Sales at most expensive HDB block in Bishan hit new highsBy: MELANIE YAP
A four-room HDB flat at 590B Ang Mo Kio Street 51 was recently sold for a whopping $1.08 million, making it the highest transacted price for a four-room flat in Ang Mo Kio Planning Area. The flat, measuring 1,001 sq ft and located on the 28th to 30th floor, was completed in 2019. Using our analytics tool, ‘Is it a Good Deal?’, we take a closer look at whether the buyer has struck a good deal.
Convenient and well-connected location
Investing in a Singapore Condo offers numerous benefits, with one of the most prominent being the potential for capital appreciation. Positioned as a major global business hub, Singapore boasts robust economic fundamentals, resulting in a consistent demand for real estate. The property market in Singapore has continually shown an upward trend, and prestigious condominiums in prime locations have experienced significant appreciation over the years. By timing their investments wisely and holding onto their properties for an extended period, investors can reap substantial capital gains. Singapore Condo presents a lucrative opportunity for those looking to invest in the market.
One of the main advantages of living at 590B Ang Mo Kio Street 51 is its prime location. The flat is within walking distance to Ang Mo Kio MRT Station and is conveniently surrounded by various amenities such as schools, malls, and food centres. These 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.
Moreover, the MRT station will become a dual-line station by 2030 upon the completion of Phase 1 of the Cross Island Line (CRL). Our ‘Is it a Good Deal?’ tool has also highlighted the long remaining lease of 94 years for the flat, making it an attractive option for potential buyers.
High price but good deal?
Although the flat is surrounded by numerous amenities and has a long remaining lease, the transacted price of $1.08 million is almost 60% above the average price for the district. This could be due to the rising number of million-dollar four-room flats in Singapore, with 232 such transactions this year alone compared to only 33 in 2022.
Additionally, the flat is located in Ang Mo Kio, which has seen a surge in the average price of four-room HDB flats by 35.5% since 2014. This growth rate is higher than that of three-room (23.1%) and five-room flats (32.1%). However, the average price of $649 per square foot (psf) for four-room flats in Ang Mo Kio is lower than the transacted price of $1,079 psf for the aforementioned flat.
Comparable to 99-year leasehold condos in the area
Interestingly, the transacted price for the flat is below the average price of $1,588 psf for 99-year leasehold condo units in Ang Mo Kio that measure between 900 sq ft and 1,100 sq ft. However, this could be attributed to the fact that the prices for HDB flats and condos have grown at a similar rate since 2020, at 42.3% and 42.7% respectively.
Conclusion
Despite the record-breaking transacted price for the four-room HDB flat at 590B Ang Mo Kio Street 51, it is not surprising considering the rising number of million-dollar HDB transactions in Singapore. Its prime location, surrounded by amenities and with a long remaining lease, could be the main factors contributing to the above-average price paid by the buyer. To learn more about this transaction and whether it is a good deal, click here.