Connect with us

Property

Ang Mo Kio’s first 4-room HDB resale flat hits S$1 million mark

A 4-room HDB resale flat in Ang Mo Kio has recently surpassed the S$1 million mark, a milestone achievement for the area.

A closer examination of 2023 transactions on HDB’s website highlights not only near-1 million dollar deals but also a consistent trend originating from Cheng San Court.

Published

on

SINGAPORE: A 4-room Housing Development Board (HDB) resale flat in Ang Mo Kio has recently surpassed the S$1 million mark, making it the first of its kind in Ang Mo Kio to achieve this price milestone.

This significant feat was recorded at Cheng San Court, a specific property located on the upper floors between the 31st and 33rd storey of Block 591A on Ang Mo Kio Street 51, as reported by property website 99.co.

Notably, completed in 2017, the HDB block has a remaining lease of 94 years and 4 months. It is evident that the block has recently fulfilled its 5-year Minimum Occupation Period (MOP).

A closer examination of the transactions on HDB’s website clearly demonstrates that the recent 2023 transactions for 4-room HDB units in Ang Mo Kio not only neared the 1 million dollar mark but also consistently originated from the specific property and block, Cheng San Court.

According to 99.co, one of the key attractions of these four-room HDB units is their elevated positioning, starting from the 25th floor, offering breathtaking views and convenient accessibility.

Cheng San Court Blk 591A is a 99-year leasehold HDB development located at Ang Mo Kio Avenue 10 in District 20. The 32-story HDB comprises a total of 248 units, with 62 units of the saleable 3-room type and 186 units of the saleable 4-room type.

Residents of Cheng San Court benefit from its proximity to several MRT stations, including Ang Mo Kio (NS16 CR11), Tavistock (CR10), and Teck Ghee (CR12), as well as nearby educational institutions like Jing Shan Primary School, MOE Kindergarten @ Jing Shan, and Jing Shan Primary School.

Additionally, there are various conveniences nearby, such as FairPrice Xtra – Hyper Ang Mo Kio and Sri Mahalakshmi Store P. L. for grocery and household shopping.

For medical needs, residents can access Chua Medico Clinic Llp, while Posting Box @ AMK MRT serves as the nearest post office. Bank Of China Ang Mo Kio Sub-Branch provides financial services, and for leisure and relaxation, Ang Mo Kio Town Garden East offers a pleasant outdoor retreat.

HDB resale units in Ang Mo Kio witnessed a notable price surge

According to 99.co’s report on the sales trend of 4-room HDB units in Ang Mo Kio, there has been a notable surge in the average price per square foot (psf) over the years.

The average price psf showed an increase from S$451 in 2020 to S$642 in 2023. This upsurge corresponds to the observed inclination among first-time homebuyers, as evidenced by the recent Built-To-Order (BTO) launch, where a preference for larger units became apparent.

It seems that buyers are now more inclined to invest in more spacious accommodations, even at a premium cost.

Although the price psf data demonstrates a consistent, if somewhat steep, rise, it is essential to take into account the transaction volume.

In 2020, there were 321 transactions for 4-room HDB units, which marginally decreased to 310 in 2021 and 309 in 2022. As of the current year, 295 transactions have been recorded, suggesting a potential stabilization in the market—although it should be noted that these numbers might still increase in the remaining two months

4-Room HDB record holder: Tiong Bahru flat sold for record-breaking S$1.5 million

In Singapore, the title of the record-holder for 4-room HDB units remains with a property in Tiong Bahru.

The unit,  located in Blk 50 Moh Guan Terrace in Tiong Bahru, was sold for a record-breaking S$1.5 million in June this year, marking it the most expensive HDB resale flat ever sold.

Despite being a 50-year-old property, with its lease commencing in 1973 and a remaining lease of 48 years and 8 months, the flat’s high price tag is unexpected considering that demand and prices are typically lower for homes with a shorter remaining lease.

 

Share this post via:
Continue Reading
6 Comments
Subscribe
Notify of
6 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments

Another PAP scam running rampant in Singapore!!!

Public Housing in Singapore seems to be reaching new heights of “affordability.” But according to the 70%, this is perfectly fine.

It seemed that price of the HDB flat will remain high for quite some time n if this trend persist, the younger generation esp those planning to get married might need to consider staying in up north in the near future in order not to incur high cost of buying a flat.

Perhaps to cap the runaway prices of HDB flats is to cap the maximum LTV (loan to valuation) to say $750K. Meaning not just about 75% of the valuation of the flat but rather about granting a max loan of no more than $750K. For million dollar and above property, by all means pay $1.4m. But the max loan the buyer can take from HDB or Banks is no more than $750K, he then needs to cough up the difference. In the AMK case, $250K. If the property is valued or sold at $750k and below, the buyer can take… Read more »

Very likely is a PRC SPR.
Heard from many people in Singapore that PRC SPR home buyers are very generous. Many of them don’t slash price.
But we still don’t know where their money come from….lol. Guangzhou-gang this time round?

Trending

Discover more from Gutzy Asia

Subscribe now to keep reading and get access to the full archive.

Continue Reading