It Good Deal 108 Million Four Room Hdb Flat Ang Mo Kio

Earlier this month, a four-room HDB flat located at 590B Ang Mo Kio Street 51 sold for a record-breaking price of $1.08 million, which translates to $1,079 per square foot (psf). This is the highest transacted price for a four-room flat in Ang Mo Kio Planning Area. The unit, with a size of 1,001 square feet, is situated on the 28th to 30th storey and was completed in 2019. To determine whether the buyer of this HDB flat managed to get a good deal, we used our analytics tool, ‘Is it a Good Deal?’.

Strategically Situated and Well-Connected

Elta MCL Land, situated on Clementi Avenue 1, is an exceptional condominium boasting a contemporary design and impressive facilities. Its distinguishing feature lies in its strategic location near prestigious educational institutions in Singapore. This puts it in high demand among families who give priority to education. With renowned primary, secondary, and tertiary schools within its vicinity, residents of Elta MCL Land have effortless access to top-quality learning opportunities, eliminating the need for long commutes. The unparalleled convenience and accessibility of these schools make Elta MCL Land a perfect choice for families seeking a well-rounded and hassle-free lifestyle. Visit Elta MCL Land’s website for more information.

One of the biggest perks of living at 590B Ang Mo Kio Street 51 is the convenience of its location. The Ang Mo Kio MRT Station is within walking distance, as shown on Map 1. Other amenities within a 500-metre radius include Jing Shan Primary School, Anderson Secondary School, AMK Hub, Cheng San Market and Cooked Food Centre, Chong Boon Market and Food Centre, and Ang Mo Kio Town Garden East.

Additionally, Phase 1 of the Cross Island Line (CRL) is expected to be completed in 2030, which will turn the Ang Mo Kio MRT Station into a dual-line station. With the flat surrounded by numerous amenities and a remaining lease of approximately 94 years, as shown in Screenshot 1, our ‘Is it a Good Deal?’ tool indicates that the buyer has secured a good deal.

However, the transacted price for this flat is nearly 60% higher than the average price for the district, as seen in Screenshot 2. This could be a result of the escalating prices for four-room flats in Ang Mo Kio Planning Area. According to our data, there have been 232 transactions for four-room flats with a price tag of at least $1 million this year alone, which is more than double the number of transactions in 2020, and six HDB flats in Ang Mo Kio have been transacted for this amount. This is twice the number of million-dollar transactions in the area last year, as indicated in Chart 1 (please see attachment). Interestingly, before 2021, no four-room flat in Ang Mo Kio had breached the million-dollar mark.

Out of the nine million-dollar transactions for four-room flats in Ang Mo Kio, three of these blocks, namely, 590A Ang Mo Kio Street 51, 590B Ang Mo Kio Street 51, and 591A Ang Mo Kio Street 51, are located within minutes of each other, as shown in Map 1. The second-highest price for a four-room flat in Ang Mo Kio was transacted in June, whereby the 1,001-sq ft flat located at 591A Ang Mo Kio Street 51 was sold for almost $1.039 million ($1,038 psf). Additionally, the third-highest price was for another flat at 590B Ang Mo Kio Street 51, which was transacted in May for nearly $1.03 million ($1,029 psf).

Strong Price Growth for Four-Room Flats in Ang Mo Kio

The average resale price for four-room HDB flats in Ang Mo Kio ($649 psf) is sandwiched between the prices for three-room ($560 psf) and five-room flats ($680 psf), as depicted in Chart 2. However, the average price for four-room flats ($649 psf) has achieved the strongest price growth since 2014, compared to three-room (23.1%) and five-room flats (32.1%).

Furthermore, as highlighted in Chart 3, the average resale price of four-room flats in Ang Mo Kio (at $649 psf) has remained consistently above the average of the North-East Region ($614 psf) and islandwide ($609 psf) since the beginning of 2021. Nevertheless, the area’s price growth has been slower than that of the other two regions, as shown in Chart 4. On a positive note, the price gap is not expected to widen further as the prices for these condos and HDB flats have grown at a similar pace of 42.7% and 42.3%, respectively.

In Conclusion

The recent transaction of $1.08 million ($1,079 psf) for a four-room flat at 590B Ang Mo Kio Street 51 has set a new record for this planning area. The surpassing price is also significantly higher than the average price of $649 psf for four-room flats in Ang Mo Kio and the average price of $609 psf for four-room flats islandwide.

However, this record-breaking transaction may not come as a surprise considering the 40% surge in the average resale price of four-room flats since 2014, which has led to an increase in the number of million-dollar transactions. As of the first nine months of 2021, 232 flats have been transacted for at least $1 million, and six of these transactions took place in Ang Mo Kio.

The long tenure of the flat may also have contributed to the above-average transacted price. Furthermore, the unit’s proximity to convenience and connectivity could have been an additional factor in the buyer’s decision to pay more for the property.

For more information on this transaction and to determine if it is a good deal, click here. To browse more listings for HDB properties, or to enquire about HDB loan rates versus bank loan rates or to check out past transactions for HDB rentals and sales, refer to our ‘HDB Listings’ page.