5-room HDB flat at Henderson Road chalks up new resale record of S$1.4m
5-room HDB flat at Henderson Road chalks up new resale record of S$1.4m. This month, a FIVE-ROOM flat on Henderson Road sold for S$1.4 million, making it the most expensive transaction in the HDB resale market to date.
The 1,216 square foot (sq ft) unit in Block 96A is on the 41st floor of the 48-story building and has panoramic views of the area. The lease began in 2019, making it only three years old.
“With construction delays due to Covid, this almost-new flat offers the opportunity for buyers to move in quickly,” said Lee Sze Teck, senior director of research at Huttons. New 5-room flats in mature estates are also uncommon.”
A market, hawker center, swimming pool, and shopping mall are nearby, and Tiong Bahru MRT station is a 5-minute walk away; Alexandra Primary School is also nearby.
Lee, on the other hand, believes that the S$1.4 million record will be broken in the coming months, as another 5-room flat on a higher floor in the same block has been listed at S$1.5 million.
According to HDB data, resale prices rose for the eighth consecutive quarter in Q1 2022, up 2.4 percent from the fourth quarter of 2021, but slower than the 3.4 percent increase recorded in Q4 2021.
Demand for larger flats drove the first-quarter performance. The median price of 5-room and executive flats increased by 2.6% and 2.8%, respectively, quarter on quarter. According to analysts, million-dollar HDB flat transactions continued to boost prices, with 82 HDB flats sold for more than S$1 million in the previous quarter.
Despite rising prices, transaction volumes have decreased due to the Chinese New Year holiday season and a limited supply of resale flats. Transactions fell 12.7 percent quarter on quarter and 8.5 percent year on year to 6,934 units, falling below 7,000 for the first time in nearly two years.
According to analysts, the majority of transactions in the quarter occurred in the Hougang/Punggol/Sengkang, Bukit Batok/Bukit Panjang, and Sembawang/Yishun housing estates, with many HDB flats in those areas having completed their Minimum Occupancy Period (MOP).
Some 31,000 HDB flats are expected to reach the end of their MOP this year, and while this will increase supply, the relatively new flats may command higher resale prices.
Nonetheless, property consultants have previously stated that the government will increase the supply of public housing in the coming months, which may help relieve some of the pressure on the resale market.
In May, HDB will offer 5,300 build-to-order (BTO) flats in Bukit Merah, Jurong West, Queenstown, Toa Payoh, and Yishun. Around 6,300 to 6,800 BTO flats will be available in Ang Mo Kio, Bukit Merah, Choa Chu Kang, Jurong East, Queenstown, and Woodlands in August.
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