{"id":72865,"date":"2024-02-11T16:20:17","date_gmt":"2024-02-11T08:20:17","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=72865"},"modified":"2024-02-11T16:20:17","modified_gmt":"2024-02-11T08:20:17","slug":"s1-28m-3r-unit-most-expensive-hdb-terrace-sg","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/s1-28m-3r-unit-most-expensive-hdb-terrace-sg\/","title":{"rendered":"At S$1.28M, this 3R unit is the most expensive HDB terrace in SG"},"content":{"rendered":"
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Image credit: Google Maps<\/em><\/p>\r\n\r\n\r\n\r\n

Just yesterday, news broke of a record-breaking transaction in the heart of Singapore’s bustling property market.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

A rare HDB terrace located in Jalan Ma\u2019Mor<\/a>, Kallang<\/a> has set not one, not two, but three records in the real estate scene. Selling for a staggering S$1,280,000, this property has claimed the title of the most expensive 3-room HDB unit<\/a>, the priciest HDB terrace sold to date, and the oldest million-dollar home at the time of the transaction, with a lease with only 47 years remaining.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

Most expensive HDB terrace in Singapore<\/b><\/h2>\r\n\r\n\r\n\r\n

The property at Block 58, Jalan Ma\u2019Mor<\/a>, boasts a generous size of 2,239 square feet spread across two storeys. With a selling price of S$1.28M, the price per square foot (psf) comes to S$572, setting a new benchmark in the HDB terrace market.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

It’s worth noting that the previous record holder was a unit in Jalan Bahagia<\/a>, which sold for S$1.268 million (S$571)<\/a>. Despite being just S$12,000 more expensive than its predecessor, the Jalan Ma\u2019Mor unit offers significantly more space at only a slightly higher price per square foot.\u00a0<\/span><\/p>\r\n

Check your affordability with 99.co’s affordability calculator<\/a><\/strong><\/em><\/p>\r\n\r\n\r\n\r\n

Was investing in a house with only 47 years left on the lease a wise decision?<\/b><\/h2>\r\n\r\n\r\n\r\n

This HDB terrace’s lease began in 1972, making the property 52 years old with only 47 years remaining on its 99-year lease. While some might question the wisdom of investing in a property with a relatively short lease, let\u2019s take a look at the broader state of things:\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

HDB terrace trends<\/b><\/h3>\r\n\r\n\r\n\r\n

HDB terrace houses in Singapore, particularly those in the Kallang area, were originally built in the 1950s by the Singapore Improvement Trust (SIT)<\/a>. These properties underwent lease renewal in 1972 when HDB took over, resulting in the current 99-year lease with 47 years remaining. <\/span><\/p>\r\n\r\n\r\n\r\n

So, while the lease duration may seem limited, it’s a common feature among HDB terraces in Singapore.<\/span><\/p>\r\n\r\n\r\n\r\n

Read more:<\/strong>\u00a0HDB terrace flats: What they are and where to find them<\/a><\/p>\r\n\r\n\r\n\r\n

SERS potential<\/b><\/h3>\r\n\r\n\r\n\r\n

Despite their age, HDB terrace houses in well-built-up areas like Kallang hold significant potential for Selective En bloc Redevelopment Scheme (SERS)<\/a> projects. The sizable land area occupied by these terrace houses makes them viable candidates for redevelopment, potentially resulting in a windfall for property owners. <\/span><\/p>\r\n\r\n\r\n\r\n

However, it’s essential to note that SERS eligibility is not guaranteed and should not be the sole factor driving property investment decisions.<\/span><\/p>\r\n\r\n\r\n\r\n