HDB flats above $1 million a recent occurrence

Aside from executive apartments and DBSS flats, rarely do any standard HDB resale flat sell above the $1 million mark. But at least 46 have been sold at these prices in the past 2 years.

At least 46 resale HDB flats sold for $1 million or more in past 2 years

457 Clementi Ave 3. Picture: iProperty

One of the first resale flats to be sold above $1 million was in Clementi Avenue 3. Block 441A is one of the first block of replacement flats under HDB’s Selective En Bloc Redevelopment Scheme. It is linked to Clementi Mall and has just reached its Minimum Occupation Period (MOP). 4 people have since bought units here, paying more than $1 million each.

And while some may have baulked at such prices 5 years back, others may find it a “fair deal” these days. Encouraged by the many collective sales, displaced home-owners have made up much of this market. These property down-graders often have the cash to spare and are willing to pay for older units in popular locations. Some analysts have noticed that it is only in the past 2 years where HDB flats were able to command prices comparable to the open private property market.

Rare public housing units which regularly command high prices include executive flats, DBSS units, and flats at Pinnacle @ Duxton.

Related: Clementi: The West’s Residential Star Keeps Rising

Buyers go for location and vibe of the area

While private properties provide a sense of exclusivity and buyers of these “high-end” flats are often taken by the panoramic views offered by these units, their location and also the vibe of the estate in which they stand.

Since 2012, 103 resale flats priced about $1 million have been sold. The number of takers have however increased in recent years. Most of these units sold are located in Clementi, a mature estate at the city fringes and also in Ghim Moh Link and Holland Drive, areas popular with young families and yuppies.

Analysts are expecting more such units to hit the market in the time ahead as more flats with unique configurations hit the market in 2020. Some units at SkyVille @ Dawson and SkyTerrace @ Dawson have multi-generational loft units.

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