In recent years, the property market in Singapore has seen an increasing number of HDB flats reaching the million-dollar mark, indicating changes in market dynamics and buyer preferences. Areas like Queenstown, Bishan, and the relatively younger town of Sengkang have been notable hotspots for such transactions. Recently, Sengkang marked its third million-dollar flat sale, with the latest transaction establishing a new all-time high (ATH) for the town.
This article examines the details of this sale and its potential implications for the local property market.
Table of contents:
- Breaking new records: Details of the current sale
- Amenities around the transacted unit
- What makes this sale stand out?
- Sales trend breakdown: Understanding the market dynamics
- The bigger picture: Why are larger HDB units setting new ATHs?
Breaking new records: Details of the current sale
An EXE flat located at Block 102 Rivervale Walk Singapore 540102 (also known as Rivervale Court) achieved a new record high price for the town (third ATH overall in Sengkang, first and only from the block to sold for more than the S$1 million). This property, occupying the 10th to 12th floors and covering an area of 1,528, was sold for S$1,005,000 on 1 August 2024.
The recent transaction marks a new ATH for Sengkang, solidifying its position as a noteworthy town in Singapore’s changing property scene. Although the sale price is lower than the national ATH for comparable flats, currently at S$1,500,000, it signifies a notable achievement for Sengkang, demonstrating the increasing attractiveness of this residential locality.
Read this: Sengkang’s HDB resale breaks S$1,000,000 transaction threshold
Amenities around the transacted unit
The unit is located a 6-minute walk from Kangkar LRT station and a 15-minute walk away from Buangkok MRT station.
Various shopping malls, such as Sengkang Grand Mall, Hougang Green Shopping Mall, Rivervale Mall, and Compass One, are also around the property.
Reputable schools can also be found around Block 102. Some of them are:
Primary schools:
- North Vista Primary School
- Sengkang Primary School
- Palm View Primary School
- Rivervale Primary School
- Compassvale Primary School
- Anchor Green Primary School
- Nan Chiau Primary School
- Springdale Primary School
Secondary schools:
- North Vista Secondary School
- Sengkang Secondary School
- CHIJ St. Joseph’s Convent Girls’ Secondary School
- Nan Chiau High School
- Compassvale Secondary School
Tertiary schools:
- Singapore Institute of Technology (U/C)
- Newcastle University in Singapore
What makes this sale stand out?
The sale is of note due to several factors. One concerns the property’s age, raising questions about its future value and longevity. Despite being part of an older development (26 years old at the time of writing), this flat set a new ATH for Sengkang, indicating a willingness among buyers to invest in established properties that provide space and convenience. Others are more general in reasons:
- Demand for larger flats: The scarcity of larger HDB units, such as EXE flats, significantly impacts their value. HDB discontinued the construction of new Executive flats in 1995, leading to their increasing rarity and the high demand for them in the resale market. Their scarcity and spacious layout make them attractive to buyers seeking more room, particularly for multi-generational living.
- Location and amenities: The flat is in Sengkang, a town known for its modern amenities and connectivity, adding to its desirability. The proximity to key amenities such as schools, shopping malls, parks, and public transport options like the Buangkok MRT station makes the area highly convenient for residents, further boosting the flat’s value (albeit a little far for walking, but convenient for those who own cars).
- Upward market trend: The HDB resale market has seen an upward trend, contributing to a record-setting transaction (mostly million-dollar sales). In this transaction, there was an increment of 15% over a mere 4-month period (S$569 to S$658). Limited supply and steady demand, especially for larger units, have increased resale prices, including in Sengkang. The town’s modern infrastructure and community amenities make it a compelling choice for homebuyers, further reinforcing the sale’s high price.
Try out our: Affordability calculator
The most recent transaction in Sengkang has set a new record by surpassing the highest prices set by a 5-room and an EXE unit; both sold for S$1 million. The newest transaction exceeded these records by S$5,000.
Sales trend breakdown: Understanding the market dynamics
The recent Block 102 Rivervale Walk sale reflects a trend in the Sengkang resale market. Recent transactions indicate a steady increase in the average psf for Executive flats in the area, indicating a growing demand for larger HDB units.
The table below presents data on this property’s most recent 5 sales, which took place in 2024. This data indicates increased property values within the project and provides insight into the broader market dynamics.
| Transaction date | Floor(s) | Price per PSF (S$) | Area (sqft) | Transacted price (S$) |
| 01/08/24 | 10-12 | 658 | 1,528 | 1,005,000 |
| 01/06/24 | 1-3 | 576 | 1,507 | 868,000 |
| 01/04/24 | 10-12 | 569 | 1,528 | 870,000 |
| 01/07/24 | 7-9 | 569 | 1,528 | 870,000 |
| 01/06/24 | 10-12 | 569 | 1,528 | 870,000 |
A comparison of Sengkang’s resale activity with nearby hubs such as Punggol and Hougang emphasises the distinct position of Sengkang in the market. Although these areas have experienced price increases, Sengkang’s recent record-breaking sales indicate a strong demand for larger, well-located HDB flats.
The bigger picture: Why are larger HDB units setting new ATHs?
The trend of larger HDB units achieving all-time high sales is not confined to Sengkang. Across Singapore, there is a growing demand for spacious homes that accommodate the needs of multi-generational families or those working from home. This trend is particularly evident in mature estates and well-connected towns where space is increasingly valued over proximity to the central business district.
Sengkang’s emergence as a town with Executive flats commanding million-dollar transactions reflects broader market trends. With buyers’ increasing emphasis on space and lifestyle amenities, it is expected to see continued record-breaking sales in towns like Sengkang, especially as newer developments complete their Minimum Occupation Period (MOP) and enter the resale market.
Conclusion
The recent sale of a million-dollar flat in Sengkang has broken previous records and indicates the growing appeal of the town and the changing priorities of Singaporean homebuyers. As Sengkang continues to develop and attract interest from buyers and investors, it will likely significantly impact Singapore’s property market. This transaction establishes a new benchmark for the town and reflects an increasing demand for spacious HDB flats across the island.
Other properties in Sengkang
2
2
3
2
3
2
3
2
3
2
3
3
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
4
2
3
2
3
2
3
2
3
2
4
2
1
1
4
2
3
2
3
2
4
2
3
2
2
2
3
2
3
2
3
2
3
2
3
2
3
2
4
2
-1
3
2
-1
-1
-1
3
2
3
2
-1
3
2
-1
-1
-1
1
-1
3
2
3
2
-1
1
3
2
3
2
3
2
-1
1
-1
-1
-1
-1
3
1
-1
-1
3
2
3
2
3
2
-1
-1
-1
-1
-1
Disclaimer: This information is intended solely for general informational purposes. 99.co makes no claims or guarantees regarding the information’s accuracy, completeness, or suitability, including, but not limited to, any assertion or assurance regarding its appropriateness for any specific purpose, to the maximum extent allowed by law. Despite all efforts to ensure that the information presented in this article is current, reliable, and comprehensive at the time of publication, it should not be used as the sole basis for making financial, investment, real estate, or legal decisions. Furthermore, this information is not a replacement for professional advice tailored to your unique personal circumstances, and we disclaim any responsibility for decisions made using this information.
About Azhann Rosmin
Azhann Rosmin is a writer who has 6 years of professional forte. He specialises in writing about real estate and lifestyle topics. His coverage mostly focuses on HDBs, condos, BTOs, and landed houses while also favouring topics of food, nightlife, and technology. He has worked in multiple writing positions that include cryptocurrency, fintech, e-commerce, fashion, and cosmetics. Azhann graduated with a bachelor's degree in Applied Linguistics and also writes poetry.
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.
If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.
Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
Join our social media communities!
Facebook | Instagram | TikTok | Telegram | YouTube | Twitter
