HDB resale prices have been on the steep incline, with over 66 flats sold in the months of July and August alone. It’s safe to say that Q3 has been a turning point for the resale market with more neighbourhoods raking in record-breaking sales of above a million dollars. This sets a whole new precedent for estates such as Hougang, Tampines, and now Punggol.
In 2021, we saw a couple of Punggol loft sales that were just under the million-dollar mark, but in just less than a year, Punggol Sapphire cinched its very first million-dollar sale at $1.19M. Here’s what we know about the unit in question.
5-room loft unit on 16th floor
Image of a loft HDB unit in Punggol Drive for illustration only.
Image credit: Superhome Design
A million dollars is a hefty amount to pay for an HDB flat in Punggol, considering that it’s a non-mature estate that’s far off from central Singapore. Loft units are rare unicorns in Singapore with only a smattering of them around the island. Punggol Sapphire, a DBSS project in 2008, specifically, has 23 loft 5-room units out of its total capacity of 760. In the estate of Punggol, this makes up the majority of the 37 loft units that can be found in the area.
Image credit: PropertyGuru
Being a novelty, these loft units naturally command a higher valuation over your regular 5-room HDB flats, thanks to its duplex layout, double-volume living hall, and floor-to-ceiling windows.
On top of all these appealing factors, the unit that was sold was only 10 years old, with a substantial number of years left on its lease. The loft unit also has an ample amount of living space spread out across its 2 floors with 3 bedrooms and a study. According to reports, the flat was initially priced above $1.2M. The realtor in charge of the sale has attributed successfully the million-dollar sale of the flat to staging done well.
Image credit: Metalco
With Punggol Sapphire squarely in between Punggol Way and Punggol field, the 16th floor unit probably gives the new owners a pretty impressive vantage point of the Punggol reservoir and beyond – which might have contributed to its high sale price. The development also sits less than a 6-minute walk from Punggol MRT and bus interchange and Waterway Point.
More Punggol Sapphire loft units for sale above $1M
Image credit: PropertyGuru
At the time of writing, there are two other Punggol Sapphire units for sale on PropertyGuru. Both units have a similar floor area of 1,603sqft and are listed for over $1.2M, hoping to follow in the footsteps of the unit that was just sold. If you’re hoping to snap up an elusive loft unit, now might be the opportune moment to do so before prices rise again. With the HDB resale market seeing more million-dollar transactions, it’s unlikely that prices of such loft units will be cooling any time soon.
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Cover image adapted from: Metalco, Superhome Design
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