Block 591A hits another $1m milestone in Ang Mo Kio

In a striking display of Ang Mo Kio's escalating real estate market, Block 591A has once again made headlines by clocking its second S$1 million transaction for a 4-room Housing and Development Board (HDB) unit on Nov 1, 2023. This sale not only underscores the growing demand in the region but also marks a significant trend in Singapore's public housing market.

Highlight of the property: Block 591A

Nestled in the heart of Ang Mo Kio at 591A Ang Mo Kio St 51, this particular unit stands as a testament to the area's growing appeal. In Cheng San Court, the unit is situated on the 31st to 33rd floors, offering panoramic views that have become a coveted feature among buyers. The strategic location coupled with the unique architectural design of Block 591A continues to draw significant attention.

Comparison with the previous S$1 million sale

This second S$1 million sale closely follows the first, creating a buzz in the property market. While both transactions involved four-room units in the same block, the specifics such as floor level and interior modifications might differ. This consecutive high-value sale indicates a consistent buyer interest and a robust market trend, setting a new norm for property valuations in the area.

Detailed transaction data

The latest transaction details are as follows: On Nov 1, 2023, a 93 sq m unit on the 31st to 33rd floors was sold for S$1,010,000. This transaction reflects a significant milestone as it sets a new high for the town, although it falls short of the national all-time high (ATH) of S$1.5 million. The sale price translates to approximately S$10,860 per sq m (or about S$1,009 per sq ft), marking a new town ATH.

We can see the transaction trend for the property in the table below:

Recent high-value transactions in Block 591A, Ang Mo Kio

Market trend analysis

This second S$1 million transaction in Block 591A within a short span is indicative of a broader trend in the Ang Mo Kio area. Experts suggest that factors such as the prime location, modern amenities, and the prestige associated with living in high-value HDB units are driving these sales.

The trend also mirrors a growing preference among Singaporeans for premium, well-located public housing options. Not to mention that there could be a stronger preference for larger houses with more rooms.

Broader market context

Placing this transaction within the larger context of the Singapore HDB resale market, it is evident that Ang Mo Kio, and particularly Block 591A, is setting a precedent for high-value public housing.

Compared to national trends, where the average HDB resale price is significantly lower, the repeated million-dollar sales in this block highlight its outlier status and potential as a bellwether for future market developments.

Future outlook

Looking ahead, the question remains whether such high-value transactions will become more frequent in Block 591A and the surrounding Ang Mo Kio area.

Some market analysts predict a continued rise in prices, driven by sustained demand and the limited supply of such premium units. However, potential buyers and investors should also stay aware of broader market dynamics and national housing policies that might influence future valuations.

Conclusion

The second S$1 million transaction in Block 591A is more than just a repeat sale; it's a clear indicator of the evolving landscape of Singapore's HDB market.

As Ang Mo Kio continues to emerge as a hotspot for high-value public housing, it sets a new benchmark for future transactions, not just in the locality but potentially across the city-state.

ALSO READ: New HDB resale record: 4-room Pinnacle@Duxton flat sold for $1.41m

This article was first published in 99.co.