A five-year old flat in Bukit Merah has recently become the area's most expensive 5-room flat after changing hands for a record-breaking S$1.45 million.
Sold in October, the unit occupies 113 square metres and has 94 years and nine months left on its lease, according to HDB resale statistics.
This works out to a price of S$1,193 per sq ft.
The flat, which has three bedrooms, is located on the 19th floor of Block 96A Henderson Road, according to PropertyGuru.
The building has 48 floors in total.
Previously, the most expensive 5-room unit sold was at neighbouring block 95C, which went for S$1.43 million earlier in September.
Buyer's family 'liked the unit number'
The ERA broker who sold the flat told Lianhe Zaobao that the buyer is a permanent resident with a young family.
The broker added that the buyer was aware that the unit's resale price was higher than similar units nearby, but explained that the buyer's family really liked the unit number.
The flat, which is reportedly a corner unit, was said to be in move-in condition and did not require renovation.
The broker also revealed to Lianhe Zaobao that the sellers' initial asking price was S$1.68 million, but there were no takers.
After they lowered this to S$1.48 million, they reportedly received about 10 enquiries, with six groups coming forward for flat viewings.
The unit was subsequently sold within two weeks.
Since September 2021, the same block has seen seven million-dollar transactions, based on 99.co statistics.
Great location, amazing views
The estate — dubbed CityVue@Henderson — boasts an enviable location, being situated within the mature Bukit Merah estate and a mere seven-minute walk from Redhill MRT Station.
It's also located opposite a market, with numerous food options nearby, according to StackedHomes.
Residents there also enjoy views of the city skyline and direct access to two park connectors.
Image from City Vue at Henderson on Facebook.
The Bukit Merah area is generally a well-sought-after location for flat buyers.
The town accounted for the highest number of S$1 million flats — nine — among all locations in Singapore in Aug. 2023 alone, even more than that of the central area.
It is also home to Singapore's current most expensive HDB flat, a jumbo four-room unit at 50 Moh Guan Terrace, which was sold in June for S$1.5 million.
A property expert from PropNex interviewed by Lianhe Zaobao suggested that the area's high resale prices may have been influenced by HDB's upcoming housing classification (Standard, Plus, Prime), which will be implemented from the second half of 2024.
Future units launched in the area are likely to fall under the Plus or Prime category, which will come with a 10-year Minimum Occupancy Period (MOP).
As such, buyers who do not want to be restricted by the longer MOP may opt to pay more for existing units in the resale market, the expert clarified.
Other million dollar flats:
Top image from Yong Heng Tay on Google.