{"id":55407,"date":"2022-06-16T08:30:59","date_gmt":"2022-06-16T00:30:59","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/million-dollar-4-room-hdb-resale-flats-what-where-why-and-when\/"},"modified":"2022-07-01T05:27:10","modified_gmt":"2022-06-30T21:27:10","slug":"million-dollar-4-room-hdb-resale-flats-what-where-why-and-when","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/million-dollar-4-room-hdb-resale-flats-what-where-why-and-when\/","title":{"rendered":"Million-dollar 4-room HDB resale flats: What, Where, Why and When?"},"content":{"rendered":"
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In May 2022, 2 of the 30 million-dollar HDB resale flats sold were 4-roomers. One was a 1,012-sqft flat in Pinnacle@Duxton<\/a> while the other was a 1,023-sqft flat in Bishan’s Natura Loft<\/a>. Few realise that the Pinnacle@Duxton flat, which sold for S$1.228m, is a record in the history of 4-room HDB flats.<\/p>\n

While it’s de rigueur<\/em> for executive and 5-room flats to fill the million-dollar list (and hit records), a worthwhile barometer is to monitor the number of 4-room flats gradually breaching this price ceiling (and breaking their own records).<\/p>\n

\"The<\/a>
In separate transactions in April and May 2022, two flats at Pinnacle@Duxton currently hold the record for most expensive 4-room HDB resale flat sold – at S$1.228m.<\/figcaption><\/figure>\n

First 4-room HDB flat that breached the S$1m mark, total sold (so far) and current record holders<\/h2>\n

Since 2018 – the first year a 4-room HDB flat hit the S$1m mark – there have been 87 4-room HDB flats sold above S$1m.<\/p>\n

Across this period (1 Jan 2018 till 15 June 2022), that’s 14.19% of million-dollar flats sold compared to 5-rooms (405, or 66.07%) and executive (121, or 19.74%).<\/p>\n

Note that we’ve excluded million-dollar transactions of 3-room HDB terrace houses at Jalan Bahagia<\/a> and Jalan Ma’Mor<\/a> since we’re looking at resale flats.<\/p>\n

 <\/p>\n

\"HDB<\/a>
Don’t let the lower sales volume of million-dollar 4-rooms fool you. In less than five years, its average psf price is on a double-digit growth path compared to 5-room and executive flats.<\/figcaption><\/figure>\n

Notably, the first 4-room HDB flat that breached the S$1m mark was a 1,033-sqft Type S1 flat at Pinnacle@Duxton, which sold for S$1.028m, or S$995.16 psf in June 2018.<\/p>\n

As of today, the current record-holders are two 4-roomers (Type S1) at Pinnacle@Duxton, which sold for S$1.228m in April and May 2022. The one in April was 1,001 sqft (S$1,226 psf) while the one in May was 1,012 sq ft (S$1,213 psf).<\/p>\n

\"Tiong<\/a>
While 81% of million-dollar 4-room HDB flats sold so far are from Pinnacle@Duxton, 13% of them are from SERS replacement project Tiong Bahru View, at 9A-10B Boon Tiong Road. (Image credit: Google Maps)<\/figcaption><\/figure>\n

More importantly, while transaction volumes for million-dollar 4-room flats are lower than 5-rooms, their average psf price has grown by 12.96% in less than 5 years – faster than 5-room (5.33%) and executive (1.79%).<\/p>\n

What’s even more interesting is that there are buyers willing to pay a higher average psf price (S$1,130) for a 1,000-plus-sqft 4-room flat compared to a 1,200\/1,300-sqft 5-room (S$922) or 1,800\/2000-sqft executive (S$652).<\/p>\n

This is considering the million-dollar range among these three room types is currently between S$1m and S$1.4m<\/a>.<\/p>\n

Where are these million-dollar 4-room HDB resale flats located?<\/h2>\n\n\n\n\n\n\n\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n\n\n\n\n\n
Locations of >million-dollar 4-room HDB resale flats<\/strong><\/td>\n<\/tr>\n
<\/td>\nTiong Bahru View
\n(SERS replacement site for Bukit Merah View)<\/a><\/strong><\/td>\n		Pinnacle @ Duxton<\/a><\/strong><\/td>\nMoh Guan Terrace<\/a><\/strong><\/td>\nCity Vue @ Henderson <\/a>
\n<\/strong>(SERS replacement site for Redhill Close)<\/a><\/strong><\/td>\n		SkyTerrace @ Dawson<\/a><\/strong><\/td>\nNatura Loft<\/a><\/strong><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nTOP: 2016<\/strong><\/td>\nTOP: 2011<\/strong><\/td>\nTOP: 1976<\/strong><\/td>\nTOP: 2018<\/strong><\/td>\nTOP: 2016<\/strong><\/td>\nTOP: 2011<\/strong><\/td>\nTotal by year<\/strong><\/td>\nPercentage sold by year<\/strong><\/td>\n<\/tr>\n
2018<\/strong><\/td>\n2<\/td>\n5<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n7<\/td>\n8%<\/td>\n<\/tr>\n
2019<\/strong><\/td>\n1<\/td>\n9<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n10<\/td>\n11%<\/td>\n<\/tr>\n
2020<\/strong><\/td>\n4<\/td>\n8<\/td>\n1<\/td>\n1<\/td>\n<\/td>\n<\/td>\n14<\/td>\n16%<\/td>\n<\/tr>\n
2021<\/strong><\/td>\n4<\/td>\n38<\/td>\n<\/td>\n1<\/td>\n1<\/td>\n<\/td>\n44<\/td>\n51%<\/td>\n<\/tr>\n
1 Jan – 15 June 2022<\/strong><\/td>\n<\/td>\n10<\/td>\n<\/td>\n<\/td>\n1<\/td>\n1<\/td>\n12<\/td>\n14%<\/td>\n<\/tr>\n
Total by project<\/strong><\/td>\n11<\/td>\n70<\/td>\n1<\/td>\n2<\/td>\n2<\/td>\n1<\/td>\n87<\/td>\n<\/td>\n<\/tr>\n
Percentage sold by project<\/strong><\/td>\n13%<\/td>\n81%<\/td>\n1%<\/td>\n2%<\/td>\n2%<\/td>\n1%<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Not surprisingly, 81% of all 4-room flats resold above S$1m so far are from the 50-storey Pinnacle@Duxton. Most of them are mid- to higher-floor apartments (levels between 28 and 45).<\/p>\n

There are exceptions, like in October and December 2021, when units between levels 19-21 were sold for S$1m. More recently, in June 2022, a unit between levels 13-15 was sold for a million, marking another record for million-dollar 4-room flats in terms of floor level at the project.<\/p>\n

Similarly, the Tiong Bahru View flats – which are SERS replacements for Bukit Merah View at 9A-10B Boon Tiong Road –\u00a0were on mid- to higher floors – between 16-40. The ones at SkyTerrace@Dawson were between levels 31 and 42.<\/p>\n

Another notable trend to monitor is the gradual increase in the number of 4-room flats sold on a year-to-year basis, with more than half of them sold last year.<\/p>\n

The age of these flats and how fast were they sold after TOP?<\/h2>\n

While Moh Guan Terrace seems to be the oldest 4-room HDB flat sold for above S$1m<\/a> (with 51 years of lease remaining at the time of sale), it is also possibly the record-holder for being on the lowest floor (the block is a walk-up with only four floors). It should also be noted that the 4-room flat is an amalgamation of two 2-room units (giving a total floor space of 1,410 sqft).<\/p>\n

\"43<\/a>
Moh Guan Terrace may hold the record for a million-dollar 4-room resale flat sold on the lowest floor and shortest lease. (Image source: Google)<\/figcaption><\/figure>\n

The newest 4-room resale flats were from SERS replacement projects, Tiong Bahru View and City Vue @ Henderson, which sold when their leases were at roughly 97 years.<\/p>\n

The reason the owners were able to sell before they complete their 5-year Minimum Occupation Periods (MOP)<\/a> after TOP<\/a> is because owners impacted by SERS<\/a> can choose to sell 7 years after they select their new flats. These 7 years would have included the construction period.<\/p>\n

So technically, for these sellers, they only stayed in their new flats for 2 years at most.<\/p>\n

However, on a sidenote, HDB has changed the MOP criteria<\/a> for SERS recently<\/strong>.<\/p>\n

\"HDB<\/a>
As of 7 April 2022 (the same day the Ang Mo Kio SERS announcement was made), HDB updated their MOP requirements for residents affected by SERS.<\/figcaption><\/figure>\n

Effective from 7 April 2022, homeowners impacted by SERS can sell their flats only 5 years after they’ve collected their keys (like any BTOs). Coincidentally (and possibly unfortunate for these residents), the recent Ang Mo Kio SERS<\/a> was announced on that same day.<\/p>\n

This means for the affected 600 Ang Mo Kio households, if they opt to move into their replacement flats, they can only sell their flats 5 years after living in them – no matter how long the wait is for those new replacement flats to complete.<\/p>\n

\"Ang<\/a>
Some residents affected by the SERS programme at blocks 562 to 565 Ang Mo Kio Avenue 3 have shared unhappy news about having to top-up extra money for their SERS replacement flats recently. We wonder if they also know about the HDB rule change for SERS on 7 April 2022…<\/figcaption><\/figure>\n

Record-breaking 4-room HDB resale flats after 5-year MOP<\/h2>\n

Anyway, SERS-aside, the current record holder for a 4-room HDB flat sold above S$1m immediately after its first owner had presumably stayed the full 5-year MOP<\/em> would be SkyTerrace@Dawson<\/a> – which was a 1,173 sqft premium loft apartment sold for S$1.033m (S$880 psf) in June 2021.<\/p>\n

In December 2021, a similar 5-room loft apartment (1,313 sqft) there was sold for S$1.328m<\/a> (S$1,011 psf) – a record for the Queenstown neighbourhood.<\/p>\n

Right now, speculators wonder when we’ll see the first Model A (1,001 sqft) 4-room HDB flat hit the S$1m mark immediately after serving its 5-year MOP.<\/p>\n

If we look at HDB flats which TOPed in 2017 and 2018 and already selling around the >S$900k range in the open market, we can probably place our predictions:<\/p>\n\n\n\n\n\n\n\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
List of 4-room BTO flats which have recently MOPed selling above S$900k in the open market<\/strong><\/td>\n<\/tr>\n
Project<\/strong><\/td>\nLocation<\/strong><\/td>\nTOP<\/strong><\/td>\nCurrent highest price sold for a 4-room resale flat<\/strong><\/td>\nSize (sqft)<\/strong><\/td>\nPrice (PSF)<\/strong><\/td>\nFloor range<\/strong><\/td>\nDate<\/strong><\/td>\nNotes<\/strong><\/td>\n<\/tr>\n
Kebun Baru Court<\/a><\/td>\n260B Ang Mo Kio Street 21<\/td>\n2018<\/td>\nS$918,000<\/td>\n990<\/td>\nS$927<\/td>\n19-21<\/td>\nMay 2022<\/td>\nModel A 4 Room<\/td>\n<\/tr>\n
Toa Payoh Crest<\/a><\/td>\n130A Lorong 1 Toa Payoh<\/td>\n2018<\/td>\nS$975,000<\/td>\n1001<\/td>\nS$974<\/td>\n37-39<\/td>\nMay 2022<\/td>\nModel A 4 Room<\/td>\n<\/tr>\n
Toa Payoh Crest<\/a><\/td>\n130B Lorong 1 Toa Payoh<\/td>\n2018<\/td>\nS$975,000<\/td>\n1001<\/td>\nS$974<\/td>\n31-33<\/td>\nMay 2022<\/td>\nModel A 4 Room<\/td>\n<\/tr>\n
Clementi Cascadia<\/a>
\n(SERS replacement)<\/td>\n		440C Clementi Avenue 3<\/td>\n2017<\/td>\nS$955,000<\/td>\n1012<\/td>\nS$943.68<\/td>\nN\/A<\/td>\nNov 2021<\/td>\n3 bedrooms<\/td>\n<\/tr>\n
Teck Ghee Parkview<\/a><\/td>\n455B Ang Mo Kio St 44<\/td>\n2018<\/td>\nS$900,000<\/td>\n1001<\/td>\nS$899<\/td>\n28-30<\/td>\nJune 2022<\/td>\nModel A 4 Room<\/td>\n<\/tr>\n
McNair Towers<\/a><\/td>\n113B McNair Road<\/td>\n2017<\/td>\nS$998,000<\/td>\n1001<\/td>\nS$997<\/td>\n34-36<\/td>\nJan 2022<\/td>\n4-room (Premium Apartment)<\/td>\n<\/tr>\n
Bendemeer Light<\/a><\/td>\n10A Bendemeer Road<\/td>\n2017<\/td>\nS$950,000<\/td>\n1001<\/td>\nS$949.05<\/td>\nN\/A<\/td>\nApr 2022<\/td>\nModel A 4 Room<\/td>\n<\/tr>\n
Telok Blangah Ridgeview<\/a><\/td>\n70C Telok Blangah Heights<\/td>\n2017<\/td>\nS$900,000<\/td>\n1001<\/td>\nS$899<\/td>\n22-24<\/td>\nDec 2021<\/td>\nModel A 4 Room<\/td>\n<\/tr>\n
Kallang Trivista<\/a>
\n(SERS replacement)<\/td>\n		8B Upper Boon Keng Road<\/td>\n2017<\/td>\nS$960,000<\/td>\n1023<\/td>\nS$938<\/td>\n28-30<\/td>\nJuly 2021<\/td>\n4-room (Premium Apartment)<\/td>\n<\/tr>\n
City Vue @ Henderson<\/a>
\n(SERS replacement)<\/td>\n		96B Henderson Road<\/td>\n2018<\/td>\nS$1.03m<\/td>\n1001<\/td>\nS$1028.97<\/td>\nN\/A<\/td>\nDec 2021<\/td>\nModel A 4 Room<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

* 4-room (premium apartments) are usually renovated flats that include doors, tiles, wall paint and cabinets. This is as opposed to standard 4-rooms which are flats with raw concrete and optional doors. Clementi Cascadia is a SERS replacement development<\/a> for blocks 436-438 Clementi Avenue 3 to make way for a temporary bus interchange, Kallang Trivista is a SERS replacement development<\/a> for some Rochor residents affected by the North-South Expressway construction, while City Vue @ Henderson is a SERS replacement development<\/a> for some Redhill Close residents. (Table data sources from URA, Realis and 99.co)<\/em><\/p>\n

Based on the table above, we can see McNair Towers (premium apartment) inching closer towards its first S$1m 4-room flat after MOP. If you recall, the project had contractor difficulties<\/a> in 2015 but managed to turn things around.<\/p>\n

Separately, Toa Payoh Crest has had two units sold at S$975k so far, while Bendemeer Light sold a 4-room for S$950k in April.<\/p>\n

Even the three SERS replacement projects on the list – City Vue@Henderson, Clementi Cascadia and Kallang Trivista – which have either completed or nearing their 5-year MOP, may likely see some records broken as well. Already, City Vue has sold two 1,001-sqft 4-room flats at or above S$1m under its SERS MOP in October 2020 and December 2021.<\/p>\n

So the likelihood of the first 1,001-sqft 4-roomer selling for a million soon after its first 5-year MOP could come from any of them really.<\/p>\n

\"Toa<\/a>
Will Toa Payoh Crest (pictured) or McNair Towers be the first BTO project where we see a Model A 4-room flat sells for S$1m after its first owner stays the full 5-year MOP?<\/figcaption><\/figure>\n

Also, while the list above shows recently MOPed BTO projects which have recorded near-S$1m sales for 4-roomers, there are more BTO projects with 4-room flats MOPing soon that we’ve yet to track. So it remains critical that we continue to monitor these trends.<\/p>\n

Why?<\/p>\n

As more 4-room flats near or breach the S$1m price ceiling (and their psf prices continue with double-digit growths), there may be a spillover effect (and price demand) on other mid- to lower-tier price ranges among 4-room resale flats (within the same block, or around the same estate or neighbourhood).<\/p>\n

If this trend continues, it may only be a matter of time when more 1,000-sqft 4-room HDB resale flats breach the S$1m mark – first, within urban districts, and later, in suburban neighbourhoods like Clementi and Jurong (Singapore’s designated 2nd CBD).<\/p>\n

–<\/p>\n

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4-room HDB Resale Flats priced between S$800k and S$1m<\/h4><\/div>\n
See all listings<\/a><\/span><\/div>\n <\/div>\n
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\n \"626A\n <\/div>\n
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626A Tampines Street 61<\/div>\n
Singapore 521626 \u00b7 D18<\/div>\n
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\n \"bedroom\"\n 3<\/span>\n <\/div>\n
\n \"bathroom\"\n 2<\/span>\n <\/div>\n
\n 1,001 sqft<\/span>\n <\/div>\n <\/div>\n
S$ 898,000<\/div>\n <\/div>\n
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