SINGAPORE: In a surprising turn of events last month, the real estate market in Woodlands witnessed a historic transaction as a Housing Development Board (HDB) resale unit commanded a staggering price of S$1.15 million.
This remarkable sale not only marks a significant milestone for the estate but also raises questions about the factors driving such high valuations for HDB flats.
The focal point of this exceptional sale is a sprawling 177-square-meter unit situated at Block 816 along Woodlands Street 82.
The unit, boasting a prime location, has captured attention not only for its size but also for the record-breaking price it fetched in the market.
Interestingly, another unit within the same block changed hands in the same month, but at a significantly lower price of S$930,000 – a difference of about S$220,000.
The transaction also exceeded the previous highest price in Woodlands by an additional S$50,000.
A closer examination of these transactions on HDB’s website reveals that both flats were sold in July 2023 and shared identical lease durations of 70.5 years.
What sets them apart is primarily the level at which they are situated within the block.
The unit that secured a more modest price was nestled comfortably between the 4th and 6th storeys, while its counterpart, adorned with an impressive price tag of S$1.15 million, held its prime position on the 7th and 9th storeys.
Property website 99.co offers insights into the HDB Block at Blk 816 Woodlands Street 82, situated within the Woodlands HDB Estate.
With completion in 1994, this 99-year leasehold HDB Block comprises a total of 75 units and reached its Minimum Occupation Period (MOP) in 1999.
Notably, it enjoys convenient proximity to Woodlands MRT and Woodlands North MRT stations, as well as esteemed educational institutions including Qihua Primary School, Riverside Secondary School, and Evergreen Secondary School.
Engaging with Singaporean Chinese media outlet Shin Min Daily News, property analysts underscored the pivotal role of interior decoration and maintenance in influencing buyers’ decisions.
Although the concept of aesthetic appeal is intrinsically subjective, the aptness of a particular decor resonates differently with each individual.
Nevertheless, when encountering buyers who appreciate the aesthetics, some are willing to offer generous amounts to avoid renovation costs, according to an analyst.
Most expensive HDB resale flat sold at S$1.5 million in June this year
In June, A 4-room Housing Development Board (HDB) resale flat at Tiong Bahru has been sold for a record-breaking S$1.5 million, marking it the most expensive HDB resale flat ever sold, according to property portal 99.co.
The sale price surpassed the previous record of S$1.418 million held by a 5-room HDB resale flat at SkyTerrace @ Dawson in July 2022, and marks a new record for a 4-room HDB resale flat, overshadowing the previous record of S$1.4 million set by a Pinnacle @ Duxton flat in April.