We often think about estates like Bishan, Kallang/Whampoa, and Bukit Merah when it comes to expensive HDB estates. But Clementi is also one neighbourhood that often sees million-dollar transactions for HDB resale flats. Recently, the $1.3M sale of a 5-room flat broke the record for being the most expensive 5-room HDB flat sold in Clementi.
As things go, the property market has already moved accordingly, with this new listing of another 5-room flat in the same block going on sale for a whopping $1.56M.
What makes 440C Clementi Avenue 3 so special
Image credit: Google Maps
What makes Clementi Cascadia—the full name of the development—so special is that it just met its minimum occupation period (MOP) of 5 years in 2023, and as the cycle goes, some homeowners will look to flip and sell their units at this time. These homes will also have long leases of at least 95 years, and their condition will still be like-new.
The block is also within a 5-minute walking distance of Clementi MRT and The Clementi Mall, which definitely adds to its appeal. Close proximity to public transportation and amenities is something that people are willing to pay top dollar for, so it doesn’t surprise us in the least that this block is the new record-breaker in Clementi.
Another 5-room flat in 440C Clementi Ave 3 is being sold for $1.56M
Image credit: Feracity Realty/PropertyGuru
What’s most astounding was that the $1.3M unit was located on a lower level, between the 4th to 6th floors. This was something unexpected, as most million-dollar units are located on a higher floor, and Clementi Cascadia has over 40 floors of real estate to offer. Now, property agents can use that as a benchmark to sell other units in the same block for much, much higher. Case in point, this other 5-room flat that was listed for $1.56M.
Image credit: PropertyGuru
The $260K price increase can be attributed to the fact that the unit is on a high floor, with sweeping views of Clementi, and is a North-South-facing unit that is not subject to the harsh sunlight in the afternoon.
But then again, are such “features” really worth a hike of nearly $300K? Sure, interested parties can negotiate with the homeowners to bring down the price to something more reasonable, but it still seems like a case of an overpriced HDB flat.
Million-dollar HDB flats being sold in 440C Clementi Ave 3
All things considered, it wouldn’t be surprising if the units at Clementi Cascadia will continue to make the news in the next couple of years as more million-dollar transactions are closed here. After all, the development is located in a mature estate with close proximity to a bunch of amenities, shopping malls, and public transportation hubs.
Read other HDB news:
- The June 2024 HDB BTO exercise has over 7,000 flats available
- 5 things to know about the upcoming Bukit Timah Turf City
- A mid-year roundup of the most expensive HDB flats sold in 2024
Cover image credit: Google Maps, PropertyGuru
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