Five-room HDB flat in Henderson Road with 96 years remaining lease sold for record $1.4 million

by Albert02

Five-room HDB flat in Henderson Road with 96 years remaining lease sold for record $1.4 million

Five-room HDB flat in Henderson Road with 96 years remaining lease sold for record $1.4 million. 

This month, a five-room Housing Board flat at Block 96A Henderson Road sold for an all-time high of $1.4 million. The 113 sq m flat, located between the Redhill and Tiong Bahru MRT stations, broke the previous record of $1,388,888 set in March by a five-room unit at the [email protected]

Gwen Ong and Clarence Long of ERA Property Agents, who jointly closed the deal, told The Straits Times that they began intensive marketing efforts for the unit earlier this year, with an asking price of $1.45 million.

“From the moment we listed the unit, it was well received. We had over 20 in-person viewings in three months, and they were serious buyers “Ms Ong stated.

According to Mr. Long, they received more than five offers in total, with buyers competing fiercely before settling on the final price of $1.4 million.

The apartment is on the 41st floor of a 48-story building and has a lease term of 96 years and one month.

In 2011, City Vue @ Henderson was designated as a Selective En bloc Redevelopment Scheme (Sers) replacement site in Bukit Merah’s mature estate for the Redhill Close Sers project.

Owners of Sers flats who purchased them at the designated replacement site can sell them after five years from the date of occupation or seven years from the date of replacement unit selection, whichever comes first.

Mr Long stated that the buyer was drawn in by the project’s small number of five-room HDB flats, as well as the flat’s long remaining lease.

“This unit caters to the higher end of the HDB market, and these buyers are aware that it is a rare, limited-edition type unit, so they see value in it and are willing to make offers,” he added.

Out of the 1,232 units in the project, 135 are five-room flats.

“The previous record at [email protected] Duxton was $1,388,888 for a five-room unit that was more than ten years old, so I think $1.4 million for this three-year-old unit matches the market expectation,” Mr Long said.

“Price is important to the buyer, but we’re ultimately selling them a home that they can live in for a long time and that meets the needs of their family.”

HDB resale prices rise for the 22nd month in a row; a record $1.228 million is paid for a Pinnacle 4-room flat. 15 HDB flats have sold for more than $1 million this month. It is notable that some of the HDB transactions might be higher or comparable with new upcoming private development like AMO Residence in Ang Mo Kio. As of Thursday, there had been 120 million-dollar flats sold this year. (19th of May). There were 259 such deals last year, compared to only 82 in 2020.

The latest deal comes ahead of a Build-To-Order (BTO) launch later this month, when new flats in two highly anticipated projects in the area will be available for purchase. One of the projects will offer approximately 1,660 three- and four-room units on a site bordered by Tiong Bahru and Henderson roads.

According to ERA Singapore’s head of research and consultancy Nicholas Mak, more people may be interested in these BTO flats as more HDB resale units in the area sell for high prices.

“Now that we have more of these flats in this area going for $1 million and up,” Mr Mak explained, “it adds weight to the argument that these two BTO projects should be included in the prime location public housing (PLH) model.”

The PLH model imposes stricter selling and buying conditions, such as a 10-year minimum occupation period, to keep new HDB flats in prime areas affordable and inclusive.

Only when a BTO project is put up for sale does HDB reveal whether it falls under the PLH model.

Huttons Asia senior director of research Lee Sze Teck noted that HDB resale prices in the area will likely continue to rise in the coming months, as another five-room unit on level 44 in the same Block 96A Henderson Road is already on the market for $1.5 million.

Click the image to read the full details of report.
Source:
https://www.straitstimes.com/singapore/housing/five-room-hdb-flat-at-henderson-road-with-96-years-remaining-lease-sold-for-record-14-million

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