Tiong Bahru jumbo HDB sells for a record $1.5 million

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A massive HDB flat located at 50 Moh Guan Terrace in Tiong Bahru is being sold at a new record $1.5 million ($792 per square foot). The deal was brokered by KF Property’s associate deputy division head Alvin Yeo. The property is a 1,894 square feet four-room apartment on the fourth level of an apartment building that is walk-up. It has 49 years remaining in its 99-year lease.

Based on Knight Frank, the flat is an amalgamation of two identical three-room flats that have 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 coffee shops in the local area has attracted buyers, according to KF Property Network head Evan Chung.

Based on HDB data on resales At least one additional apartment on 50 Moh Guan Terrace has been sold this year. The 347 sq ft unit was worth $765,000 ($808 per sq ft) as it was auctioned off in March.

Chung was the agent who helped broker the sale of the prior record-setting price for the resale of an HDB flat. Chung assisted the owners of the 1,312 square feet loft with five rooms at Sky Terrace@Dawson to sell their home at $1.418 million ($1.081 per square foot) in June last year.

“The property that was sold at SkyTerrace@Dawson is the first HDB Premium Loft apartment that has an enlargement that was more than five meters,” says Chung. He says that flats that are likely to fetch a above the market for resales usually have distinctive features or have a desired address.

Research conducted by Knight Frank shows that resale HDB flat buyers have steadily moved to larger houses after the Singapore’s “circuit-breaker” period in June 2020. This increased demand has resulted in more expensive asking prices for larger units, according to Chung. But he says that HDBs worth millions of dollars are only a small portion of the overall HDB second-hand market. Moreover, a majority of flats available are reasonably priced.

“Policies such as those of the HDB Building-to-Order (BTO) program, CPF family grants and various other initiatives that are administered by the Housing Development Board have helped Singaporeans obtain affordable housing in order to begin a family,” Chung adds Chung.

In 1Q2023, HDB price index for resales grew by 1% in q-o-q. This was the lowest annual increase of the index when compared to the previous 10 quarters. The increase last quarter was less in comparison to what the 2.3% q-o-q increase recorded in the 4Q2022.