5-room HDB flat in Bukit Merah sold for S$1.59M sets new resale record
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5-room HDB flat in Bukit Merah sold for S$1.59M sets new resale record

Bukit Merah HDB resale flat sold for record S$1.59M

A five-room flat in Bukit Merah has recently taken the crown for the priciest Housing and Development Board (HDB) unit ever resold in Singapore.

Located at Boon Tiong Road, the flat was sold by a property agent from real estate agency PropNex for a record price of S$1.588 million on Sunday (28 April).

The transaction trumps the previous record of some S$1.569 million for the resale of a 5-room DBSS (design, build, and sell scheme) unit at Lorong 1A Toa Payoh in January 2024.

Record-breaking flat located in Bukit Merah HDB project

In a statement issued by PropNex on Tuesday (30 April), the record-setting five-room flat is said to be located on a storey above the 35th floor of block 9B Boon Tiong Road.

Measuring 112 sqm (1,206 sq ft), it is part of the HDB project Tiong Bahru View, and has a 99-year lease commencing from January 2016.

Tiong Bahru View is a replacement housing site under the Selective En-bloc Redevelopment Scheme (SERS) for blocks at 110, 111, 113 and 114 Bukit Merah View, which have since been demolished.

Source: PropNex

PropNex key executive officer Lim Yong Hock said the flat “essentially checks all the boxes” with several “top attributes”, including its close proximity to the city and other amenities, being on a high floor with great views, and lengthy lease balance.

The agency said S$1.59 million resale flat price is yet to be reflected in HDB’s transaction data.

Increase in million-dollar HDB flats

Based on sales data as of Monday (30 April), since July 2018, there have been 43 HDB units at the four blocks in Tiong Bahru View that were resold for at least S$1 million.

In block 9B specifically, 13 million-dollar resale flats ranging from four-room to five-room units were sold.

PropNex also mentioned that 10 units of five-room resale flats in the block fetched prices between S$1.05 million and S$1.4 million.

Before the latest sale record-breaking sale in Boon Tiong Road, three other HDB flats resold for S$1.5 million.

Two of the three are located in Toa Payoh and were resold in January 2024.

The third S$1.5 million flat is located in Moh Guan Terrace in Bukit Merah and was resold in June 2023.

Source: Singapore Real Estate Exchange

With the increase in million-dollar resale flats over the years, PropNex said it expects the number to remain elevated this year and surpass 2023 figure of 469 S$1 million units.

Mr Lim said million-dollar flats still accounted for a small fraction of the overall HDB resale flat transactions, making up around 2.8% in the first four months of this year.

Million-dollar resale flats aside, he also said the general demand for HDB resale flats remains “healthy”.

Also read: Toa Payoh HDB flat sold for S$1.15M, sets record for 4-room units in estate

Toa Payoh HDB flat sold for S$1.15M, sets record for 4-room units in estate

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Featured image adapted from Google Maps. 

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