A 5-room HDB flat in Serangoon has sold for S$1.03 million, marking the estate's first million-dollar transaction for this flat type.
KEY POINTS
IN SIMPLE TERMS
A flat in Serangoon just sold for over a million dollars, which is a big deal for that area. The high price is because it's in a great location—close to the MRT and a shopping mall. This shows that HDB flat prices in Singapore are going up, especially for bigger units.
WHY IT MATTERS
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Do you think HDB flats in prime locations are worth over S$1 million?
👍 👎 Vote ↓Serangoon joins the million-dollar HDB club with its first 5-room flat sale, reflecting the rising prices in the property market.
According to 99.co, a 5-room HDB resale flat in Serangoon has joined the million-dollar club.
The flat sold for S$1.03 million.
It is located at Block 420 Serangoon Central.
The unit is between the 10th and 12th floors.
It measures 1,324 square foot or 123 square metres.
This sale marks Serangoon’s first million-dollar transaction for a 5-room flat.
The S$1.03M works to be S$778 per square foot for this flat.
This is higher than the average price for 5-room HDB resale units in Serangoon, which is S$785,627.
The sale happened when HDB resale prices were going up.
From 2023 to 2024, HDB prices increased by 10.46%.
| Date | Block | Floor Range | Size (sqm) | Price |
|---|---|---|---|---|
| 09/2024 | 420 Serangoon Central | 10-12 | 123 | S$1.03M |
| 04/2024 | 420 Serangoon Central | 4-6 | 121 | S$990,000 |
| 04/2024 | 255 Serangoon Central Drive | 7-9 | 115 | S$990,000 |
The high price of this flat is linked to its good location.
Block 420 is right across from NEX shopping mall.
It is a 4 to 5 minute walk to Serangoon MRT stations.
These factors make the area very tempting for buyers.
As quoted from 99.co, “The answer to this question lies largely in their prime location. Block 420 is situated directly opposite the NEX shopping mall and is within a 4 to 5 minute walk to the Serangoon MRT stations.
This explains why buyers are willing to pay more for flats in this area.
Serangoon’s million-dollar sale is a big step, but it’s not the first in Singapore.
Other areas like Bukit Merah have seen more million-dollar sales.
Each area has its own appeal and price trends.
One interesting point about this sale is the flat’s remaining lease.
The Block 420 unit started its lease in 1989.
This means it has about 64 years left on its 99-year lease.
Some buyers worry about short leases, but this sale shows location can be more important than that concern.
This sale could change how people view Singapore’s property market.
It might lead to more million-dollar transactions in the area.
However, those seeking more affordable options should look at other estates.
As 99.co suggests, “If you’re seeking more affordable options, these estates could offer good value.”
It’s important to keep an eye on HDB resale trends when making property decisions.
Do you think more HDB flats in Singapore will hit the million-dollar mark soon?
Do you think HDB flats in prime locations are worth over S$1 million?
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