Punggol flats selling for record prices

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.

Treelodge@Punggol HDB

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.

Punggol-northshore.jpg;wae44a5d811a611cfaPhoto 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.