We’ve long accepted that flipping freshly MOPed BTO flats is a reality in the Singapore real estate scene. This is why our heads turned when we realised that 2 developments—Saint George’s Towers and Tampines Greenview—have just hit their 5-year minimum occupation period. In turn, units from these estates are starting to hit the market.
If you’re in the market for a new-ish HDB flat in either the Kallang or Tampines neighbourhoods, here’s what you need to know about the 2 developments and why freshly MOP-ed HDB resale flats are all the rage.
Why are freshly MOP-ed developments so high in demand?
Before diving into the details of Saint George’s Towers and Tampines Greenview, we’ll address the burning question: why are resale HDB flats that just hit their MOP so high in demand?
There are a few main reasons based on recent market movements. One target of these flats is the homeowners who didn’t get lucky in the BTO lottery and don’t want to wait around for even longer. Another reason people buy these flats is because they see it as a potential for investment, especially in mature estates and more “desirable” neighbourhoods. After all, everyone is hoping their developments become the next Pinnacle@Duxton.
It also helps that there are more housing grants offered by HDB when buying resale flats like the Family Grant, Proximity Housing Grant, and Top-Up Grant.
Saint George’s Towers—Location & prices overview
Image credit: LOOK Architects
Towering above the Kallang/Whampoa district is Saint George’s Towers. Completed in 2019, most of the 738 units in this development are 4-room HDB flats, although there is also a selection of Studio Apartments and 3-room flats here too.
Some of the features here that might appeal to homeowners include three-quarter height windows in the living and dining areas of the 3- and 4-room flats. There is also a landscaped sky terrace on the 24th and 25th floors of each of the 3 blocks, and a rooftop garden on the top of the multi-storey car park.
The location is also very ideal for those who often take public transport. It’s a quick 5-minute walk away from Boon Keng MRT, which also means it’s close to plenty of affordable eateries in the Bendeemer enclave and Kallang Bahru.
Also, the architects of Saint George’s Towers, LOOK Architects, also won an HDB design award for the development’s architecture.
Price of units at Saint George’s Towers
When Saint George’s Towers first launched, units here sold at around $328K for a 3-room flat and $459K for a 4-room flat. Now that its MOP has reached and homeowners are selling their units, these prices have since risen to around $800K for 3-room flats and around $1M for 4-room flats.
Recent 3-room HDB resale flat transactions at Saint George’s Towers.
Image credit: HDB
Recent 4-room HDB resale flat transactions at Saint George’s Towers.
Image credit: HDB
As is usual, higher-floor units will command a premium—a 4-room unit on a lower floor might be cheaper than a top-floor unit by at least $300,000.
A quick search on property sites shows that prices of similar units in the surrounding area are also within the $700K price range for 3-room units, and around $1M for 4-room units.
The rooftop garden at Saint George’s Towers.
Image credit: LOOK Architects
So the question is: is it worth buying a unit at Saint George’s Towers?
If you don’t mind paying a small premium for a like-new HDB flat that’s located centrally in Singapore, then this is one of your best options. But if your budget is stretched and you’d have to make certain lifestyle changes just to pay off your mortgage, you might want to think twice before committing to a resale flat here.
Tampines GreenView—Location & prices overview
Image credit: HDB
Over on the North East of Singapore is Tampines GreenView. This development was completed at the end of 2019, so units are only trickling onto the market now. It comprises 714 units made up of 3-, 4-, and 5-room flats, with a majority of them being 4-room units.
Unfortunately, the location is not exactly the best. It’s located between Tampines and Pasir Ris, but that also means it’ll take you around 20 minutes by public transport to get to either hub. The Tampines North Bus Interchange is thankfully just 5 minutes away on foot, and those who love shopping at IKEA, Giant, and Courts will love that the megastores are also close by; there’s even a direct bus to the stores.
Price of units at Tampines GreenView
When Tampines GreenView launched, the units here were quite affordable. It only cost roughly $202K for a 3-room flat, $289K for a 4-room, and $398K for a 5-room flat. Nearly 5 years later, the listings all have hit around $900K-$1M for 5-room units, which is around 2.5 times its retail price.
Image credit: PropertyGuru
At the time of publication, there are no records of any sales of resale flats at Tampines GreenView. More should come onto the market when the MOP officially hits in a few months, so you can keep an eye out for them.
To give you a better idea of how much to expect these units to list for, we can look at the surrounding developments. Just next door at Tampines Avenue 9, 3-room flats sold recently for $500K-$550K; 4-room flats for $690K-$760K; and 5-room flats for $900K-$960K.
Image credit: HDB
That being said, is it worth looking into buying a unit at Tampines GreenView?
We’d advise only those who are patient enough to wait for Tampines North’s eventual urbanisation and development to consider a home here. It might also be good for those who want to buy a 5-room flat below $1M, seeing as how larger Tampines flats are slowly increasing in price.
What to consider when buying a freshly MOP-ed HDB flat
Those who have made up their mind to buy a freshly MOP-ed HDB flat should approach the decision and sale with a couple of factors in mind:
- Are there plans for further development in the neighbourhood?
- Are you paying a fair price compared to similar units in the area?
- Are you planning to make this a forever home, or thinking of flipping the home in a few years?
- Would you have to pay a lot more to renovate the home, or is it in good enough condition to live in?
- Did the previous owners make any major transformations that you might need to revert like hacking or building walls?
Buying a resale flat at Saint George’s Towers & Tampines GreenView
Buying a freshly MOP-ed HDB resale flat can be a great opportunity for those looking to put down roots in a neighbourhood, be it mature or non-mature. After all, since you’ve already missed the boat to flip a BTO flat, you might as well take advantage of the long-remaining lease of these properties for your family and the generations to come.
Saint George’s Towers and Tampines GreenView are also not the only 2 HDB developments to hit their MOP in 2024. There are plenty more properties to choose from if these don’t fit your criteria, whether it be the location, affordability, or something else.
Read other articles about the housing market in Singapore:
- How to spot an overpriced HDB flat
- Cheapest estates to buy a resale HDB flat in 2024
- High floor vs low floor—which should you choose for an HDB flat?
Cover image credit: LOOK Architects, HDB
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