Remember back in June when we covered the sale of a S$1.23M 35-year-old maisonette in Block 418 Serangoon? Well, a 5-room unit right across that maisonette has set another milestone. Selling at S$1.03M, this is Serangoon’s first million-dollar sale for this unit type.
Table of contents
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- 5-room HDB ATH in Serangoon at S$1.03M
- Serangoon’s gradual rise to breaking the 5-room million dollar barrier
- Why are these 5-room units commanding such high prices, especially with only 64 years left on their leases?
- Serangoon isn’t the only estate late to the 5-room million-dollar club
- How does this sale compare to the average 5-room HDB price in Serangoon?
5-room HDB ATH in Serangoon at S$1.03M
This sale took place at Block 420 on Serangoon Central, where a 5-room unit between the 10th and 12th floors sold for S$1.03M. While this floor range may not sound particularly high, it’s important to note that this is a low-rise project, so being on these floors places the unit among the higher levels available. The apartment spans 1,324 sqft, with a price per square foot (psf) of S$778.
Similar to the Block 418 transaction, Block 420 started its lease in 1989, meaning there are only 64 years and 3 months remaining on the 99-year lease. Despite this limited lease period, the property managed to set a new all-time high (ATH) for 5-room HDB resale units in Serangoon, thanks to its size and strategic location.
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Serangoon’s gradual rise to breaking the 5-room million dollar barrier
This million-dollar sale in Serangoon might seem expected given the trend of rising 5-room and 4-room HDB resale prices, but Serangoon has actually been slow to join the ranks of estates with million-dollar transactions.
This could be due the age of the larger properties in this area. Many other 5-room units that have reached or exceeded S$1M in different estates still have over 80 years remaining on their lease, compared to the 64 years left on the Serangoon units in this area.
Looking for well located HDB flats with longer leases? Check out our article here: Full list of BTO projects hitting MOP in 2024/2025 & Our top picks near the MRT
Still, it was only a matter of time before Serangoon hit the million-dollar mark. Transactions earlier this year showed a steady rise in prices for 5-room flats.
Here’s a look at all the Serangoon transactions that reached or exceeded S$900,000:
| Date | Address | Block | Floor | Size (sqft) | Price | Price (psf) |
| 09/2024 | 420 Serangoon Central | 420 | 10-12 | 1,324 | S$1.03 M | S$778 |
| 04/2024 | 420 Serangoon Central | 420 | 4-6 | 1,302 | S$990,000 | S$760 |
| 04/2024 | 255 Serangoon Central Drive | 255 | 7-9 | 1,238 | S$990,000 | S$799 |
| 10/2023 | 415 Serangoon Central | 415 | 4-6 | 1,302 | S$980,000 | S$752 |
| 06/2024 | 425 Serangoon Avenue 1 | 425 | 7-9 | 1,302 | S$976,000 | S$749 |
| 09/2024 | 405 Serangoon Avenue 1 | 405 | 7-9 | 1,302 | S$975,000 | S$748 |
| 10/2024 | 205 Serangoon Central | 205 | 4-6 | 1,313 | S$975,000 | S$742 |
| 09/2024 | 258 Serangoon Central Drive | 258 | 7-9 | 1,238 | S$961,000 | S$776 |
| 01/2024 | 257 Serangoon Central Drive | 257 | 7-9 | 1,238 | S$950,000 | S$767 |
| 01/2024 | 425 Serangoon Avenue 1 | 425 | 7-9 | 1,324 | S$921,000 | S$695 |
| 08/2023 | 410 Serangoon Central | 410 | 10-12 | 1,324 | S$900,000 | S$679 |
As you can see, five out of these eleven transactions came from Serangoon Central. The others were in Serangoon Central Drive and Serangoon Avenue 1.
In April, two units – one from Serangoon Central Drive and another from Serangoon Central – sold for S$990,000, coming close to the million-dollar mark. The key difference? Serangoon Central units tend to be larger, averaging around 1,300 sqft, while those at Central Drive are closer to 1,200 sqft. This extra space likely gave Serangoon Central the edge in crossing the million-dollar threshold first.
Higher floors also play a role in boosting prices. Out of all the S$900,000+ sales in Serangoon, only two were from units on the 10th to 12th floors – the record-breaking unit, and another sold in August 2023. Even so, mid-level units also attracted strong prices, showing steady demand across the board.
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Why are these 5-room units commanding such high prices, especially with only 64 years left on their leases?
The answer to this question lies largely in their prime location. Block 420 is situated directly opposite the NEX shopping mall and is within a 4 to 5 minute walk to the Serangoon MRT stations, (CC13) along the Circle Line and the (NE12) on the North East Line. Its proximity to these amenities, combined with its size, makes it a highly attractive property.
Looking for a property close to an MRT station of your choice? Check out 99.co’s MRT map here.
Not only is the project close to the MRT station and NEX, but it’s also conveniently located near the city centre and the CBD area, which adds to its appeal. If you’re interested in learning more about why this area is drawing such attention, we recommend checking out our previous article on the S$1.23M maisonette, where we delve deeper into the location’s benefits.
Serangoon isn’t the only estate late to the 5-room million-dollar club
While condos still remain a valuable choice for many buyers who can afford them, recent years have seen some turning to 5-room HDB units instead. The larger size and relatively lower price point of these units have made them an appealing alternative. This shift has driven an increase in 5-room million-dollar sales, particularly in popular estates like Bukit Merah, where 187 transactions have been recorded – the highest across all estates.
Other estates such as Toa Payoh, Central Area, Queenstown, and Kallang/Whampoa have also reached triple-digit records in 5-room million-dollar transactions. However, there are still several estates where this milestone has yet to be achieved.
Here’s a breakdown of total 5-room million-dollar transactions by estate:
|
Estate |
Total transactions |
|
Bukit Merah |
187 |
|
Toa Payoh |
162 |
|
Central Area |
152 |
|
Queenstown |
140 |
|
Kallang/Whampoa |
107 |
|
Bishan |
99 |
|
Ang Mo Kio |
92 |
|
Clementi |
84 |
|
Geylang |
32 |
|
Bukit Timah |
17 |
|
Marine Parade |
13 |
|
Punggol and Bedok |
6 |
|
Hougang |
3 |
|
Sengkang, Tampines, Bukit Batok, and Serangoon |
1 |
While estates like Sengkang, Tampines, Bukit Batok, and Serangoon have recorded at least one million-dollar 5-room transaction, others – such as Sembawang, Jurong West, Pasir Ris, Bukit Panjang, Choa Chu Kang, Woodlands, Jurong East, and Yishun – have yet to reach that milestone.
In fact, Choa Chu Kang, Sembawang, and Jurong West have yet to break the million-dollar barrier for any type of HDB resale, let alone 5-room units. If you’re seeking more affordable options, these estates could offer good value. But if they seem too ‘ulu’ for you, other estates with fewer million-dollar transactions may provide more accessible price points.
Rather look at condos that will MOP this year? Have a read here: Upcoming Executive Condos (ECs) that will MOP in 2024 & 2025
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How does this sale compare to the average 5-room HDB price in Serangoon?
Currently, the average price for 5-room HDB resale units in Serangoon stands at S$785,627. That means the buyer of this S$1.03M unit paid roughly 31.1% more than the estate average. But, as we’ve discussed, this premium can largely be attributed to its proximity to key amenities like the MRT stations and NEX mall.
If you’re looking for something more budget-friendly, 99.co currently has 11 resale 5-room flats in Serangoon priced below S$800,000, with some as low as S$728,000. But with prices rising 10.46% between 2023 and 2024 alone, this S$1.03M sale might just be the first of many.
Interested in upcoming new launches for the year? Take a look at your options here: Upcoming new launches: New Launch condos in H2 2024
What do you think of Serangoon’s first 5-room million-dollar sale? 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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