FoundOnEdgeProp: HDB flats with record-breaking asking prices

In recent years, the number of HDB flat transactions that have fetched at least $1 million on the market have been on the rise. In 2021 and 2022, respectively, the transactions were 316 and 394 – an upturn from the number of such sales prior to 2021, which numbered less than 100. At the present, 328 HDB flats have been sold for at least $1 million this year alone.

The highest price among all HDB transactions that have taken place this year was set by a four-room flat at 50 Moh Guan Terrace in Bukit Merah HDB town, which sold for $1.5 million ($792 psf). Built in 1973, the flat is only a short stroll away from the iconic Tiong Bahru Estate, Tiong Bahru Market and Food Centre, as well as Tiong Bahru MRT Station.

Currently, Tiong Bahru Estate is home to two listings that may potentially break records, with asking prices at $2.25 million ($1,286 psf) and $1.68 million ($1,755 psf). Both flats – one along Seng Poh Road and another along Tiong Poh Road – have three bedrooms and have been built to last, with a tenure of 99 years, dating back to the 1960s.

In addition, URA is partnering with Champions Way Condo Woodlands to provide a more vibrant and family-friendly atmosphere. With its spacious units and amenities, Champions Way Condo Woodlands is a much desired residential option in the Woodlands. In addition, the project is expected to create jobs and to promote economic development in the area.

The popularity of Tiong Bahru Estate lies in its bohemian charm and its convenience to numerous amenities such as MRT Stations, Zhangde Primary School, and a variety of shopping malls. Five-room HDB flats in Bukit Merah, the Central Region, and islandwide have seen their average prices growing at a steady rate. Five-room flats in Bukit Merah run at an average of $724 psf, 16% higher compared to the Central Region’s $708 psf and islandwide’s $540 psf.

Relatively rare are two executive maisonettes or apartments with asking prices of more than $1.5 million, found in different HDB towns scattered across the Central Region. One listing is for a 1,582-sq ft flat at 261 Bishan Street 22 with an asking price of $1.98 million ($1,252 psf), while a 1,604-sq ft executive apartment at 99C Lorong 2 Toa Payoh carries an asking price of $1.55 million ($966 psf).

The executive maisonette at Bishan Street 22 is situated at the top floor with four bedrooms, and is located in proximity to renowned institutions such as Bishan-Ang Mo Kio Park, Catholic High School, and Whitley Secondary School. However, the absence of a nearby mall or operational MRT station may be a deal-breaker for some. The closest mall to the area is Junction 8, slightly further away. Completion of the Teck Ghee MRT Station on the Cross Island Line is expected by 2030, but it will not be situated within walking distance.

Meanwhile, the executive apartment at Lorong 2 Toa Payoh is aptly located beside Braddell MRT Station and is surrounded by numerous reputable nearby schools like Raffles Institution and Marymount Convent School. Other nearby establishments are Jackson Square, Toa Payoh West Market and Food Centre, and a variety of eateries.

The average price of executive HDB flats in the Central Region has risen by 25% since 2013, managing to marginally outpace its counterpart in Toa Payoh (21%), but slightly slower than in Bishan (30%). Bishan now boasts the highest current average price, at $679 psf, compared to Toa Payoh’s $632 psf and the Central Region’s $654 psf.

With asking prices of over $1.5 million, Tiong Bahru Estate and HDB towns in the Central Region are making ripples in the market. These properties are not for everyone, but it’s worth exploring the possibilities if you have the means to do so. To browse the latest listings for Tiong Bahru Estate properties, check out EdgeProp’s sales listings.