Saturday, 30 September 2023

We are shifting our daily news to Gutzy.Asia Support us there!

50-year-old Tiong Bahru HDB resale flat sets record with S$1.5m sale

SINGAPORE — A 4-room Housing Development Board (HDB) resale flat at Tiong Bahru has been sold for a record-breaking S$1.5 million, marking it the most expensive HDB resale flat ever sold, according to property portal

The sale price surpassed the previous record of S$1.418 million held by a 5-room HDB resale flat at SkyTerrace @ Dawson since July 2022.

The record-breaking unit is located in Blk 50 Moh Guan Terrace in Tiong Bahru, an area known for its low-rise, low-density HDB blocks, and old-world charm.

The HDB flat is on the fourth floor of a four-storey block. The sale also marks a new record for a 4-room HDB resale flat, overshadowing the previous record of S$1.4 million set by a Pinnacle @ Duxton flat in April.

Despite being a 50-year-old property, with its lease commencing in 1973 and a remaining lease of 48 years and 8 months, the flat’s high price tag is unexpected considering that demand and prices are typically lower for homes with a shorter remaining lease.

It’s particularly interesting because an older flat with a remaining lease of less than 50 years may not have much room for price appreciation and may not qualify for full financing.

The flat was intended to undergo upgrading programmes under the Home Improvement Programme (HIP) and the Neighbourhood Renewal Programme (NRP) announced in 2017, but the plans did not materialize.

Additionally, the block does not have a lift, which could be due to the building design not supporting lift installations.

Nonetheless, the uniqueness of the flat could account for its record-breaking price. Termed an “adjoined flat” by HDB, it boasts a spacious floor area of 176 square meters (1,894 square feet), almost double the size of a typical 4-room flat.

The price per square foot stands at around S$792, which is lower than the average price per square foot of S$839 for an HDB resale flat in Tiong Bahru as of 23 June this year.

The flat’s prime location, rarity, and size likely played significant roles in driving the homebuyers to pay the record price, despite its peculiarities and challenges.

Surrounding of Block 50 Moh Guan Terrace
Notify of
Oldest Most Voted
Inline Feedbacks
View all comments

Latest posts

Election surprises and certainties: Dissecting Tharman’s presidential win

In the 2023 Presidential Election, Mr. Tharman Shanmugaratnam secured a stunning 70.4% landslide victory, surprising many, including himself. Despite expectations that TKL would win the opposition votes, voters from both camps showed a preference for Tharman's charisma and perceived competency. As Singapore reflects on the outcome, questions arise about the election's fairness and the real implications of Tharman's dominant win.

Volunteer as a Polling and Counting Agent for Singapore’s 2023 Presidential Election

For the upcoming Singapore Presidential Election on 1st September, members of the civil society have spearheaded an initiative to strengthen our democratic fabric. We invite committed individuals to join us as Polling and Counting Agents, standing together for a transparent, fair, and just election. This vote counting exercise, organized by members of civil society, is not specifically in support of Mr Tan Kin Lian, a candidate in the upcoming Presidential Election. It's an exercise in active citizenry. Nonetheless, Mr Tan endorses this initiative, which hinges on his candidacy, championing transparency, and has given permission for the results to be shared publicly.

Reflections from the Centenary: The Legacy of LKY and Singapore’s Future

Gilbert Goh reflects on the LKY centenary event: an inspiring showcase of a leader's global legacy juxtaposed against current challenges, urging Singapore to continue its path of progress.

Lim Tean advocates for Tan Kin Lian: A visionary leader for Singapore’s Presidency

In his speech at Mr Tan Kin Lian's launch of his presidential bid, Mr Lim Tean passionately championed the need for a truly Independent President. Highlighting Mr Tan Kin Lian's unique credentials and genuine concern for the wellbeing of Singaporeans, the Peoples Voice leader emphasized the pressing challenges of rising living costs and job insecurities faced by the public. Mr Lim depicted Mr Tan Kin Lian as a beacon of hope for the nation, advocating for a leader who genuinely understands and represents the people’s aspirations.

Tan Jee Say endorses Tan Kin Lian for President: A courageous, genuine, and humble...

In advocating for a truly representative leader, Tan Jee Say underscored Tan Kin Lian's humility, courage, and genuine dedication. Highlighting the pressing need for restored public trust and effective independence, Tan Jee Say emphasized that Tan Kin Lian, as the 'People's President', would bring back hope to Singaporeans and champion true democracy

Tan Kin Lian’s pledge: Rekindling unity and charting a vigorous future for Singapore

In the press conference to announce his bid for the Singapore presidency, Tan Kin Lian emphasizes safeguarding Singapore's reserves and strengthening public service integrity. Drawing on his 30-year leadership at NTUC Income, he envisions a future with affordable living, accessible housing, and job stability, pledging collaboration with the government for a united nation.

Strengthening Singapore’s political foundations: A call to action by Leong Mun Wai on Singapore’s...

Leong Mun Wai urges Singaporeans to strengthen political checks and balances, emphasizing, 'The best is yet to be for Singapore if we dare to make the right decision in upcoming elections.

Trending posts