Whenever an HDB project crosses its 5-year Minimum Occupation Period (MOP), it’s always an exciting time for both homeowners and homebuyers alike. After all, that’s when it can finally be sold on the market, and depending on factors such as size and location, historical data has shown that some can fetch truly eye-watering prices.
Now, you might think of projects in highly coveted estates like Bidadari and Queenstown…and yes, those locations have indeed made the headlines plenty of times for setting all-time record prices in the HDB resale market. Location aside, other HDBs that have been sold for sky-high prices are usually the larger ones like maisonettes, jumbo flats, and loft units.
But you probably wouldn’t have guessed that, of all places, Punggol would be home to some pretty highly-priced HDB units. Well, turns out that’s exactly the case—newly MOP-ed flats located at Sumang Walk have just been sold for close to a million. We break down all the deets and figure out what you can probably expect in the coming months as well.
Source: Google Maps
Handful of 5-Room flats sold close to a million in the last 6 months
A check on the HDB’s Resale Price Portal shows that, in the last six months, a handful of 5-room HDB flats located at the Blk 322 & 323 cluster at Sumang Walk in Punggol were sold in the high 900Ks. This is pretty remarkable given that they comprise a mix of high and low-floor units, and that they have just over 93 years of remaining lease left, meaning they’ve just crossed their MOP.
Image credit: HDB
The highest-priced unit was sold this month for a cool $980K, and it isn’t even on the highest floor! As you can tell, most of the units are similarly sized at around 121sqm, which is just about the same size for all 5-room HDB flats.
Image credit: HDB
Interestingly, Punggol has seen a few million-dollar HDB transactions. For example, a loft unit at Punggol Sapphire (Blk 268 Punggol Field) sold for $1.22M in January 2023, and another was sold in September 2022 for $1.19M. Of course, one reason for the high price is that it was part of the old DBSS scheme of HDB flats, but it was certainly newsworthy at the time to see Punggol flats being transacted for over a million dollars.
How much profit do homeowners get?
Image credit: Google Maps
The Sumang Walk HDB flats—named Punggol Bayview—were launched as part of the January 2014 BTO exercise. As part of the launch, HDB introduced a suite of eco-features to better manage water, energy, and waste. These included eco-pedestals in bathrooms that recycle water for toilet flushing, LED lighting with motion sensor controls, and regenerative lifts that reduce energy consumption.
5-room/3Gen units were heavily oversubscribed during that exercise; reportedly, there were around 1,815 applications for just 432 5-room/3Gen units!
Based on what we found online, 5-room flats at Punggol Bayview were sold at launch for between $393,000 and $495,000. Given that they are now selling for over $900K, this means homeowners could potentially achieve a 100% profit!
What makes these Sumang Walk flats so desirable?
There are a few possible factors that contribute to the high price point of these flats.
For a start, Punggol is no longer what it used to be. Previously, it was a relatively young estate far from the central region of Singapore, where most young couples flocked for a BTO due to its affordability. In its early days, there wasn’t much to shout about in Punggol as it was still under development.
Today, Punggol has grown into a thriving residential hub, complete with commercial and industrial elements. Beyond the many amenities, schools, and recreational options, Punggol is set to evolve further in the coming years, with SIT already relocating its campus there and the Punggol Digital District taking shape.
Image credit: Google Maps
In the case of Blk 323 Sumang Walk, one undeniable appeal is its waterfront living—a rare feature in Singapore. Residents enjoy unblocked views of the reservoir, park connector, and surrounding forested areas, which is undoubtedly a highlight for many. Having a condominium like Piermont Grand located right next to it also helps to “elevate” its status, further increasing its appeal as a desirable location for residential living.
The vicinity offers plenty of highlights. For schools, you’re well-covered with several primary and secondary schools within a 1km radius, along with many childcare centers, some integrated with the HDB projects. Lifestyle options are also abundant, with Waterway Point, One Punggol, and Northshore Plaza just a short walk or bus ride away, providing all the amenities you’ll need.
When it comes to public transport, getting around Punggol is convenient thanks to numerous bus services covering routes across the estate. Additionally, the nearby Punggol LRT stations, Nibong and Sumang, are a short walk away. These stations connect you to different parts of the Punggol estate and lead back to the main Punggol MRT station on the North-East Line.
Image credit: HDB
Another interesting point is the unique layout of the 5-room units, which deviates from the ‘norm’ of other HDB 5-room flats in other estates. Based on the floor plan, these units can have up to three balconies—a rarity for HDB flats!
What is the current listing price for units?
In case you were curious or genuinely interested to explore the possibility of purchasing a unit, then you’re in luck: there are units up for sale.
Image credit: PropertyGuru
While the majority of 5-room units are understandably listed for upwards of $850K, three units, in particular, stand out—they are being listed at around a million dollars each. It seems these listings are testing the market’s appetite for this price point. If and when one of these transactions goes through, it’s likely we’ll see more million-dollar transactions follow suit.
Sumang Walk 5-room HDBs fast approaching the million dollar mark
As Punggol continues to mature as an estate, it’s probably safe to say that eventually, more HDB flats in Punggol will be sold for close to or over a million dollars. Of course, not every 5-room flat will command such a high price. However, under the right conditions—such as waterfront living, a high-floor location, or proximity to abundant amenities and highlights—it is certainly a possibility.
In the meantime, will HDB units at Punggol Bayview breach the esteemed $1M price point? Judging by current trends in the property market, it’s perhaps not a question of if, but when. We’ll just have to wait and see!
Read more articles here:
- Guide to HDB’s Home Improvement Programme (HIP)
- Where to find jumbo flats in Singapore
- New launch condos to look forward to in 2025
Cover image adapted from: SRX, Google Maps
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