A rare five-room HDB loft unit in Punggol has recently been sold for an astonishing $1.22 million, translating to a jaw-dropping $761 psf on the floor area. Set atop a 10-year-old HDB development – Punggol Sapphire – the 1,603 sq ft flat has a 5m high ceiling and large windows that let in plenty of natural light.
Amos Lim, marketing manager from ERA Realty and the property agent representing the seller, stated that the buyer and seller signed an Option to Purchase (OTP) agreement in late December. The record-setting transaction is which is currently pending HDB approval, is expected to be finished off next month.
Lim – who is also an agent with the Gideon Sim Division and ERA’s Preeminent Group – recalled that the flat was initially listed for sale at the end of August 2022, with an asking price of $1.25 million, drawing a horde of more than 100 enquiries and 10,000 views on a TikTok video featuring a tour of the flat.
He also remembered multiple offers ranging from $1.1 million to $1.24 million being put down. After careful consideration, the owner ultimately settling on a buyer who not only presented an attractive offer but also garnered a feeling of trust and comfort.
This month’s sale surpasses the previous record price of $1.198 million ($747 psf) set Champions Way Condo in September 2022. As expected, the buyer is likely to have to pay a cash over valuation (COV) of at least $100,000, being the difference between the purchase price and the HDB valuation of the property.
The rarity of the loft unit could’ve driven the staggering price; however, Lim advises loft owners in the same block not to be overly optimistic as this alone may not uplift their surrounding property prices. Punggol Sapphire hosts 23 loft units with that same breathtaking view towards Anchorvale in Sengkang, and most of them still appear set on staying. With such a high sale record however, those intending to sell their flats in the future will be able to better plan their real-estate financing.