A 45-year-old executive flat at Blk 422 Ang Mo Kio Avenue 3 was recently sold for S$1.32 million, setting a new transaction record for the town.

This means that the executive flat, an adjoined flat spanning 1,873 sq ft, was sold at S$704 per sq ft, according to 99.c0.

The flat, which is located between the 13th and 15th floor, has 53 years and seven months left on its lease.

First resale transaction hitting S$1 million along Avenue 3

The transacted amount surpassed the price paid for an adjoined flat in Ang Mo Kio, of similar size and age, which was sold for S$1.3 million in July 2024.

HDB's resale flat records show that this was the first resale transaction along Ang Mo Kio Avenue 3 that surpassed the S$1 million mark.

The last executive flat sold in Ang Mo Kio Avenue 3 was sold at S$960,000 in October last year.

Large size, high floor, and in a mature estate

HDB executive apartments are generally sought after as they are typically larger in size and have desirable amenities.

Furthermore, the flat in question is located on a higher floor, which is generally considered more desirable.

The flat is also situated in a mature estate with accessibility to various transportation options.

It is just a six-minute walk from Ang Mo Kio MRT station, and there are several bus stops around the area, including Ang Mo Kio Bus Interchange.

Shopping malls, such as Ang Mo Kio Hub and Thomson Plaza, are nearby and easily reached in less than 10 minutes by car.

Also in the area are reputable schools, such as Ang Mo Kio Primary School, Jing Shan Primary School, Anderson Secondary School, Ang Mo Kio Secondary School, Nanyang Polytechnic, and Anderson Serangoon Junior College.

Value in spacious, well-located properties

According to 99.c0, the transaction highlights the value placed on spacious, well-located properties in mature estates like Ang Mo Kio.

Rising property values are likely to drive an increase in similar transactions, shaping trends in the HDB resale market.

Minister for National Development Desmond Lee noted in September 2023 that million dollar flats made up less than 1 per cent of the HDB resale transactions registered from July 2015 to June 2023.

Among these buyers, the median age was 40 years old.

About 94 per cent of the buyers were Singapore citizens, while about 6 per cent were permanent residents.

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Top image via Google Maps