5-room HDB flat at Henderson Road chalks up new resale record of S$1.4m
5-room HDB flat at Henderson Road chalks up new resale record of S$1.4m. A FIVE-ROOM flat on Henderson Road sold for S$1.4 million earlier this month, making it the most expensive transaction in the HDB resale market to date.
The 1,216 square foot (sq ft) unit in Block 96A is located on the 41st floor of the 48-story building and offers panoramic views of the surrounding area. The lease started in 2019, so it is only three years old.
“With Covid construction delays, this almost-new flat offers buyers the opportunity to move in quickly,” said Lee Sze Teck, senior director of research at Huttons. New 5-room flats in established estates are also rare.”
Attractions in the area include a market, hawker centre, swimming pool, and shopping mall, and Tiong Bahru MRT station is a 5-minute walk away; Alexandra Primary School is also within walking distance.
However, Lee believes that the S$1.4 million record will be surpassed in the coming months, as another 5-room flat on a higher floor in the same block has been listed at S$1.5 million.
According to HDB data, resale prices increased for the eighth consecutive quarter in Q1 2022, rising 2.4 percent from the fourth quarter of 2021 but slower than the 3.4 percent increase seen in Q4 2021.
The first-quarter performance was driven by demand for larger flats. Quarter on quarter, the median price of 5-room and executive flats increased by 2.6 percent and 2.8 percent, respectively. Million-dollar HDB flat transactions, according to analysts, continued to drive up prices, with 82 HDB flats selling for more than S$1 million in the previous quarter.
Even as prices have risen, transaction volumes have decreased, owing to the Chinese New Year holiday season as well as a limited supply of resale flats. Transactions fell to 6,934 units, down 12.7% quarter on quarter and 8.5% year on year; the figure fell below 7,000 for the first time in nearly two years.
The majority of transactions in the quarter occurred in the Hougang/Punggol/Sengkang, Bukit Batok/Bukit Panjang, and Sembawang/Yishun housing estates, with a large number of HDB flats in those areas having completed their Minimum Occupancy Period (MOP), according to analysts.
While some 31,000 HDB flats are expected to reach the end of their MOP this year, the relatively new flats may command higher resale prices.
Nonetheless, property consultants have previously stated that the government will increase public housing supply in the coming months, which may help relieve some of the pressure on the resale market.
HDB will begin selling 5,300 build-to-order (BTO) flats in Bukit Merah, Jurong West, Queenstown, Toa Payoh, and Yishun in May. In August, approximately 6,300 to 6,800 BTO flats will be available in Ang Mo Kio, Bukit Merah, Choa Chu Kang, Jurong East, Queenstown, and Woodlands.
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