{"id":70837,"date":"2023-11-09T18:37:39","date_gmt":"2023-11-09T10:37:39","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=70837"},"modified":"2023-11-09T18:37:39","modified_gmt":"2023-11-09T10:37:39","slug":"ubis-1-06-million-dollar-hdb-resale","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/ubis-1-06-million-dollar-hdb-resale\/","title":{"rendered":"Ubi’s S$1.06 million-dollar HDB resale makes unexpected history"},"content":{"rendered":"
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Image credit: Shin Min Daily News via Facebook<\/em><\/p>\r\n\r\n\r\n\r\n

Tucked away in the planning area of Geylang<\/a> Estate in the Central Region, a lesser-known neighbourhood, Kampong Ubi, recently made headlines, surprising many with its unprecedented million-dollar milestone.<\/span><\/p>\r\n\r\n\r\n\r\n

This article delves into the intricacies of this remarkable transaction, shedding light on the factors that contributed to this transaction and exploring what Ubi has to offer potential homebuyers.<\/span><\/p>\r\n\r\n\r\n\r\n

Ubi’s million-dollar HDB resale transaction<\/strong><\/h2>\r\n\r\n\r\n\r\n

In October 2023, a two-storey HDB Executive Maisonette in Ubi, Singapore, broke barriers by selling for S$1.06 million<\/a>, marking the first million-dollar transaction in the area. <\/span><\/p>\r\n\r\n\r\n\r\n

With 61 years left on its leasehold, the unit at Block 326 Ubi Avenue 1<\/a> sold for S$674 per square foot (psf).\u00a0<\/span><\/p>\r\n

\"Recent<\/a><\/p>\r\n\r\n\r\n\r\n\r\n\r\n

Recent transactions in Kampong Ubi<\/strong><\/h3>\r\n\r\n\r\n\r\n

Analysing recent transactions within Ubi provides valuable insights into the surging property market. Comparable units in the same block were transacted for S$870,000 in July and S$850,000 in May. <\/span><\/p>\r\n\r\n\r\n\r\n

Additionally, another maisonette in Block 334 exchanged hands for S$818,000 in July.<\/span><\/p>\r\n\r\n\r\n\r\n

\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Date<\/b><\/td>\r\nAddress<\/b><\/td>\r\nBlock<\/b><\/td>\r\nUnit<\/b><\/td>\r\nSize (sqft)<\/b><\/td>\r\nPrice<\/b><\/td>\r\nPrice (psf)<\/b><\/td>\r\n<\/tr>\r\n
10\/2023<\/span><\/td>\r\n326 Ubi Avenue 1<\/span><\/td>\r\n326<\/span><\/td>\r\nFloor 10-12<\/span><\/td>\r\n1,572<\/span><\/td>\r\nS$1.06 M<\/span><\/td>\r\nS$674.0<\/span><\/td>\r\n<\/tr>\r\n
12\/2021<\/span><\/td>\r\n332 Ubi Avenue 1<\/span><\/td>\r\n332<\/span><\/td>\r\nFloor 1-3<\/span><\/td>\r\n1,636<\/span><\/td>\r\nS$950,000<\/span><\/td>\r\nS$580.0<\/span><\/td>\r\n<\/tr>\r\n
07\/2023<\/span><\/td>\r\n326 Ubi Avenue 1<\/span><\/td>\r\n326<\/span><\/td>\r\nFloor 10-12<\/span><\/td>\r\n1,572<\/span><\/td>\r\nS$870,000<\/span><\/td>\r\nS$553.0<\/span><\/td>\r\n<\/tr>\r\n
12\/2022<\/span><\/td>\r\n333 Ubi Avenue 1<\/span><\/td>\r\n333<\/span><\/td>\r\nFloor 10-12<\/span><\/td>\r\n1,636<\/span><\/td>\r\nS$860,000<\/span><\/td>\r\nS$525.0<\/span><\/td>\r\n<\/tr>\r\n
12\/2022<\/span><\/td>\r\n326 Ubi Avenue 1<\/span><\/td>\r\n326<\/span><\/td>\r\nFloor 4-6<\/span><\/td>\r\n1,572<\/span><\/td>\r\nS$850,000<\/span><\/td>\r\nS$540.0<\/span><\/td>\r\n<\/tr>\r\n
05\/2023<\/span><\/td>\r\n326 Ubi Avenue 1<\/span><\/td>\r\n326<\/span><\/td>\r\nFloor 7-9<\/span><\/td>\r\n1,572<\/span><\/td>\r\nS$850,000<\/span><\/td>\r\nS$540.0<\/span><\/td>\r\n<\/tr>\r\n
11\/2021<\/span><\/td>\r\n332 Ubi Avenue 1<\/span><\/td>\r\n332<\/span><\/td>\r\nFloor 1-3<\/span><\/td>\r\n1,636<\/span><\/td>\r\nS$828,888<\/span><\/td>\r\nS$506.66<\/span><\/td>\r\n<\/tr>\r\n
01\/2022<\/span><\/td>\r\n333 Ubi Avenue 1<\/span><\/td>\r\n333<\/span><\/td>\r\nFloor 13-15<\/span><\/td>\r\n1,572<\/span><\/td>\r\nS$822,000<\/span><\/td>\r\nS$522.0<\/span><\/td>\r\n<\/tr>\r\n
07\/2023<\/span><\/td>\r\n334 Ubi Avenue 1<\/span><\/td>\r\n334<\/span><\/td>\r\nFloor 1-3<\/span><\/td>\r\n1,572<\/span><\/td>\r\nS$818,000<\/span><\/td>\r\nS$520.36<\/span><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n\r\n\r\n\r\n

In 2010, the region experienced its peak, witnessing 137 transactions with an average psf of S$340.\u00a0Following this peak, there was a decline in transaction volumes. However, the market made a comeback in 2016 with 89 transactions at S$401 psf.<\/p>\r\n\r\n\r\n\r\n

After four years of property transactions below 83, 2021 marked another 89 transactions at a higher rate of S$433 psf.<\/p>\r\n\r\n\r\n\r\n

In the current year, although there has been a slight dip in transaction volumes to 82, there’s a notable surge in prices, averaging at S$506 psf.<\/p>\r\n\r\n\r\n\r\n

This means the average psf in Kampong Ubi increased by 25.56% from 2020 to 2023.<\/p>\r\n\r\n\r\n\r\n

\"An<\/a>
Image credit: OneMap<\/figcaption><\/figure>\r\n\r\n\r\n\r\n

Behind Ubi’s million-dollar breakthrough<\/strong><\/h3>\r\n\r\n\r\n\r\n

Several factors contributed to the price tag of the maisonette.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

Firstly, the unit’s position on a high floor<\/span> unobstructed views in all directions, enhancing its appeal.<\/span><\/p>\r\n\r\n\r\n\r\n

Moreover, the previous owner had spared no expense, investing a substantial S$200,000 in renovating the unit before moving in. The renovation coupled with the <\/span>fact that the property came with complete interior furnishings <\/span>meant that the new buyers could move in directly, saving them considerable expenses on renovation costs.<\/span><\/p>\r\n\r\n\r\n\r\n

The Ubi unit also boasts a highly convenient proximity, lying within 1 km of the esteemed Maha Bodhi School, making it an ideal choice for families seeking enrollment in this reputable educational institution. According to Xu Shaocong, the real estate agent who oversaw the transaction<\/a>, the new owner expressed a keen interest in sending his daughter to Maha Bodhi School. This intention prompted the buyer to willingly invest more in acquiring the unit, underscoring the significance of the property’s location in the decision-making process.<\/span><\/p>\r\n\r\n\r\n\r\n