Previously, we covered how recent HDB Public Housing Data for Q1 2022 showed that the median HDB resale prices continued to rise for another quarter, continuing its upward trajectory since 2020.
After some exploring around HDB’s Resale Price Checker, we discovered that in May 2022, an executive flat in Woodlands registered a resale price of $1,040,000.
What are Executive Apartments?
Executive Apartments were first introduced by HDB in the 1980s, and were phased out in 2005. They are basically larger HDB units, with floor spaces ranging from 125sqm-221sqm (1346sqft-2379sqft).
While executive flats would naturally cost the most compared to other flat types, what’s most interesting is that this sale marks the first flat in Woodlands to cross the million-dollar mark.
Details about the sale
Image credit: HDB
From what we know, the executive flat is located at Block 832 Woodlands Street 83, and on either the 10th, 11th or 12th floor. It’s also a fairly middle-aged unit, with 71.5 years left on the lease.
In terms of size, it has an approximate floor area of 189 sq m (2,034sqft), making it one of the largest executive flat sales recorded in the last 6 months. For reference, there were only two other resale units that were bigger at 192sqm (2,066sqft), both of which were sold for around $883K. At 189sqm (2,034sqft), its size is similar to that of a jumbo flat, which is luxurious in terms of space and unfortunately no longer in production.
Where is the flat at?
One of the possible reasons for the flat’s high price tag might be because of the abundance of many amenities in its vicinity.
Image adapted from: Google Maps
Right off the bat, you might notice that Blk 832 is relatively close to Causeway Point, which is about a 10-minute walk away. The mall has everything you’ll need – F&B joints, retail shopping outlets, and even a cinema.
Connectivity is also a major plus point. It’s connected to the largest integrated transport hub in Singapore, with a bus interchange alongside Woodlands MRT station which connects the North-South Line and the Thomson-East Coast Line. Adjacent to it are Woods Square and Woodlands Civic Centre, which have their own food and retail offerings as well as the Woodlands Regional Library.
According to the HDB, there are 12 childcare centres and two kindergartens in its immediate vicinity. This makes it a great location for families with young children, who can shuttle between home and the childcare pretty easily.
Image credit: The Smart Local
In terms of recreation, the block is next to the Woodlands Park Connector and Fu Shan Garden. The latter is actually quite popular, with a playground that features interactive dinosaur installations. You might say that this was the OG Jurassic Mile.
In addition, the entire region of Woodlands is part of the Urban Redevelopment Authority’s Master Plan to transform Woodlands into the largest economic hub in the North, with a thriving commercial and community node at Woodlands Central itself. This would mean appreciating property prices in the region, as well as a thriving rental market serving Malaysians working in Singapore.
Are flats in Woodlands getting more expensive?
With this executive flat sale breaking the million-dollar mark, this would beg the question if resale units in Woodlands are getting more expensive. For one, the median resale prices of resale units have been on the rise, and Woodlands is no exception.
Image credit: HDB
It remains to be seen how the resale market would perform in the near future. Previously during the height of the pandemic, the resale market saw a boom in demand due to manpower and supply-chain constraints, which resulted in considerable construction delays of new BTOs.
However, now that the world has more or less moved on, one would reasonably expect less disruptions to new BTOs’ construction timelines. Coupled with new BTO launches in hot locations like the Greater Southern Waterfront and Farrer Park and worries over the rising cost of living, new homeowners might be more judicious about dropping record sums for resale units.
This would result in somewhat of a price resistance in the future, which would lower the likelihood of us seeing more record-breaking prices for resale units. That being said, there are families (especially larger ones) who would want a decently-sized home to accommodate everyone, and so the demand for jumbo flats and large executive apartments would still be relatively healthy.
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Cover image adapted from: Google Maps