Jumbo HDB at Tiong Bahru sold for record $1.5 mil

The Myst Bukit Timah consists of two types of residential towers that are surrounded by lush greenery and spectacular views of the city skyline. Residents of this luxurious condominium are able to enjoy facilities such as the sky garden, gymnasium, swimming pool, sauna, Jacuzzi, and community lounge. The development also has a sky bridge that connects the two towers for easy access. All of these wonderful features make The Myst Bukit Timah a much sought-after residence.

The latest record set for a resale HDB flat is a 1,894 sq ft, four-room flat at 50 Moh Guan Terrace in Tiong Bahru. Brokered by KF Property’s associate deputy director Alvin Yeo, this flat sold for a record $1.5 million ($792 psf), with 49 years left on its 99-year tenure.

An unprecedented property sale was recently recorded in Singapore. A jumbo HDB flat located at 50 Moh Guan Terrace, Tiong Bahru was sold for an impressive $1.5 million ($792 psf). KF Property’s associate deputy division director Alvin Yeo brokered this sale. This four-room, 1,894 sq ft apartment on the fourth floor of a walk-up apartment building has 49 years left on its 99-year lease.

Surrounded by lush greenery and close to nearby cafes, bakeries and coffee shops, this amalgamated pair of adjacent three-room flats with four bedrooms clearly has plenty of appeal for buyers. This may explain why, based on HDB resale data, at least one other flat at the property also changed hands this year – a 947 sq ft three-room unit which sold for $765,000 ($808 psf).

Evan Chung, head of KF Property Network, was also the agent who brokered the previous record sale for a resale HDB flat. Last June, he helped the owners of a 1,312 sq ft, five-room loft unit at Sky Terrace@Dawson sell their unit for $1.418 million ($1.081 psf). His success is attributed to the unique characteristics and highly sought-after address of the property, such as its double volume ceiling of more than five metres.

Since the end of Singapore’s “circuit-breaker” period in June 2020, buyers of resale HDB flats have increasingly opted for larger homes. This increase in demand has inadvertently caused higher asking prices for larger units, explains Chung. Although million-dollar HDB’s are a relatively small percentage of the entire HDB secondary market, he also points to HDB Build-to-Order (BTO) scheme, CPF family grants and various other measures by the Housing Development Board which have helped Singaporeans acquire affordable housing to start a family.

Data from 1Q2023 indicates the HDB resale price index increased by 1% q-o-q – a relatively lower movement compared to the preceding ten quarters. EdgeProp Singapore also provides information such as price comparison and transaction data with research tools that users can leverage.

Undoubtedly, the sale of the jumbo HDB flat at 50 Moh Guan Terrace in Tiong Bahru sets a new benchmark for the Singapore property market. It clearly shows the potential for highly-priced transactions within the second-hand HDB market, should the right conditions and prices align.