It Good Deal 860000 Three Room Hdb Flat
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Record-breaking sale of three-room HDB flat in Bukit MerahThree-room HDB flat at Boon Tiong Road sold for record price of $860,000
In the past month, a 667-sq ft three-room HDB flat at 10A Boon Tiong Road was sold for a record-breaking $860,000 ($1,289 psf). This flat, located on the 34th storey and completed in 2016, has become the highest transacted price ever for a three-room HDB unit in Singapore. Using our analytics tool, ‘Is it a Good Deal?’, we examined whether the buyer of this flat got a good deal.
Strategically located in the popular Bukit Merah Planning Area, this three-room flat is surrounded by various amenities. Within walking distance are Tiong Bahru and Havelock MRT Stations, Tiong Bahru Plaza, Tiong Bahru Market and Food Centre, Beo Crescent Market, and Havelock Road Cooked Food Centre. Families with young children will also be glad to know that there are primary schools within a 1km radius, such as Alexandra Primary School and Zhangde Primary School.
Source: EdgeProp LandLens (as at 3 September 2024)
Our ‘Is it a Good Deal?’ analytics tool revealed that the transacted price for this HDB flat is significantly higher than the average price for the district. However, the flat boasts a long remaining lease and a myriad of nearby amenities, making it a desirable location for homeowners.
Source: EdgeProp Is it a Good Deal (as at 3 September 2024)
In recent years, there has been a surge in the number of three-room flats fetching at least $800,000 in Singapore. Out of the 29 transactions recorded this year, six were located in Bukit Merah. This is a significant increase compared to the previous year, where only four three-room flats in Bukit Merah were sold for at least $800,000. It is also worth noting that prior to 2021, three-room flats across the island were transacted at prices below $800,000.
Two of the $800,000 three-room flat transactions in Bukit Merah took place last month. In addition to the record-breaking sale at 10A Boon Tiong Road, a 742-sq ft flat at 57 Havelock Road was sold for $800,000 ($1,078 psf). Another three-room flat at 58 Havelock Road was also sold in May for $818,000 ($1,102 psf). These flats are slightly older and located further away from major MRT stations, which could explain the lower transacted prices.
Source: EdgeProp Is it a Good Deal (as at 4 September 2024)
Map 2: Distance from Havelock Road flats to MRT stations.
The average resale price for three-room HDB flats in Bukit Merah has consistently been lower than that of four-room and five-room flats in the same area. However, the average price for three-room flats has also been growing at a slower pace compared to the other flat types. Nonetheless, the average resale price for three-room flats in Bukit Merah has consistently been higher than those in the Central Region and across the island.
Source: EdgeProp Market Trends (as at 3 September 2024)
The record-breaking transaction of $1,289 psf is significantly higher than the average resale price for three-room flats in Bukit Merah ($683 psf), the Central Region ($638 psf), and islandwide ($591 psf). However, it is still more affordable than the average price for similarly-sized leasehold condo units in Bukit Merah ($2,131 psf). Furthermore, three-room HDB flats in Bukit Merah have achieved stronger price growth (27.2%) since 2020, compared to small leasehold condo units (11.6%) in the same neighbourhood.
Source: EdgeProp Market Trends (as at 3 September 2024)
In conclusion, the recent record-breaking sale of a three-room HDB flat at 10A Boon Tiong Road for $860,000 has sparked interest in the neighbourhood of Bukit Merah. Its central location and numerous amenities make it a desirable location for homebuyers, but it also comes with a higher price tag. For those set on living in Bukit Merah, purchasing a three-room HDB flat may be a more affordable option compared to similarly-sized leasehold condo units. Despite the high transacted price, it is still significantly lower than the average price for small leasehold condo units in the same area, and HDB flats have achieved stronger price growth in recent years.