Three HDB flats in Circuit Road change hands for over S$1M in two weeks

SINGAPORE: During the first two weeks of June, Geylang saw the sale of three four-room Housing Board (HDB) flats at Block 82A and Block 82B on Circuit Road, each fetching over S$1 million.

The highest resale unit reached S$1,007,000, according to transaction data from the Housing and Development Board website.

This year, around 11,000 Build-to-Order (BTO) flats across Singapore are reaching their five-year Minimum Occupation Period (MOP), including the MacPherson Spring project at Circuit Road.

During the first two weeks of June, three four-room units at Blocks 82A and 82B on Circuit Road were resold for over S$1 million each:

• Block 82A (13th to 15th floor): S$1,006,888
• Block 82A (13th to 15th floor): S$1,007,000
• Block 82B (16th to 18th floor): S$1,000,000

Additional transactions in June included two units at Blocks 83A and 83B changing hands at S$985,000 and S$966,000 respectively.

Units available for purchase in Block 82A at Circuit Road range from S$700,000 to S$1.04 million, with a price per square foot ranging from S$854 to S$1,140.

Each of these units covers an area of 93 square meters and has a remaining lease of 95 years, as per information from property platform 99.co.

These units are part of the MacPherson Spring BTO project launched in 2015, featuring four 19-storey blocks with a total of 750 units ranging from two-room to four-room flats.

Notably, the project attracted significant interest upon its 2015 launch, with 2,820 applicants vying for the 378 four-room units available.

According to data from data.gov.sg, since MacPherson Spring completed its five-year MOP in April, there have been 15 resale transactions in just over two months.

These transactions include four three-room units sold for between S$720,000 and S$730,000 and 11 four-room units sold for between S$878,000 and S$1,007,000.

Additionally, more than 40 units are currently listed for sale on property company platforms, with the highest asking price reaching S$1,090,000.

On the HDB resale portal, eight units are listed by individual sellers, with the highest asking price for a four-room flat at S$968,000.

99.co highlighted several factors that could have contributed to the record-breaking transaction at MacPherson Spring.

The location in Geylang is highly attractive due to its convenient access to amenities, including schools, shopping centres, and public transportation such as MacPherson MRT (850m) and Paya Lebar MRT (1km).

The condition of the flats, including any renovations or premium fittings, also played a significant role in the high resale prices.

Nearby schools include St. Margaret’s Primary School, Cannossian Catholic Primary School, and Geylang Methodist Primary and Secondary Schools, all within a short drive.

Additionally, essential amenities such as supermarkets, clinics, hospitals, and parks like Bedok Reservoir Park and East Coast Park are easily accessible.

In 2023, there were 470 HDB resale flats sold for at least S$1 million, up from the 369 units sold in 2022, as disclosed by data from the Singapore Real Estate Exchange (SRX) on 7 January.

Last month, a five-room flat at 9B Boon Tiong Road was sold for S$1.588 million, setting a new record for the highest-priced HDB resale unit in Singapore.