More resale HDB flats are being sold for over $1 million

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While data released by the Housing Development Board shows that the latest quarter of 2017 has seen the sharpest decline in the resale price index of HDB flats over the last two years, at least three 5-room resale HDB flats in Commonwealth Drive and Holland Village have been sold for over S$1 million.

Two of the units that fetched the whopping price are located at Block 50 Commonwealth Drive. One flat which was sold in August sold for S$1.028 million, while the other flat sold for S$1.035 million two months later, in October.

Earlier in July this year, a unit on the 36th floor of Block 18D Holland Drive sold for S$1.03 million. The buyers who bought the flat are a young couple in their 20s who are first-time homeowners. Their property agent, Michelle Chia of PropNex, revealed to Property Guru that the couple were “attracted by the million-dollar view of the landed properties in the vicinity and the flat’s nearness to many amenities like the Holland Village MRT station.”

Another PropNex representative added:

“We can expect prices at this block to be around this rate, possibly crossing the million-dollar mark again, in the near future, as buyers are prepared to pay over $1 million for the units’ size and their central location.”

The prices the Holland Drive and Commonwealth resale units attracted are the highest prices for HDB flats recorded throughout 2017, with the exceptions of units in luxury developments like those from the Pinnacle@Duxton and properties under the Design, Build and Sell Scheme (DBSS).

Notable property prices that raised eyebrows last year include:

  • A 5-room resale flat at Clementi Towers that fetched S$1,005,000 last year. Clementi Towers is intergrated with both a shopping malland bus interchange;
  • A Pinnacle @ Duxton HDB flat that sold for S$1.12 million last year, breaking the HDB resale record in 2016;
  • A DBSS penthouse at Bishan’s Natura Loft that fetched a whopping $1.18 million last February.

 

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