Punggol waterfront 5-room HDB flats sell for close to S$1 million after MOP

A Punggol waterfront Housing and Development Board (HDB) estate along Sumang Walk has turned heads recently for a string of five-room flat sales nearing S$1 million upon fulfilling its Minimum Occupancy Period (MOP).

Of the 33 five-room flats sold in Punggol Bayview in the past six months, 11 of them, exactly one-third, exchanged hands for upwards of S$900,000.

According to HDB resale transaction records, the most expensive five-room flat sold in the estate was a unit between the fourth and sixth floor of Block 323B Sumang Walk.

It was sold for a cool S$980,000 in December.

The cheapest was a low-floor unit at Block 323A which exchanged hands for S$732,000 in August.

Great waterfront views, good connectivity to amenities

Punggol Bayview consists of 10 blocks that range from eight to 22 storeys.

Five-room flats at Punggol Bayview were sold at launch for about S$400,000, excluding grants.

Any transaction above S$800,000 currently marks a doubling of prices.

When launched in 2014, it was oversubscribed by more than four-fold, with some 1,815 applications vying for 432 five-room or 3-gen units.

One likely reason for the high resale prices is the appeal of waterfront living.

Residents are able to enjoy unblocked views of the Punggol Reservoir, Straits of Johor and surrounding greenery, according to StackedHomes.

These views are virtually guaranteed to last as the estate is situated at the edge of the reservoir.

The estate also offers connectivity to the Park Connector Network (PCN) for cyclists and nature lovers.

Punggol Bayview has in-built amenities, such as a supermarket and a food court, and is a short bus ride to malls such as Waterway Point.

The estate is a five-minute walk from the Sumang and Nibong LRT stations.

Million-dollar flats in Punggol

Three million-dollar flats have been sold in Punggol in the past year.

The record price for a Punggol flat is S$1.228 million, for a large loft flat at 269A Punggol Field sold in July 2024.

While record HDB resale prices frequently appear in headlines, units with very high resale prices make up "a very small proportion of all transactions", said Minister for National Development Desmond Lee on Aug. 20.

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, he added.

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

Flats that cross the million-dollar mark made up about 2 per cent of all resale transactions over the last 1.5 years.

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Top image from m vu/Google & GK Tan/Google