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A five-room HDB flat at Clementi was purchased on July 5 for a staggering S$1.04 million, and it was done so in cash.

Buyers paid for flat in cash

The 1,248 sq ft unit at Block 441A Clementi Avenue 3 was priced at S$833 per sq feet, according to Edge Prop.

The flat is located within Clementi Towers, a cluster of HDB blocks including 441A, 441B, 442 and 443. 4-room and 5-room flats are located in 441A. The other three blocks comprise 3-room and 4-room flats.

Clementi Towers is also part of the Clementi integrated transport hub, including Clementi Mall, Clementi MRT station and the bus interchange. According to Edge Prop, the flats have 91 years left on their lease.

Edge Prop reported that the buyers are an elderly couple who are downsizing from a landed property in West Coast. They also paid for the HDB flat in cash. The deal was closed in a day.

The Clementi HDB flat was on the market for about 10 days and had two separate viewings.

The previous record for the block was held by a five-room flat, also in Block 441A, sold for S$1.038 million (S$810 per sq ft) in July 2019.

Other million dollar flats

There have been many other instances where HDB flats have crossed the S$1 million mark, such as a 5-room flat in Bukit Merah being sold for S$1.2 million in 2019, and a resale flat in Boon Keng sold for nearly S$1.2 million.

In March 2020 alone, for instance, it was reported by Business Times that there were five HDB resale flats being transacted for at least S$1 million,

The price tag on these flats can be attributed to a variety of reasons, such as being situated in a prime location or being located on a high floor.

Some of the HDB flats being transacted for over S$1 million could also be larger than usual, such as those under the Housing and Urban Development Company (HUDC) scheme with units reaching almost 1,700 sq ft.

Top photo via Clementi Towers/FB