Barely a week has passed since we reported the noteworthy second million-dollar transaction in Ang Mo Kio, and here we are again, in the midst of yet another substantial sale — a $1.46 million transaction that has secured its place as the second highest HDB transaction in Bukit Merah.

City Vue @ Henderson — second highest HDB transaction in Bukit Merah

Years after City Vue @ Henderson's HDB flat achieved TOP in 2019, it once again captures attention as it reaches its MOP year in 2024 and enters the resale market. 

The property, particularly renowned for its breathtaking views from the higher floors, has recently closed a transaction on somewhere between floors 31 to 33, Block 95C, featuring a three-bedroom layout at $1,200 per square foot.

City Vue @ Henderson transaction trends

Seven units in City Vue @ Henderson, including the most recent sale, have all commanded premium prices for the whole of Bukit Merah. 

The sales of these three-bedroom units are mostly concentrated in Block 95A, with only two units in Block 95C. Priced above $1.3 million, all these units were situated higher than the 18th floor. 

Interestingly, despite the units in Block 95A being located on higher floors, this sale in Block 95C bagged a higher price tag. This pricing distinction could be linked to Block 95A's proximity to the traffic junction, possibly reflecting concerns about traffic noises.

How did City Vue @ Henderson land the second highest HDB transaction in Bukit Merah?

Let's explore the factors that contributed to City Vue @ Henderson's transactions:

Views

The property's elevated position offers stunning views of the Southern Waterfront, Singapore Flyer, and the Central Business District, contributing to its heightened market value.

Location

Situated in the upscale Bukit Merah estate, City Vue @ Henderson provides convenient access to shopping centres, schools, and public transportation, further enhancing its appeal.

Amenities

Boasting a rooftop garden, fitness stations, a playground, hard court, foot reflexology area, and a community garden, the development ensures a comprehensive range of amenities for its residents.

Accessibility

Despite not being the closest to an MRT station, City Vue @ Henderson remains accessible through Redhill MRT (seven min walk) and Tiong Bahru MRT, with additional convenience provided by nearby bus stops and proximity to major roads like Central Expressway (CTE) and Ayer Rajah Expressway (AYE).

Schools and educational facilities

With various educational institutions within a one km radius, including Alexandra Primary School, APSN Tanglin School, Knightsbridge House International School, Gan Eng Seng Primary, and Zhangde Primary School, City Vue @ Henderson caters to families with diverse educational needs.

HDB resale transaction trends

Examining the HDB resale transaction trends in Bukit Merah over the past five years we can see that:

In 2020, the lowest transaction volume was recorded at 860, accompanied by an average PSF of $590. 

However, the subsequent year, 2021, witnessed a remarkable turnaround as the transaction rate soared to its highest point in our overall record for the area, reaching 1,289. Accompanying this surge was an uptick in the average PSF, which settled at $639. 

Moving forward to 2022, while the transaction volume slightly decreased to 1,023, the average PSF continued its upward trajectory, reaching $671. This year experienced a lower transaction volume, recording only 949 transactions, yet paradoxically, the average PSF increased to $743 — a notable 10.7 per cent hike from 2022.

These figures suggest a rising trend in average PSF values, possibly influenced by impending changes in Bukit Merah that will enhance accessibility, comfort, and quality of living.

What's next for Bukit Merah?

Looking ahead, here are the developments set to shape Bukit Merah:

• Refreshed town centre and neighbourhood centres: Planned enhancements in the town centre and existing neighbourhood centres will introduce more amenities, outdoor seating, improved shopping experiences, and enhanced connectivity to green spaces.
• Green spaces and parks: The transformation of 13 southern parks, including those in Bukit Merah, aims to create more green spaces and nature-based recreation areas, elevating the overall appeal of the region.
• Greater connectivity: Improved access to iconic green spaces such as the Rail Corridor and Southern Ridges will provide residents with increased recreational and leisure options.
• Future BTO projects: Future housing projects in Bukit Merah will likely follow the Prime Location Housing model because of the central location and many amenities in the area.
• Senior-friendly amenities: Renewal plans in the area focus on creating more senior-friendly neighbourhoods, featuring upgraded common spaces, sheltered walkways, and active ageing amenities in parks.

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

This article was first published in 99.co.