Executive flat in Ang Mo Kio sold for S$1.32M, setting new town record

SINGAPORE: In a recent transaction, an executive (EXE) flat in Ang Mo Kio was resold for S$1,320,000 on 1 August, setting a new record for the town.

According to 99.co, Executive flats are known for their spacious layouts and are generally sought after.

High-floor units are considered more desirable due to their panoramic views and reduced noise levels, which could have contributed to the high resale value.

Block 422 Ang Mo Kio Avenue 3 comprises a total of 212 units. Completed in 1979, it has 53 years and seven months remaining on its 99-year lease.

Recent sales of 3-room units in this block, from August 2023 to the present, have ranged from approximately S$420,000 to S$435,000.

99.co noted that Ang Mo Kio offers strong public transportation connectivity with the Ang Mo Kio MRT station (NS16) just a 6-minute walk from Block 422, and several bus stops and the Ang Mo Kio Bus Interchange providing extensive connectivity.

Residents have convenient access to shopping and dining options, including AMK Hub, Ang Mo Kio Market & Food Centre, and Chong Boon Market & Food Centre.

The area is also home to several well-regarded educational institutions, such as Ang Mo Kio Primary School, Anderson Secondary School, Nanyang Polytechnic, and Anderson Serangoon Junior College.

Desmond Lee defends HDB affordability amid record-breaking million-dollar flat sales

According to data from the government website data.gov.sg, July saw a record-setting 120 million-dollar HDB flats sold, surpassing the previous record of 96 million-dollar HDB resale transactions set in June 2024.

In the first seven months of this year, 539 HDB flats sold for at least S$1 million, compared to 470 such sales in 2023 and 369 in 2022.

In July, a five-room unit in Margaret Drive, Queenstown, sold for approximately S$1.73 million, setting a new record for the most expensive HDB resale flat in Singapore.

This sale exceeded earlier records, including a five-room unit in Boon Tiong Road that sold for S$1.59 million in April and another unit at City Vue @ Henderson, which also sold for S$1.59 million in June.

Responding to a Parliamentary question on 6 August, National Development Minister Desmond Lee affirmed that most HDB resale flats remain affordable for Singaporeans.

Mr. Lee noted that high-priced transactions make up a small minority of total resale transactions. He explained that a third of these involve maisonettes and jumbo flats, which are scarce and larger than most other flats.

Additionally, over 70 per cent of the remaining high-priced units are five-room flats, typically in prime areas, on high floors, or with long remaining leases.

He also mentioned that four-room and smaller flats sold at higher prices represent just 0.5 per cent of all such flats sold in the past two years.

Mr Lee explained that the increase in resale flat prices was due to the COVID-19 pandemic, which disrupted the Build-To-Order (BTO) building programme and significantly impacted supply.

Concurrently, demand increased as more Singaporeans sought to move out and live independently, a trend accentuated by the pandemic, leading to an imbalance in supply and demand.

He assured that the Government has significantly ramped up BTO flat supply, including offering more flats with shorter waiting times.