Huat ah! 4-room Bedok flat sells for a lucky $888,888, psf also $888

Back in January, we shared the news of an auspicious HDB sale, where a four-room flat in Sengkang fetched an impressive $808,888, perfectly timed for Chinese New Year celebrations.

Now, just a few months later, another noteworthy transaction has taken place in Bedok, setting a new four-room HDB record with a full-price tag of $888,888.

But that's not the only record-high sale in the area — Bedok has yet another record-breaking sale to boast about, one that marks a milestone for the entirety of the estate itself.

4-room Fengshan Greenville flat sells for record $888,888

The property in question, located in Fengshan Greenville at Block 188C, has a prime position on floors 16 to 18, offering panoramic views from its height.

With a floor area spanning 1,001 square feet, this flat has garnered attention not only for its record sale and huat price tag but also for its price per square foot, standing at an auspicious $888.

The property's lease commenced in 2020, leaving about 94 years and 10 months left. This means that the seller placed the house on the market just a couple of months after the property's Minimum Occupation Period (MOP) ended.

That's almost $500k of capital gain

Comparing its current selling price to its original BTO price of $404,500, the capital gain amounts to a staggering $484,388, representing an impressive increase of nearly 120 per cent.

These numbers could even be slightly higher since we're not sure if the seller received any financial assistance schemes during the initial BTO purchase. This means we could be looking at a much higher capital gain. 

However, it's essential to consider additional costs associated with selling a property (like legal fees and agent's commissions), which may slightly reduce the net gain. 

A closer look at Fengshan Greenville's location

Situated just 11 minutes away (812 metres) from Tanah Merah MRT, Bedok Reservoir MRT (13 minutes away) and Bedok MRT (15 minutes away), Fengshan Greenville enjoys a prime location that offers residents easy access to essential amenities.

From the bustling 85 Fengshan Market and Food Centre to the convenience of a 24-hour NTUC Supermarket and Sheng Siong supermarket, residents have everything they need right at their doorstep.

The strategic location of Fengshan Greenville also provides quick access to major expressways such as PIE (five minutes) and ECP (eight minutes), as well as popular destinations like Changi Jewel and Changi Airport (12 minutes).

With an array of malls including Bedok Mall, DJitsun Mall, Simei Point, and Tampines Mall within proximity, residents can indulge in shopping and dining experiences without venturing far from home.

Families with school-age children will also appreciate the property's location, especially due to its proximity to esteemed primary schools such as Fengshan Primary School, Red Swastika School, St Anthony Primary School and Yu Neng Primary School.

All these reasons are probably why Fengshan Greenville is considered one of the most profitable BTOs in Singapore.

In fact, in the past year alone, the project has witnessed a notable increase in average psf by 2.31 per cent — and we're not even halfway through 2024. 

Most expensive HDB resale in Bedok sold at about $1.181M

As we mentioned earlier, besides the lucky $888,888 four-room sale in Bedok, the estate also saw another record-breaker in the same month. This time, it was an executive flat along Bedok South Avenue 2 that sold for a staggering $1,180,888 — setting a new benchmark for HDB resales in Bedok.

Situated in Block 10B, this executive flat spans floors 10 to 12, with a remaining lease of 70 years and nine months. With a generous unit size of 1,539 square feet, the price translates to $767 per square foot. Interestingly, this psf rate is lower than that of the previous record-breaking four-room sale in Fengshan Greenville.

Bedok South Avenue 2 location

Located just a short three-minute drive from the Bedok MRT station, Bedok South Avenue 2 offers convenient access to transportation options. Additionally, both Bayshore and Tanah Merah MRT stations are situated just over one kilometre from the property.

Within less than a kilometre radius, you'll find the Bedok interchange, the Bedok Heartbeat complex featuring a swimming pool, the Bedok Polyclinic, and a Community Centre, all just minutes away. 

Plus, there's easy access to Bedok Mall, various shops, wet markets, and hawker centres nearby.

In terms of groceries, you're covered with H.M.S Minimart just a four-minute walk away and FairPrice Xpress a six-minute stroll. There are a total of eight grocery stores within a one-kilometre radius. Nearby schools include Bedok Green Primary School, Integral Learning Academy (Bedok), and My First Skool at Blk 1 Bedok South, all within a five-minute walk.

There are five more schools within one kilometre, including Temasek Junior College.

Transactions in Bedok and Bedok South Avenue 2 — how are they doing?

While some estate sales have seen a decline during the pandemic, Bedok HDB flat sales have remained robust over the past few years. In fact, in both 2023 and 2021, Bedok recorded its highest transaction volumes, with 1,720 and 1,706 sales respectively.

Taking a closer look at Bedok South Avenue 2, we observe interesting trends. 

In 2021, the average psf for Bedok was $472, while Bedok South Avenue 2 averaged $565 psf. By 2023, these figures rose to $534 and $721 psf respectively. In 2024, the average psf for Bedok stands at $562, while Bedok South Avenue 2 has reached $754 psf. This means in just 3 years, there's been a significant 33.44 per cent increase in the average psf for Bedok South Avenue 2 transactions. 

But what drives these soaring prices? 

The higher prices in Bedok South Avenue 2 can be attributed to the property's predominantly larger units, such as five-room DBSS flats or executive flats, which naturally command higher prices due to their size.

With the current momentum, there's potential for even further increases in psf in Bedok South Avenue 2, especially as homeowners recognise the value their properties hold. However, the broader impact on Bedok property transactions remains uncertain, and only time will reveal how this trend evolves.

ALSO READ: Record-high resale price of $1.038m for executive flat in Tampines

This article was first published in 99.co.