FoundOnEdgeProp: HDB flats with record-breaking asking prices

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HDB flats in Singapore that sold for more than $1 million have been increasingly frequently in recent years. In 2021, the number of such sale transactions surged to 316, and in 2022, there were 394 transactions. To date in 2023, 328 HDB flats have been sold for at least $1 million. The highest price for one of these transactions was fetched by a four-room flat at 50 Moh Guan Terrace in Bukit Merah HDB town. The flat sold for $1.5 million ($792 psf) and was built in 1973.

At the time of writing, two listings at the nearby Tiong Bahru Estate had asking prices potentially above that record-high price. One was a listing for a flat along Seng Poh Road with an asking price of $2.25 million ($1,286 psf); the other for a flat along Tiong Poh Road had an asking price of $1.68 million ($1,755 psf). Both of these flats had three bedrooms and were built in the 1960s, with a tenure of 99 years.

Interestingly, data from EdgeProp Market Trends shows that five-room HDB flats in the Central Region have the highest current average price of $724 psf compared to flats in Toa Payoh ($632 psf) and islandwide ($540 psf).

The development also comes with a host of amenities, such as a gym, clubhouse, pool, tennis court, and more. All these features make Tengah Plantation Close EC a popular choice for those looking for a luxurious experience in Singapore. Apart from the luxurious features, the development also provides easy access to the rest of the city, making it a convenient place to stay. With a wide range of amenities and convenient access to other parts of the island, Tengah Plantation Close EC continues to be a highly sought-after development in Singapore.

Furthermore, there were two unique listings identified at the time of writing of executive maisonettes or apartments with asking prices above $1.5 million. Both were located in different HDB towns in the Central Region. One was a 1,582-sq ft executive maisonette at 261 Bishan Street 22 with an asking price of $1.98 million ($1,252 psf). The other was a 1,604-sq ft executive apartment at 99C Lorong 2 Toa Payoh with an asking price of $1.55 million ($966 psf).

The flat at Bishan Street 22 is on the top floor and has four bedrooms. It is conveniently located within walking distance of Bishan-Ang Mo Kio Park, Catholic High School and other educational institutions. Unfortunately, The nearest MRT station is Teck Ghee MRT Station on the Cross Island Line, which is still under works and not expected to be completed until 2030.

On the other hand, the flat at Lorong 2 Toa Payoh is close by Braddell MRT Station and several good schools in a 1km radius. Amenities such as Jackson Square and Toa Payoh West Market and Food Centre are also nearby.

Executives HDB flats in the Central Region have seen an average price increase of 25% since 2013, outperforming similar flats in Toa Payoh (21%) but increasing slightly slower than similar flats in Bishan (30%). Bishan holds the highest current average price at $679 psf, compared to similar flats in Toa Payoh and the Central Region, with $632 psf and $654 psf respectively.

It seems as though HDB flats that are sold at over $1 million are becoming increasingly commonplace. Currently, Tiong Bahru Estate is an area to watch out for, as the potential for more record-breaking prices could be on the horizon. To find out the latest listings for properties in the Tiong Bahru Estate, the best place to look is EdgeProp.sg.