The unassuming Ubi district, better known for its sprawling industrial estates, now has its very first million-dollar flat.

This comes in the form of an executive maisonette at Block 326 Ubi Avenue 1, which changed hands for S$1.06 million in October.

The two-storey unit is located between the 10th and 12th floor and has an area of 146 sqm. It also has a remaining lease of 61 years 7 months, according to HDB resale statistics.

Previously, the most expensive transaction in the area was for a maisonette in the same block, which was sold in July for S$870,000.

Why so expensive?

An agent from real estate agency ERA who was familiar with the sale shared some insights on how the unit fetched such a high price, in an interview with Shin Min Daily News (Shin Min).

One reason is that the unit is located on the highest floor and enjoys unobstructed views.

Another plus point is that the flat has been extensively renovated, and is in move-in-condition.

The owner reportedly spent more than S$200,000 to turn it into a showflat, and it has been featured in a magazine before, according to Shin Min.

The block is also located in a highly attractive location.

According to Google Maps, it is within walking distance to Maha Bodhi School and Manjusri Secondary School, with a town centre and a 24-hour supermarket in the vicinity too.

Meanwhile, Ubi MRT Station on the Downtown Line is an eight-minute walk away.

Being a two-storey maisonette, the flat is also spacious compared to typical residential units in the area today.

According to the agent, Ubi does not have a large area set aside for residential use, and it is rare to find units offering such a large living space.  

The agent told Shin Min that a similarly sized private housing unit would cost at least S$2 million.

Reportedly, the original asking price of the flat was S$1.28 million.

Numerous offers were rejected, and the house was on the market for close to six months before being sold.

Other million-dollar HDB flats:

Top image from Google Street View.