Last year and the start of this saw the public and semi-public housing landscape in Singapore experiencing a furor with the exorbitant prices that some HDB and HUDC flats are fetching on the open market.
Most recently in January, a second million-dollar HDB flat was born when an executive maisonette in Bishan was sold for a hefty S$1.01 million.
This broke the previous record of an executive maisonette at Block 149 Mei Ling Street in Queenstown which changed hands for S$1 million in September 2012. A high-rise unit in a 16-story block, its unobstructed view and proximity to the MRT have been cited as reasons for its record-breaking price. At that time, it also sets the record for the highest per square feet (psf) price at S$619. The three-bedroom flat, that comes with a study, was built in 1995, and has an area of 150 square metres. With a cash premium of S$195,000, while not the highest seen, it is still well above the median COV – normally below $100,000 (HDB InfoWeb) according to figures released by HDB.
Trailing behind, just a week before the Queenstown deal was closed, is a Bishan maisonette which changed hands for S$980,000 with a cash premium of S$200,000 despite its simple furnishings. The main selling points of this flat are its unique roof terrace and roomy interior of 1,800 square feet. It is also near to amenities and transportation networks.
Apart from the above two sales, last year also saw other pricey transactions. In May in Toa Payoh, an executive flat changed hands for S$910,000.
Meanwhile, HUDC (Housing and Urban Development Company) also witnessed a blip in prices.
HUDC (Housing and Urban Development Company) are semi-public housing with the possibility of being privatised from 1995. So far, 12 out of the 18 HUDC estates across the country, have been successfully privatised. HUDC was first built in the 1970s and 1980s to meet the lifestyle aspiration of the middle class. All are on 99-year lease. There are larger that the typical HDB flats. The average size of a HUDC is 1,650 square feet, whereas a five-room HDB flat averages1,200 square feet. However HDB stopped churning out these spacious flats in 1997.
In spite of the older facilities in HUDC, two HUDC maisonettes along Shunfu Road set records when they were sold for over S$1.2 million each. One unit was sold in July 2012 for a whopping S$1.28 million or approximately S$761 per square feet. While the other, in the same area, earned the seller of the 1,668 square feet flat the sum of S$1.22 million in 2011. Buyers of HUDC are often attracted by the spaciousness and en-bloc potential of the flats. Thus far, five of the privatised HUDC estates have been sold en-bloc.
Last year, the sky-high prices of these flats stirred up a minor frenzy, that prompted National Development Minister Khaw Boon Wan to urge the public to look at the“larger picture” and consider such prices as outliers. Property analysts agree that more million-dollar deals could be sealed for flats with exceptional features in prime locations. A case in point is The Pinnacle@Duxton – an award-winning HDB residential complex, that boosts a sky garden and superior interiors, among other unique features and facilities. All, including Mr Khaw, foresee seven-figure flats when the five-year Minimum Occupation Period (MOP) is met in a few years' time for this residential complex.
Another category of flats that will likely breach the $1 million mark is executive maisonette, fueled by HDB announcement on October 2012 that it will not be building any more of such flats. Already before this announcement, according to the Straits Times, in 2012 half of the eight units that crossed the S$900,000 selling mark were executive maisonettes.
Only two months into 2013, but 16 HDB flats are already sold for S$900,000 and above, with just over half being 5-room flats and the rest executive flats. 3 of these flats are only 11 years old and under. The newest is a 5-year-old 5-room flat in Jalan Membina. Its attraction lies in its proximity to Tiong Bahru MRT station and the city.
HUDC once again lead in crossing the million-dollar mark. Of the 4 HUDC sold in the two months, 3 went for over S$1 million, with the highest priced at S$1.25 million. All the 3 HUDC estates, where these units are located in are undergoing privatisation.
Table 1 illustrates the resale prices of the 20 HDB and HUDC units that are transacted at S$900,000 or more this year.
Table 1
| HDB Town | Flat Type | Lease Commencement | Resale Price | Resale Approval Date |
| Bendemeer Rd | Executive |
1994
|
$918,000.00
|
Jan-13
|
| Bishan St 13 | Executive |
1987
|
$940,000.00
|
Jan-13
|
| Bishan St 13 | Executive |
1987
|
$1,010,000.00
|
Jan-13
|
| Bishan St 22 | Executive |
1992
|
$901,888.00
|
Feb-13
|
| Bishan St 22 | Executive |
1992
|
$938,000.00
|
Jan-13
|
| Bishan St 23 | Executive |
1992
|
$902,000.00
|
Jan-13
|
| Geylang East Ave 1 | Executive |
1987
|
$900,000.00
|
Jan-13
|
| Holland Dr | 5 Room |
1975
|
$920,000.00
|
Jan-13
|
| Jln Membina | 5 Room |
2008
|
$925,000.00
|
Feb-13
|
| Jln Membina | 5 Room |
2003
|
$930,000.00
|
Jan-13
|
| Marine Cres | 5 Room |
1975
|
$935,000.00
|
Jan-13
|
| Marine Dr | 5 Room |
1977
|
$910,000.00
|
Jan-13
|
| Marine Ter | 5 Room |
1975
|
$905,000.00
|
Jan-13
|
| Queen'S Cl | 5 Room |
1996
|
$900,000.00
|
Jan-13
|
| Strathmore Ave | 5 Room |
2006
|
$901,888.00
|
Feb-13
|
| Tg Pagar Plaza | 5 Room |
1977
|
$965,000.00
|
Jan-13
|
| Hougang Ave 2 | HUDC |
1990
|
$1,065,000.00
|
Jan-13
|
| Hougang Ave 2 | HUDC |
1988
|
$960,000.00
|
Jan-13
|
| Hougang Ave 7 | HUDC |
1986
|
$1,040,000.00
|
Jan-13
|
| Shunfu Rd | HUDC |
1986
|
$1,250,000.00
|
Jan-13
|
Read more articles at
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