Most expensive HDB in Bishan sold for $1.568M, 4th highest in Singapore
Singapore’s record-breaking HDB flat transaction
Earlier this month, a four-room HDB flat at 590B Ang Mo Kio Street 51 made headlines when it was sold for an eye-watering $1.08 million, setting a new record for the highest transacted price for a four-room flat in the Ang Mo Kio Planning Area. Located on the 28th to 30th storey, the 1,001-sq ft flat was completed in 2019 and boasts a prime location and amenities.
Using our analytics tool, “Is it a Good Deal?”, we take a closer look at whether the buyer of this HDB flat managed to secure a good deal.
Well-connected and convenient location
Residents of 590B Ang Mo Kio Street 51 enjoy the convenience of having Ang Mo Kio MRT Station within walking distance. Other amenities such as Jing Shan Primary School, Anderson Secondary School, AMK Hub, Cheng San Market and Cooked Food Centre, Chong Boon Market and Food Centre, and Ang Mo Kio Town Garden East are all within a 500m radius.
Numerous nearby amenities and a long remaining tenure
According to our tool, the flat is surrounded by multiple amenities and has a long remaining lease of approximately 94 years. Furthermore, Ang Mo Kio MRT Station will become a dual-line station upon the completion of Phase 1 of the Cross Island Line (CRL) in 2030. However, the transacted price for the flat is nearly 60% higher than the average price for the district.
Number of million-dollar four-room flats on the rise
At the time of writing, 232 four-room HDB flats in Singapore have been transacted for at least $1 million this year, more than double the number of transactions compared to last year and over 7 times that of 2022. In Ang Mo Kio, the number of million-dollar four-room flats has also doubled from last year. The nine million-dollar transactions for four-room flats in Ang Mo Kio were from three blocks within a short walk from each other.
Strongest price growth for four-room flats in Ang Mo Kio
Since 2014, the average resale price for four-room HDB flats in Ang Mo Kio has seen the strongest growth among three-room and five-room flats. However, despite this, the average price for four-room flats in Ang Mo Kio has historically been lower than those in the North-East Region and islandwide.
4-room flat in Ang Mo Kio vs 99-year leasehold condo units
The transacted price for the four-room flat at 590B Ang Mo Kio Street 51 is significantly higher than the average price for four-room flats in the North-East Region and islandwide. However, it is still below the average price for 99-year leasehold condo units in Ang Mo Kio that measure between 900 sq ft and 1,100 sq ft. This could be attributed to the fact that the average price of four-room flats in Ang Mo Kio has grown at a similar pace as the average price for these condos.
Conclusion
The recent record-breaking transaction for a four-room HDB flat in Ang Mo Kio is not surprising, given the rising prices of HDB flats across the island. In the first nine months of this year alone, 232 four-room flats have been transacted for at least $1 million, with 6 of them located in Ang Mo Kio. The flat’s long remaining tenure and prime location could have also contributed to its high price. Ultimately, the buyer may have paid a premium for the convenience and connectivity of living in this location.
Investing in real estate is a strategic decision that requires careful consideration of various factors, with location being one of the most important ones. This holds true, especially in Singapore, where the value of condos is greatly influenced by their location. Condos situated in central areas or in close proximity to essential amenities, such as schools, shopping malls, and public transportation hubs, tend to appreciate more in value. Prime locations, such as Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently shown a significant increase in property values over the years. These areas are also home to prestigious educational institutions, making them highly desirable for families, which further adds to their investment potential. If you are looking to invest in real estate in Singapore, be sure to explore the various projects available in these prime locations, such as Singapore Projects, to make the most out of your investment.
To learn more about this transaction and whether it is a good deal, click here.