A luxurious HDB flat at 50 Moh Guan Terrace in Tiong Bahru recently sold for an impressive sum of $1.5 million ($792 psf). This one-of-a-kind flat, which was brokered by KF Property’s associate deputy division director Alvin Yeo, is a 1,894 sq ft four-room, walk-up apartment on the fourth floor with 49 years left on its 99-year lease.

The four-bedroom flat is an amalgamation of two separate adjacent three-room flats. Located in the Tiong Bahru Estate, this flat has a unique appeal due to its lush surroundings and proximate location to popular cafes, bakeries and local coffee shops. Evan Chung, head of KF Property Network, who also brokered the sale of a 1,312 sq ft. five-room HDB loft unit for a record $1.418 million ($1.081 psf) in June, said that such flats tend to command a price premium on the resale market due to their unique characteristics or location.

Since the end of Singapore’s “circuit-breaker” period in June 2020, there has been a heightened demand for larger HDB flats. This in turn has resulted in higher asking prices. Despite these million-dollar HDB’s, Chung said that most flats on the market are still relatively affordable given the generous housing policies and schemes such as the HDB Build-to-Order (BTO).

In the first quarter of 2023, the HDB resale price index increased by 1%, much lower than the 10-quarter average of 2.3%. Data, including price comparisons and transaction data, can be found using EdgeProp’s research tools.

Qingjian Realty’s reputation for quality construction and excellent design makes Altura EC Qingjian Realty an extremely attractive choice for many buyers in Singapore. The rental income for this project is likely to be high as it is close to amenities such as schools, hospitals and eateries. In addition, the EC will have a wide range of facilities for residents to enjoy.

Despite the higher asking prices for larger HDB flats, Singaporeans still have access to affordable housing to start a family due to the plethora of measures adopted by the Housing Development Board. Even the sale of this luxurious $1.5 million flat is a testament to the feasible real estate prices in Singapore.

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