Singapore Property Update

Daily real estate news, advice and strategies for aspiring property investors

Why do people spend $1 mil on resale HDB flats?

Many people might balk at the idea of spending a million dollars for a resale HDB flat. One reason for this is because resale flats, especially those in mature estates, tend to come with shorter leases, and not to mention potentially higher renovation costs.

Flats in older estates such as Toa Payoh or Ang Mo Kio for instance, could easily have leases with less than 70 years remaining.

Findings from our recent poll results on our Instagram account suggested the same thing, with 95% of respondents saying that they would not pay $1 million for a 5-room resale flat.

And yet, million-dollar HDB transactions continue to crop up and catch us by surprise. Most recently, a 5-room HDB flat in Queenstown was sold for $1.1 million in June, setting a new record for the area.

The million-dollar resale unit at Block 18C of Holland Drive is located between the 37th and 39th floors with a floor area of 1,259 sq ft. This works out to about S$874 psf on the built-up area.

Read rest of article here.

Updated: October 7, 2018 — 8:16 pm

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