Ang Mo Kio records first million-dollar 4-room flat transaction

In the bustling heart of Ang Mo Kio, a significant milestone has been achieved in the local real estate market, marking a historic moment for four-room HDB units.

The spotlight falls on a specific property, Cheng San Court, located on the high floors between the 31st and 33rd storey of Block 591A on Ang Mo Kio Street 51. This unassuming property has recently shattered the $1 million barrier.

$1 million milestone for 4-room HDB unit in Ang Mo Kio

Taking a closer look at the data provided in the table below, it becomes evident that the latest transactions in 2023 involving four-room HDB units in Ang Mo Kio have not just approached the $1 million price tag but have consistently been from the same property and block, Cheng San Court.

What's behind this 4-Bedder $1 million record?

A key factor contributing to the allure of these four-room HDB units is their elevated location, situated on floors 25 and above, offering stunning views and convenient accessibility.

Residents of Cheng San Court also enjoy proximity to Ang Mo Kio (NS16 CR11), Tavistock (CR10), and Teck Ghee (CR12) train stations. Families also benefit from nearby schools such as Jing Shan Primary School, Teck Ghee Primary School, and Townsville Primary School.

Additionally, the property's strategic location provides easy access to essential amenities. Giant (Cheng San Centre) and NTUC Fairprice (Hyper Ang Mo Kio) cater to daily needs, while shopping enthusiasts can explore AMK Hub, Jubilee Square, and Djitsun Mall for a comfortable retail experience.

4-room HDB sales trend in Ang Mo Kio

Analysing the sales trend, a noticeable climb in average price per square foot (psf) is evident.

In 2020, the average price psf stood at $451, escalating to $642 in 2023. This aligns with a growing trend, also as seen in the recent Built-To-Order (BTO) launch, where first-time homebuyers displayed a preference for larger units. It appears that buyers are now more willing to invest in spacious accommodations, even if it means paying a premium.

While the price psf numbers indicate a consistent (if not steep) increase, it's crucial to also consider the transaction volume.

In 2020, there were 321 four-room HDB transactions, which slightly decreased to 310 in 2021 and 309 in 2022. As of the current year, 295 transactions have been recorded, indicating a possible stabilisation in the market — though it's important to note that, while unlikely, these numbers could grow over the next two months.

4-Room HDB record holder in Singapore

Notably, the overall record for four-bedroom units remains held by a property in Tiong Bahru. At 50 Moh Guan Terrace, a four-room jumbo HDB flat was sold for an astounding $1.5 million in May, setting a benchmark for HDB resale units.

ALSO READ: $1.48m Pinnacle @ Duxton flat sold in a new record-breaking deal

This article was first published in 99.co.