5-room HDB flat sold for $1.3m in Boon Keng, setting new all-time high for the town

On June 1, 2024, a transaction occurred in the Kallang/Whampoa estate. A 5-room flat at Block 9, Boon Keng Road, was resold for S$1,308,000, establishing a new all-time high (ATH) for the town. This transaction indicates increasing demand and escalating property values in the area, signifying a notable development in the local property market.

In this article, we look at 9 Boon Keng Road and Kallang as a whole, while also including a little comparative analysis of the ATH and market trends of nearby blocks.

About Block 9 Boon Keng Road

Block 9, Boon Keng Road is a residential building in the Kallang/Whampoa estate. Known for its high-rise structure, it provides views of the city skyline.

The block is close to amenities such as Boon Keng MRT station, Bendemeer Market & Food Centre, and educational institutions. This location offers urban convenience and community charm, making it attractive to families and professionals.

Here's a fuller list of the amenities nearby:

Public transportation:

• Boon Keng MRT (350m, 4-min walk)
• Bendeemer MRT (450m, 6-min walk)
• Farrer Park MRT (1.2km, 17-min walk)
• Block 7 Bus Stop (160m, 2-min walk)
• Bef Lavender Street Bus Stop (90m, 1-min walk)

Schools:

• Bendeemer Primary School (1.6km, 5-min drive)
• Bendeermer Secondary School (1.8km, 6-min drive)
• Hong Wen School (1.4km, 5-min drive)
• NorthLight School (1.7km, 6-min drive)
• St Andrew's Junior School (3.1km, 10-min drive)
• St Andrew's Secondary School (2.9km, 8-min drive)

Parks:

• Kallang Riverside Park (1.4km, 4-min drive)
• Kampong Glam Park (2km, 6-min drive)
• Rochor River Park (1.5km, 5-min drive)
• St George Park (1.7km, 5-min drive)
• Somme Road Playground (700m, 2-min drive)
• Whampoa Park (2.5km, 8-min drive)

Supermarkets:

• FairPrice City Square Mall (900m, 3-min drive)
• Sheng Siong Supermarket (1.5km, 6-min drive)
• Prime Supermarket (1.2km, 4-min drive)
• Ace Marketplace (1.5km, 5-min drive)
• Nice Supermarket (1.9km, 6-min drive)

Clinics:

• Tan Teoh Clinic & Surgery (1.1km, 4-min drive)
• Charazoi Medical Clinic (400m, 1-min drive)
• Kindred Family Clinic (2km, 6-min drive)
• Whampoa Clinic (3.3km, 11-min drive)
• Lavender Medical Clinic & Surgery (1.3km, 5-min drive)

Hospitals:

• Kwong Wai Shiu Hospital (800m, 3-min drive)
• Farrer Park Hospital (1.4km, 4-min drive)
• KK Women's and Children's Hospital (3.3km, 7-min drive)
• Raffles Executive Medical Centre (2.1km, 7-min drive)

Shopping malls:

• Bendeemer Shopping Mall (1.2km, 5-min drive)
• City Square Mall (900m, 3-min drive)
• Aperia Mall (1.1km, 4-min drive)
• Balestier Plaza (2.7km, 7-min drive)
• Zhongshan Mall (2.9km, 8-min drive)
• Square 2 (2.6km, 8-min drive)
• City Gate (2km, 6-min drive)
• Kallang Wave Wall (3.9km, 9-min drive)

To start painting the picture, let's take a look at all the transaction trends over the past 10 years:

We can see a notable and continuous increase in average resale prices for flats at 9 Boon Keng Road from 2015 to 2024, demonstrating a 46.04 per cent growth, with the average price reaching S$1,050,000 in 2024.

Despite fluctuating transaction volumes, which peaked and troughed over the years and showed a recent reduction with only one transaction recorded in 2024, the consistent price increases reflect market activity and sustained demand for these properties. This trend highlights the market performance and increasing buyer interest in these flats.

Introduction to the Kallang neighbourhood

Kallang is a neighbourhood centrally located in Singapore with a rich history and a dynamic urban environment. It has good connectivity with major expressways and public transportation, including the North-East Line (NEL) and Downtown Line (DTL).

The area offers various amenities such as sports complexes, shopping malls, and recreational parks like the Kallang Riverside Park. The blend of residential, commercial, and leisure facilities makes Kallang a thriving community for residents.

To put it into another perspective, let's look at the recent HDB transactions in the whole of Kallang:

From above, there was a consistent and significant increase in average resale prices for HDB flats in the Kallang neighbourhood from 2014 to 2024, with a total growth of 48.14 per cent. By 2024, the average resale price had reached S$685,806, indicating strong demand and robust market performance.

Despite fluctuations in transaction volumes, with certain years experiencing peak volumes, the overall upward price trends suggest a resilient and healthy property market in Kallang.

This trend highlights Kallang's status as a desirable residential area, with sustained buyer interest contributing to the appreciation of property values over the past decade.

Market trends of Block 9 Boon Keng Road (past decade)

In recent years, Block 9, Boon Keng Road, has experienced an increase in property values. The demand for flats in this block is influenced by its central location, various amenities, and the appeal of high-rise living. Recent transactions indicate a consistent upward trend in resale prices, reflecting the overall growth in the Kallang property market. The recent all-time-high transaction further solidifies Block 9's position as a sought-after residential location.

Let's take a look at the recent transactions over the past decade:

The data above shows a significant increase in average resale prices for 3-room, 4-room, and 5-room flats at Block 9, Boon Keng Road from 2015 to 2024. The 5-room flats saw a 28.33 per cent increase, the 4-room flats surged by 69.90 per cent, and the 3-room flats experienced a 15.19 per cent rise.

In 2022, the average prices for these flat types were S$1,037,111 for 5 rooms, S$880,000 for 4 rooms, and S$688,250 for 3-room flats, with transaction volumes reflecting steady demand.

This upward trend suggests the growing attractiveness and investment potential of properties at Block 9, Boon Keng Road, driven by consistent price appreciation across different flat types.

Market trends of the Kallang neighbourhood (past decade)

The Kallang neighbourhood has seen substantial growth in property values due to its strategic location and ongoing development.

Kallang has outperformed national averages, drawing in both local and foreign buyers. Ongoing infrastructure enhancements and upcoming projects have increased the area's appeal. The property market in Kallang is projected to stay robust, with sustained interest from homebuyers and investors.

Below, we take a look at the 5R transactions in the whole of Kallang:

As the above shows, there was a consistent increase in average resale prices for 5-room HDB flats in Kallang from 2014 to 2024, with a total growth of 31.23 per cent. In 2024, the average resale price reached S$911,537, reflecting sustained demand for these properties.

Despite fluctuations in transaction volumes, the overall trend indicates a steady rise in property values, indicating Kallang's attractiveness as a residential area.

The upward trajectory in prices, coupled with significant transaction volumes, points to the robust market performance and investment potential of 5-room flats in Kallang.

Comparative analysis of nearby blocks (Blocks 7, 8, and 8A)

When comparing the resale prices of Block 9 with nearby blocks such as Block 7 and Block 8, there are several factors to consider. All these blocks benefit from similar amenities and location advantages.

However, high-floor flats in Block 9 tend to command a premium due to better views and less noise pollution. Recent transactions show that Block 9 consistently achieves higher resale prices, indicating its desirability among buyers.

One final graph:

The data presents a consistent increase in the average resale prices for 5-room flats at Blocks 7, 8, and 9 from 2014 to 2024. Block 9 experienced a price growth of 24.42 per cent, Block 7 had a 33.70 per cent increase, and Block 8 saw a 28.33 per cent rise.

In 2023, the average prices were S$1,052,315 for Block 9, S$1,148,481 for Block 7, and S$1,183,629 for Block 8.

Despite fluctuations in transaction volumes, the overall upward trend in average prices across all blocks highlights the increasing attractiveness and investment potential of these properties, driven by their strategic location and desirable amenities.

Conclusion

The recent sale at Block 9, Boon Keng Road, reflects the increasing demand and rising property values in the Kallang/Whampoa estate. This sale highlights the appeal of Block 9 due to its location, amenities, and high-rise living features.

The broader Kallang neighbourhood demonstrates strong market trends, with notable growth and promising prospects. Comparative analysis with nearby blocks further emphasises Block 9's status. As property values in Kallang continue to increase, this area remains attractive to potential homebuyers and investors.

ALSO READ: Geylang sees first 4-room HDB flat crossing 1-million-dollar mark, sold for $1.006m

This article was first published in 99.co.