{"id":50610,"date":"2022-04-14T17:54:39","date_gmt":"2022-04-14T09:54:39","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=50610"},"modified":"2022-06-13T18:11:17","modified_gmt":"2022-06-13T10:11:17","slug":"why-hdb-resale-flat-fetch-1m","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/why-hdb-resale-flat-fetch-1m\/","title":{"rendered":"4 reasons why an HDB resale flat would fetch S$1m or more"},"content":{"rendered":"
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When the Housing & Development Board (HDB) was set up more than six decades ago in 1960, its primary goal was to provide affordable homes for the residents of Singapore.\u00a0<\/span><\/p>\n

And it\u2019s done a damn fine job. There are currently more than a million flats spanning across 24 towns and three estates. More than 80% of people live in HDB flats, with around 90% owning their own homes.\u00a0<\/span><\/p>\n

Prices of flats reaching new heights<\/span><\/strong><\/h2>\n

However, there\u2019s been a rising trend of HDB flats transacting at eye-watering prices.\u00a0<\/span><\/p>\n

In 2020, 82 flats changed hands at or above S$1 million. Fast forward to 2021, where the number has more than tripled to 259 million dollar flats sold over the course of the entire year.\u00a0<\/span><\/p>\n

According to\u00a0<\/span>flash estimates from HDB<\/span><\/a>, resale flat prices were up by 2.3% in Q1 2022 from the previous month. A new record was notched in December 2021, with 36 flats being transacted for at least S$1 million, surpassing the previous record high of 29 transactions recorded in November.\u00a0<\/span><\/p>\n

And it\u2019s not just mature estates fetching sky-high price tags either. A 1,905 sqft executive maisonette in Hougang Central sold for S$1 million in January 2018. It was the first time a non-mature estate flat hit the million-dollar mark.<\/span><\/p>\n

Yishun then joined the million-dollar non-mature estate club when a deal was inked for a\u00a0<\/span>S$1.038 million executive flat<\/span><\/a>,\u00a0with 78 years left on the lease at the time of the sale. The flat also boasted an expansive floor area of 2,103 sqft, a rarity in HDB flats.\u00a0<\/span><\/p>\n

With prices steadily climbing, it leaves many scratching their heads and wondering if the meaning of\u00a0<\/span>affordability<\/span><\/em>\u00a0should be redefined when it comes to HDB flats.\u00a0<\/span><\/p>\n

So this begs the million-dollar question:<\/span><\/strong>\u00a0<\/span>Why would someone pay more than a million dollars for a HDB flat?\u00a0<\/span><\/em><\/p>\n

1. Million-dollar view<\/span><\/strong><\/h2>\n

High floors fetch high prices, as evidenced by these flats found in\u00a0<\/span>Ang Mo Kio<\/span><\/a>\u00a0and\u00a0<\/span>Tanglin<\/span><\/a>. These two 1313 sqft flats priced at S$1 million and above come with stunning views.\u00a0<\/span><\/p>\n

Forget Netflix, pull up a seat on your balcony and soak up the picturesque sunsets (or sunrise, if you\u2019re an early bird).<\/span><\/p>\n

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This Ang Mo Kio flat gives its lucky resident an unblocked view of the landed estates and city view from the balcony.<\/span><\/figcaption><\/figure>\n
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Enjoy an unblocked panoramic view over Holland Grove toward Bukit Timah GCB areas at this Tanglin resale unit.<\/figcaption><\/figure>\n

In comparison, units on the lower floors are at least S$100,000 to S$400,000 lower.\u00a0<\/span><\/p>\n

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A 4-room unit on the 40th floor at <\/span>The Pinnacle @ Duxton<\/span><\/a> on Cantonment Road recently sold in March for S$1.06 million. <\/span><\/p>\n

In comparison, a same sized unit in the same block sold for S$70,000 less. It was 30 floors lower than its counterpart.\u00a0<\/span><\/p>\n

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While the 10th storey might be considered a high floor for most HDB flats, the lower price might be attributed to the unit being on a \u201clow\u201d floor, especially in towering HDB developments such as The Pinnacle @ Duxton.\u00a0<\/span><\/p>\n

With the development being in exceedingly high demand, the average psf increased by more than 19% over the past year. Its average price psf currently stands at S$1,127 psf.\u00a0\u00a0<\/span><\/p>\n

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The Pinnacle @ Duxton<\/h4><\/div>\n
See all listings<\/a><\/span><\/div>\n <\/div>\n
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\n \"1C\n <\/div>\n
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1C Cantonment Road<\/div>\n
Singapore 085301 \u00b7 D2<\/div>\n
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\n \"bedroom\"\n 3<\/span>\n <\/div>\n
\n \"bathroom\"\n 2<\/span>\n <\/div>\n
\n 1,152 sqft<\/span>\n <\/div>\n <\/div>\n
S$ 1,500,000<\/div>\n <\/div>\n
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