A huge HDB apartment at 50 Moh Guan Terrace in Tiong Bahru was sold for world record $1.5 million ($792 per square foot). The sale was arranged by KF Property’s associate deputy division head Alvin Yeo. The property is a 1,894 square foot four-room house on the fourth level of an apartment building that is walk-up. It has 49 years remaining on its 99-year term.
Hillock Green showflat address in a prime location that enhances contemporary living with easy access to a variety of amenities.
As per Knight Frank, the flat is an amalgamation of adjoining three-room apartments with four bedrooms. The recently sold Jumbo flat is located in the Tiong Bahru Estate which is which is surrounded by lush greenery. The location is close to bakeries, cafes, and local coffee shops made it more appealing to potential buyers, according to KF Property Network head Evan Chung.
Based on HDB data on resales At least one additional apartment located in 50 Moh Guan Terrace has changed hands in the last year. The three-room 947 sq ft unit was worth $765,000 ($808 per square foot) as it was sold in the month of March.
Chung was the agent that was the broker for the sale of the prior record-setting price for an resale HDB flat. He assisted the owners of the 1,312 square feet five-room loft at Sky Terrace@Dawson to sell their home to the tune of $1.418 million ($1.081 per square foot) in June of last year.
“The Apartment that was sold by SkyTerrace@Dawson was the very first HDB Premium Loft apartment that has an enlargement of over five meters,” says Chung. Chung adds that flats that are likely to fetch a higher than the resale market usually have distinctive features or feature a desired address.
Research conducted by Knight Frank shows that resale HDB flat buyers have progressively switched to larger homes after the Singapore’s “circuit-breaker” period in June 2020. The increase in demand has led to greater prices for larger units, according to Chung. He adds, however, that million-dollar HDB’s constitute only a small portion of the overall HDB marketplace, while the majority of flats that are available for sale are fairly affordable.
“Policies such as such as the HDB Buy-to-Order (BTO) program, CPF family grants and various other initiatives from the Housing Development Board have helped Singaporeans obtain affordable housing in order for starting a family.” Chung adds Chung.
In the 1Q2023, the HDB price index for resales grew by one% in q-o-q. This was the lowest quarterly rise for the price index when compared to the previous 10 quarters. The price increase in 1Q2023 was less that what the 2.3% q-o-q increase recorded in the 4Q2022.