A Housing and Development Board (HDB) executive flat at Block 46 Bendemeer Road in the Kallang-Whampoa estate was sold for a record-breaking S$1.318 million in August 2024.

The flat, located on one of the upper floors of the 21-storey HDB block, spans 1,572 sq ft, according to 99.co.

The unit is around two times the size of a typical three-room HDB flat and was sold for S$838 per sq ft.

As the HDB block was completed in 1994, the flat has around 69 years and four months left on its lease.

Flat details

Besides the flat's "spacious layout" and "high-floor position", 99.co stated that the amenities surrounding the block also contributed to the flat's record-setting price point.

The HDB block is located between Boon Keng MRT station and Geylang Bahru MRT station, allowing residents to utilise both the Downtown Line and the North East Line.

Additionally, the HDB block also lies in close proximity to two hawker centres, namely the Geylang Bahru Market and Food Centre and Bendemeer Market and Food Centre.

For families with young children, they can choose from a variety of schools and childcare centres nearby, including Bendemeer Primary School, which is only 170m away, according to Google Maps.

Residents who enjoy outdoor activities can also access the Kallang Park Connector easily, as it is situated right opposite the HDB block.

According to 99.co, there are only five projects in the area that offer executive flats.

HDB flats with very high resale prices 'a minority'

At a media briefing on Aug. 20, Minister for National Development Desmond Lee shared that while record HDB resale prices have frequently made headlines recently, HDB flats with very high resale prices make up "a very small proportion of all transactions".

Lee further stated that such transactions make up only 0.5 per cent of all four-room or smaller flats transacted in the last two years, are very central, and are well served by transport connectivity and comprehensive amenities.

Lee noted that more than half are also located on very high floors, above 30 storeys, and have good views.

However, they have caused Singaporeans to be concerned about "the affordability of resale flats as a whole":

"Flat sellers who are reading such news raise their expectations about how much the flat could bring, while flat buyers become anxious to secure flats before prices get higher.

If we are not careful, such market dynamics can cause the resale market to run out of line with economic fundamentals and cause a bubble."

Lee also noted that flats that cross the million-dollar mark make up about 2 per cent of all resale transactions over the last 1.5 years.

Top image via Google Maps