SINGAPORE — A 1,001-sqft 4-room (Type S1) flat at the 46-48th floor of Blk 1D of [email protected] has just been sold for S$1.37 million (S$1,369 psf) in October 2022.
According to 99.co, this makes it the most expensive 4-room Housing and Development Board (HDB) resale flat in Singapore and the 2nd-highest price ever paid for a flat at [email protected]
The current highest was for a 1,152-sqft 5-room (Type S2) at Blk 1F, which sold for S$1.389 million (S$1,205 psf) in March 2022.
The sale was captured on 22 October 2022, three weeks after the 30 September 2022 cooling measures were announced and it is probable that the option-to-purchase for the 4-room flat was signed before the announcement.
Another 4-room flat at [email protected], situated between floors 49 to 51, was sold in the same month at S$1.3m.
In fact, according to HDB’s data, 4-room flats above 24 floors at [email protected] have all been sold above the S$1 million mark and those below 24 floors are sold at S$850k-S$995k in the past year.
While the 5-room flats at [email protected] were sold for about the same price.
[email protected] is the first 50-storey public housing project in Singapore, and also the first in the world with two sky bridges linking seven towers.
There are 1,848 units in total – 1,232 4-room (Type S1) units and 616 5-room (Type S2) units.
The flats were released for sale – with the tagline “The Peak of City Living” – under the HDB’s Build-to-Order scheme on 29 May 2004. Smaller flats measuring 93 to 97 sq m were priced from S$289,200 to S$380,900, while bigger ones measuring 105 to 108 sq m were priced between S$345,100 and S$439,400.
A relaunch of the remaining 111 units, with higher prices of S$545,000 to S$645,800, took place in September 2008.
Cooling measures introduced in light of rising property prices
Prices of resale HDB flats have been earlier reported to climb for the 27th straight month in September, with a record 45 flats being sold for at least S$1 million.
This beats the previous high of 36 million-dollar flats sold in a month in December last year.
On the whole, HDB resale prices rose 1.2 per cent in September compared to August.
In response to rising property prices, the Ministry of National Development announced
a slew of property cooling measures on 29 September, aimed at moderating demand and ensuring prudent borrowing amid rising interest rates.
The measures, which come into effect from 30 Sep, include tightening the maximum loan quantum limits.
For HDB loans, the loan-to-value (LTV) limit has been lowered from 85 per cent to 80 per cent.
To moderate demand in the HDB resale market, there is now a 15-month wait-out period for private homeowners buying HDB resale flats.
It is unknown how the measures introduced in late September will affect the trend of rising property prices. But a quick check with the HDB’s data, showed lesser HDB flats transacting above S$1 million in October than that in September.
