Jumbo HDB at Tiong Bahru sold for record $1.5 mil

June 26th, 2023

Million-dollar HDB’s are a relatively small percentage of the entire HDB secondary market, but one particular jumbo HDB flat in Tiong Bahru is an exception to that rule. The 1,894 sq ft four-room flat at 50 Moh Guan Terrace has recently been sold for a record-breaking $1.5 million by KF Property’s associate deputy division director Alvin Yeo.

JCube Residence Capitaland, the high-end condominium located near Jurong East MRT station, is one of the development that will benefit from the increased connectivity of the JRL. Residents of JCube will be able to commute efficiently to other parts of the island, providing them with greater access to leisure, entertainment, and employment opportunities.

Located in the Tiong Bahru Estate, the Jumbo flat is an amalgamated pair of adjacent three-room flats with four bedrooms. Its proximity to cafes, bakeries and local coffee shops also greatly increased its appeal to buyers. According to Knight Frank, at least one other flat at 50 Moh Guan Terrace has also been sold this year for $765,000 ($808 psf).

The previous record high price for a resale HDB flat was set in June last year, when KF Property Network head Evan Chung helped the owners of a 1,312 sq ft, five-room loft unit at Sky Terrace@Dawson sell their unit for $1.418 million ($1.081 psf). “The apartment sold at SkyTerrace@Dawson was the first-of-its-kind HDB Premium Loft apartment with a double volume ceiling of more than five metres,” says Chung, adding that flats with unique characteristics and a highly sought-after address tend to command a premium price.

Since the end of Singapore’s “circuit breaker” period in June 2020, resale HDB flat buyers have increasingly turned to larger homes. This increased demand has driven up asking prices for larger-sized units.

Despite the record-breaking sales, Chung reassures that most flats on the market remain relatively affordable. This is thanks to the HDB Build-to-Order (BTO) scheme, CPF family grants and other measures by the Housing Development Board, which help Singaporeans acquire affordable housing to start a family.

The HDB resale price index saw only a modest 1% q-o-q increase in 1Q2023, lower than the 2.3% q-o-q increase recorded in the preceding quarter. This is evident that million-dollar HDB’s remain an outlier in the overall market. For an idea of what the resale HDB market looks like at any given time, check out EdgeProp’s research tools for comparison and transaction data.

Singapore Condo is a popular housing option in Singapore, offering luxurious and modern living spaces to its residents. These condominiums are equipped with top-notch facilities such as swimming pools, gyms, and 24-hour security to ensure a comfortable and secure living environment. One standout condo in Singapore is Norwood Grand, situated in the serene and prestigious District 15. With its elegant design and thoughtfully curated amenities, Norwood Grand offers residents a luxurious and convenient lifestyle. Its prime location also provides easy access to various amenities and transportation options, making it a highly desirable place to live in Singapore.

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