Punggol HDB flat sold for S$1.2 million, estate's first million-dollar resale flat

Welcome Punggol to the million dollar flat club.

Belmont Lay | September 16, 2022, 05:18 PM

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A HDB resale flat at Punggol Sapphire along Punggol Field has been sold for S$1.198 million, with a cash over valuation (COV) of close to S$200,000, according to The Straits Times.

Cash over valuation, or COV, is the difference between the sale price of a resale HDB flat and its actual valuation by HDB, which means the buyer is coughing up the extra in cash.

About 90 years lease left

The flat was built in 2013 and is about a 10-minute walk to Punggol MRT and Waterway Point, and a seven-minute walk to the nearest Soo Teck LRT.

The deal was reportedly closed a mere two days after the flat was opened for viewing.

The flat has about 90 years left on its lease.

Rare top floor loft unit

However, this flat is not any regular HDB flat.

The loft unit is on the top floor, occupying 1,603 sq ft. This translates to a psf price of S$747.

The double-storey unit is unusually spacious due to its high ceiling, according to 99.co.

The unit has three bedrooms plus a study room.

Another selling point is the floor to ceiling windows that allows in natural light.

There are a total of 23 five-room loft units in Punggol Sapphire and 14 five-room loft units in Treelodge@Punggol.

Such units are rare finds.

The transaction was closed by Yuna Lim from Singapore Estate Agency (SEA).

She told 99.co that the flat was originally listed for S$1.22 million.

Background

Another five-room HDB loft unit at Treelodge@Punggol previously came close to the million-dollar mark after it was sold for S$970,000 in December 2021.

There were 33 such million-dollar HDB flat sales in August 2022.

Seven HDB estates have recorded their first million-dollar flats in 2022.

Yishun, Woodlands, Pasir Ris, Marine Parade, and Bukit Batok recorded their first million-dollar flats over the past eight months, before Tampines and Punggol joined in.

Top photos via Now Homes & Google Maps