By now, you should have more or less come to terms with the fact that million-dollar HDB resale flats are becoming more and more commonplace, so much so that it’s become less of a surprising novelty and more of a placid “oh, another one?”
As a result of the booming property market in the past year, we’ve seen what is probably the record number of resale HDBs being sold for over a million dollars in the resale market thus far, with over 260 of such transactions as of end-Sep 2022.
While a handful of them are surprisingly 4-room flats in highly coveted estates, the majority of these million-dollar transactions understandably pertain to larger unit types like executive apartments and maisonettes; all of which are highly desirable owing to their large floor space that is almost impossible to come by these days. Well, at least by new HDB BTO flats’ standards.
As we round up October, here’s another million-dollar resale transaction, this time involving an Executive Apartment located in the popular Eastern estate of Bedok.
Here’s what we know about the latest transaction:
What’s the scoop on this million-dollar Executive Apartment?
Image adapted from: HDB
The unit in spotlight is a hefty 173sqm (1,862sqft) Executive Apartment that’s located at Block 629 Bedok Reservoir Road. Located somewhere on the 7th-9th floor, it was completed in 1993, and has a remaining lease of just over 69 years.
Immediately, what’s newsworthy about this recent transaction is its resale price. At $1,048,888.00, this is essentially Bedok’s first-ever million-dollar resale flat. Prior to this, the highest transaction in the past year was a 163sqm (1,754sqft) adjoined flat at Block 510 Bedok North St 3, which was sold at $960K.
Another interesting fun fact is that, based on our checks, the unit’s initial asking price was $1,150,000, however it seems that this was negotiated down to its final asking price of $1.04M.
Image adapted from: Google Maps
Location-wise, the block sits in a fairly central location within Bedok, in between two Downtown Line MRT stations: Kaki Bukit and Bedok North. It’s also right next to the Bedok Reservoir Shopping Centre, which isn’t actually a shopping mall per se, but one of those HDB town centre clusters which has both retail shops and food options. Otherwise, you’d have to take a longer 13-minute bus ride out to Bedok MRT and Bedok Mall.
How does this Blk 629 Executive Apartment compare to others sold along the same street?
Its $1.04M price tag also translates to an approximate sale price of around $562psf. This is considerably higher than most of the recent transactions of the same unit types along Bedok Reservoir Road, save for one which went for $616psf last month. Here’s a snapshot of some of the recent transactions in the past 3 months, with their psf rates:
This Blk 629 Executive Apartment vs. other similar-sized Executive Apartments
Comparing across some other executive apartments that were sold in the past 3 months in other estates, the Blk 629 isn’t the most expensive in terms of psf. One of the highest transactions was a smaller 1,679sqft Executive Apartment in Queenstown that was sold last month for $1.23M, translating to a rather astronomical $744psf. That said, it won’t be a fair comparison because Queenstown is definitely a much more sought-after estate as compared to Bedok.
Possible reasons for its high selling point
One of the main probable reasons why this Blk 629 Executive Apartment was sold for such a high price point is because of its decent floor size. At 1,862sqft, it’s the largest executive apartment sold within the past year in Bedok, and quite possibly also one of the largest ever sold in the resale market.
The transaction was brokered by Lee Jun Wei and Kelvin Lim, from PropertyLimBrothers.
Image adapted from: YouTube
According to the video, the hefty 1,862sqft floor space is actually the result of two separate HDB corner flats – a 3-room, and a 4-room flat – joined together by HDB. In fact, the original block 629 comprised only 3-room and 4-room units, however HDB had later on combined the units and released them as 5-room and Executive Apartment units. The $1.04M unit has a total of 4 bedrooms, each of them large enough to fit a king-sized bed, wardrobe and study desk.
Image adapted from: YouTube
First-ever million-dollar HDB in Bedok
Now that Bedok has officially joined the list of estates with million-dollar resale HDBs with its first entrant, we’re sure that the market would be buoyed by this news, paving the way for more of such transactions in the future. With the market as it is right now, it is strangely less of “which estates are in the million-dollar club?”, and more of “which estates are not in the million-dollar club?”
Nevertheless, given that huge jumbo flats like maisonettes and Executive Apartments are in scarce supply here in Singapore, we can only wait with baited breath on how else the resale market for these unit types will reach new highs in the months to come.
Despite the newly implemented cooling measures which are essentially targeted at the resale market, we’re sure that this won’t stop potential homebuyers seeking out these highly coveted HDB unit types, and it probably won’t be long before all estates would have seen at least one million-dollar transaction across all flat types.
Read our other articles here:
- Moving out at 18 in Singapore
- Cathay busker Jeff Ng’s $120K HDB reno
- A modern luxe condo makeover with $15K of Taobao furniture
Cover image adapted from: Google Maps