Punggol used to be equated with faraway and ulu (colloquial word meaning remote). But some HDB flats which have just reached the end of the MOP (minimum occupation period) of 5 years have just made a killing in the property market.
Photo credit: HDB
A recent sale of one 5-room HDB flat in Punggol transacted at $760,000, which is a record high considering Punggol is still under development and is still considered a non-mature estate. But the high price was warranted, considering it was one of the only 14 loft-type units available in [email protected] which is in turn HDB’s first eco-friendly development. It was also on a high floor somewhere around the 16th to 18th floor and had a much larger floor area of 147 square metres.
Photo credit: HDB
As most of the flats selling in Punggol are new, most are just slightly older than 5 years, they are commanding high prices. Prices are rising as demand increases. 3-room flats at [email protected] were selling for $520,000 to $548,888 in October this year and at yet another popular project, Coralinus, 4-room flats went at around the same price.
But as HDB injects more BTO units into the estate, with Northshore Residences I and II, the estate might see a sudden rise in population and perhaps also market competition in 3 to 4 year’s time.
