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S$860K for 3-Room HDB Flat? Bukit Merah’s New High
A 3-room HDB flat in Bukit Merah's Tiong Bahru View just sold for S$860,000, setting a new record for the area.
D
Daily.SG Newsroom
Archive · 25 Aug 2024
KEY POINTS
- ●A 3-room HDB flat in Tiong Bahru View, Block 10A, sold for S$860,000 on 23 August 2024, the highest price ever for a 3-room flat in Bukit Merah.
- ●The flat is 667 square feet on the 34th–36th floor of a 40-storey building, with a cost of S$1,289 per square foot.
- ●Buyers are willing to pay extra for higher-floor units, especially in central locations with long lease remaining.
- ●The average price for 3-room flats in Tiong Bahru View is around S$679,804 in 2024, but Bukit Merah overall averages S$496,080—this sale is far above both benchmarks.
- ●Experts caution that record-high prices may not be sustainable, and the government could introduce new rules affecting HDB resale market.
IN SIMPLE TERMS
A small apartment in Bukit Merah sold for a very high price—S$860,000—which is more expensive than most 3-room flats in the neighbourhood normally cost. The flat is on a high floor in a tall building close to the city, which makes it worth more to buyers.
WHY IT MATTERS
HDB resale prices in prime locations are climbing sharply, outpacing broader market averages.
First-time buyers may find it increasingly difficult to afford flats in desirable central areas.
Rising prices may prompt government intervention to manage affordability and market stability.
Sellers of similar flats may now have higher expectations, while buyers need to weigh whether prices justify the purchase.
WHERE DO YOU STAND?
Are record-high HDB resale prices in central locations good news or a sign of an unsustainable market?
👍 👎 Vote ↓The Full Story
- A 3-room HDB flat in Bukit Merah sold for S$860,000.
- The flat is in Tiong Bahru View on Boon Tiong Road.
- This sale sets a new record for 3-room flats in the area.
A small flat in Bukit Merah just sold for a huge amount of money, shocking many people.
Record-Breaking Sale in Bukit Merah
A 3-room HDB flat in Bukit Merah just sold for S$860,000.
This sale happened on 23 August 2024.
The flat is in Tiong Bahru View, Block 10A, on Boon Tiong Road.
This is now the most expensive 3-room HDB flat ever sold in Bukit Merah.
The flat is 667 square feet in size.
That means each square foot costs S$1,289.
Why Is This 3-Room HDB Flat So Expensive?
The flat is on a high floor, between the 34th and 36th floor.
It is in a 40-storey building.
High floors often have better views, making them more valuable.
Tiong Bahru View is close to the city, which many people like.
According to 99.co, “It seems buyers are willing to pay extra for higher-floor units, especially when the project still has a long lease left.”
| Year | Average Price for 3-Room HDB Flats in Tiong Bahru |
|---|---|
| 2023 | S$682,500 |
| 2024 | S$679,804 |
Comparing Prices in the Area
In 2023, the average price for 3-room HDB flats in Tiong Bahru View was S$682,500.
This was based on only four sales that year.
In 2024, the average price for 3-room flats in Tiong Bahru is about S$679,804.
But in Bukit Merah, the average price is lower at S$496,080.
This new sale is much higher than these averages.
Other Expensive Sales in the Area
In May 2024, a 5-room DBSS flat in Tiong Bahru View sold for S$1.588 million.
This was a record for HDB resale prices in Singapore at that time.
Later, a 5-room flat at SkyOasis sold for even more: S$1.73 million.
These sales show that some people are willing to pay a lot for flats in good locations.
Past Sales in the Same Block
In 2022, another flat in Block 10A sold for S$800,000.
The new sale price is 7.51% higher per square foot than that 2022 sale.
This big jump in price shows how much demand has grown for these flats.
What This Means for Buyers and Sellers
These high prices might make it harder for first-time buyers to afford homes in this area.
Sellers of similar flats might expect to get high prices too.
But some experts warn that these high prices might not last forever.
The government might also change rules about reselling HDB flats because of these high prices.
- Buyers should be careful about paying too much.
- Sellers might want to sell now while prices are high.
- First-time buyers might need to look in other areas.
- The government might make new rules about HDB resales.
Most Expensive 3-Room HDB Flat Ever Sold
The most expensive 3-room HDB flat ever sold was not a regular flat.
It was a HDB terrace house in Kallang.
This terrace house sold for S$1.568 million.
HDB terrace houses are very rare and usually cost more than regular flats.
What to Consider When Buying a Flat
If you’re thinking of buying a flat, here are some things to think about:
Look at the average prices in the area, not just the highest sales.
Think about how long you plan to live in the flat.
Consider if the location is worth the high price to you.
Remember that prices can go down as well as up.
Check if you can afford the monthly payments for an expensive flat.
This record-breaking sale shows that some HDB flats can sell for very high prices, but buyers should think carefully before paying so much.
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