views, a factor the buyers seemingly prioritised. The unit itself measures 1,216 square feet, slightly larger than the Tiong Bahru DBSS unit previously mentioned. This equals to a S$1,305.56 psf.
As this project is one of the newer HDB BTOs in Bukit Merah, with a fresh lease kicking off in 2019, City Vue has a lengthy 94 years remaining on its 99-year lease.
Check your affordability with 99.co’s affordability calculator!
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Which means the unit was probably sold right after the MOP was lifted
The last BTO exercise in Bukit Merah occurred in December 2023, but only offered units up to 4-room types (priced between S$533,000 and S$723,000).
For comparison’s sake, let’s estimate a hypothetical S$800,000 price tag for a 5-room flat (though in reality, HDB has never priced them this high). This means the recent S$1.588M sale would represent a capital gain of a staggering S$788,000 – a whopping 98.50% increase from the estimated BTO price.
For many, prices at City Vue @ Henderson might seem astronomical. The average price for a 4-room flat here ranges from S$950,000. In fact, Today featured an article highlighting the high prices here, particularly due to the incredible city views.
Considering the panoramic views, mature location, and the fact that these units rank among the top 3% of all HDB transactions, the pricing isn’t entirely surprising.
Looking for more HDB flats that MOP-ed recently besides City Vue @ Henderson? Check out our article here: Full list of BTO projects hitting MOP in 2024/2025 & Our top picks near the MRT
The previous high was only at S$1.46M
In December 2023, another 5-room unit at City Vue @ Henderson sold for S$1.46M, holding the record as the project’s second-highest transaction at that time.
The current record breaker is S$128,000 more than the previous record, representing an 8.77% increase. The most significant difference between these two units seems to be floor level – the current S$1.588M unit is on a significantly higher floor (46th-48th) compared to the previous unit’s location on floors 31 to 33. This suggests buyers are willing to pay a premium for breathtaking views.
However, 99.co’s research indicates a slight dip in year-on-year average psf after a strong start in 2021 at S$913 psf. The psf saw an 8.45% increase in 2022 (S$990 psf), but the growth slowed down subsequently.
The increase from 2022 to 2023 (S$1,034 psf) was only half that of the previous year (4.5%), and 2023 so far shows a -1.14% psf change (S$1,022 psf). Though, it’s important to remember that since we’re only halfway through 2024, these psf numbers could fluctuate as the year progresses.
Rather look at condos that will MOP this year? Have a read here: Upcoming Executive Condos (ECs) that will MOP in 2024 & 2025
Why City Vue @ Henderson units are so sought after
There are numerous reasons why units at City Vue @ Henderson are highly sought-after, reaching close to S$1 million for a 4-room flat. Apart from the stunning, unobstructed views, the primary factor boils down to its prime location.
Strategic location in Bukit Merah
City Vue @ Henderson is situated within Bukit Merah, one of Singapore’s priciest HDB estates. While Redhill MRT is a fully-sheltered 7-minute walk away, the journey from there takes just 23 minutes on the East-West line to reach Raffles Place MRT.
Looking for a property close to an MRT station of your choice? Check out 99.co’s MRT map here.
Residents who prefer to avoid walking can take a short bus ride (2-3 stops) from either Tiong Bahru Road or Henderson Road. For those who drive, City Vue @ Henderson is also just a 5-minute drive from the CTE, which can take residents northwards, and the AYE, which leads east or west.
Looking for food options? Residents have the famed Bukit Merah View market and hawker centre a mere 3-minute walk away, just opposite City Vue @ Henderson.
For daily necessities, residents can visit Evergreen Minimart within the development or walk 11 minutes to FairPrice Finest at Tiong Bahru Plaza, open from 8 AM to 11 PM.
Interested in upcoming new launches for the year? Take a look at your options here: 8 new launches expected in Q2 of 2024
Educational institutions nearby are abundant for young families. Preschoolers can attend My First Skool, just a 3-minute walk away. Within a 1km radius are a couple of primary schools, including:
- Alexandra Primary School
- Zhangde Primary School
- Gan Eng Seng Primary School
Nearby secondary school options include a wider range, like:
- Gan Eng Seng School
- Crescent Girls’ School
- Bukit Merah Secondary School
- Queenstown Secondary School
- CHIJ St. Theresa’s Convent
- Outram Secondary School
- Queensway Secondary School
For tertiary education, Anglo-Chinese Junior College is a 30-minute train ride away.
For those looking for nearby malls, Tiong Bahru Plaza and Valley Point are within an 18-minute walk. A little further, you’ll find a host of malls, including Clarke Quay Central, VivoCity, 100AM, Marina Square, Queensway Shopping Centre, Chinatown Point, Alexandra Central Mall, Peninsula Shopping Centre Singapore, and Anchorpoint – all less than a 17-minute drive away.
What are your thoughts on Bukit Merah hitting the national high twice in a row? Share your thoughts in the comments section below or on our Facebook page.
About Sophiyanah David
Sophi, a seasoned copywriter specialising in Singaporean real estate and property, is one of the minds behind 99.co's informative articles. Like her colleagues at 99.co, Sophi is dedicated to keeping you informed about the ever-changing world of real estate so you can find your forever home. When off the clock, you can find her giggling and kicking her feet as she reads her romance novels, watching anime - if FMBA is not your fave, she might fight you (but you'll probably win) and looking up latest skincare trends.
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