A Five-room HDB flat in Henderson Road with 96 years remaining lease sold for record $1.4 million

by Albert02

A Five-room HDB flat in Henderson Road with 96 years remaining lease sold for record $1.4 million

A Five-room HDB flat in Henderson Road with 96 years remaining lease sold for record $1.4 million. 

A five-room HDB flat at Block 96A Henderson Road sold for an all-time high of $1.4 million this month. The 113 sq m flat, which is located between the Redhill and Tiong Bahru MRT stations, shattered the previous record of $1,388,888 set in March by a five-room unit at the [email protected]

The deal was closed by Gwen Ong and Clarence Long of ERA Property Agents, who told The Straits Times that they began intensive marketing efforts for the unit earlier this year, with an asking price of $1.45 million.

“The unit was well received from the moment we listed it. In three months, we had over 20 in-person viewings, all of which were serious buyers “According to Ms Ong.

Mr Long stated that they received more than five offers in total, with buyers competing fiercely before settling on the final price of $1.4 million.

The apartment is on the 41st floor of a 48-story building and has 96 years and one month left on its lease.

City Vue @ Henderson is a Selective En bloc Redevelopment Scheme (Sers) replacement site in Bukit Merah’s mature estate designated for the Redhill Close Sers project in 2011.

Owners who purchased Sers flats at the designated replacement site can sell the flats after five years from the date of occupation or seven years from the date of replacement unit selection, whichever is earlier.

The buyer was drawn in by the project’s small number of five-room HDB flats, as well as the flat’s long remaining lease, according to Mr Long.

“Because this unit caters to the higher end of the HDB market, and these buyers are aware that it is a rare, limited-edition type unit, they see value in it and are willing to make offers,” he added.

135 of the project’s 1,232 units are five-room flats.

“The previous record at [email protected] Duxton was $1,388,888 for a five-room unit that was more than ten years old,” Mr Long said. “Price is important to the buyer, but ultimately, we’re selling them a home that they can live in for a long time and that meets their family’s needs.” HDB resale prices rise for the 22nd month in a row; Pinnacle 4-room flat sells for a record $1.228 million. Some of these HDB prices are higher than an exciting upcoming private development such as AMO Residence in Ang Mo Kio. So far this month, 15 HDB flats have sold for more than $1 million.

As of Thursday, the total number of million-dollar flats sold this year was 120. (May 19). Last year, there were 259 such transactions, compared to only 82 in 2020.

The most recent transaction comes ahead of a Build-To-Order (BTO) launch later this month, when new flats in two highly anticipated projects in the area will be available for purchase. On a site bordered by Tiong Bahru and Henderson roads, one of the projects will offer approximately 1,660 three- and four-room units.

According to ERA Singapore’s head of research and consultancy Nicholas Mak, as more HDB resale units in the area sell for high prices, more people may be interested in these BTO flats.

“Now that we have more of these flats in this area going for $1 million and up, it adds weight to the argument that these two BTO projects should be included in the prime location public housing (PLH) model,” Mr Mak said.

To keep new HDB flats in prime areas affordable and inclusive, the PLH model imposes stricter selling and buying conditions, such as a 10-year minimum occupation period.

HDB only reveals whether a BTO project falls under the PLH model when it is put up for sale.

Huttons Asia senior director of research Lee Sze Teck predicted that HDB resale prices in the area will likely rise further in the coming months, pointing out that another five-room unit on level 44 of the same Block 96A Henderson Road is already on the market for $1.5 million.

Click the image to read the full details of report.
Source:
https://www.businesstimes.com.sg/real-estate/henderson-5-room-hdb-flat-sets-new-record-resale-price-of-s14m

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