Close to beating the national all-time-high, Natura Loft's 275A unit sold for $1.53m

In a notable development for the Bishan property market, a 5-room HDB flat has achieved a new record resale price. As of June 1, 2024, this sale reflects the increasing demand and perceived value of high-quality public housing in Singapore.

Below, we table the ATH and attempt to analyse it for better understanding.

About Natura Loft 275A Bishan Street 24

Block 275A is a 13-year-old HDB flat located on Bishan Street 24 in District 20. It is one of the 3 blocks in Natura Loft and obtained its Temporary Occupation Period (TOP) in 2011.

The block offers various facilities such as a BBQ area, a fitness corner, a pavilion, and a playground.

Stepping out, residents enjoy convenient access to public transportation with Bishan MRT station just a short walk away, while Marymount and Teck Ghee stations are also nearby. Several bus stops are conveniently located, including those near Whitley Secondary School and Bishan North Shopping Mall.

Families will appreciate the close proximity to a variety of schools. Catholic High School is practically on the doorstep, while Whitley Secondary School is just down the road.

Other reputable schools in the area include Marymount Convent School, Raffles Institution, and Raffles Girls' School (Secondary). Beyond these, there are additional options like Eunoia Junior College, SmartLab Education Private School, Braddell-Westlake Secondary School, and many more.

Additional schools in the area include:

• Teck Ghee Primary School
• Anderson Primary School
• Kuo Chuan Presbyterian Primary School
• Mayflower Primary School
• Peirce Secondary School
• SJI International School
• Ang Mo Kio Secondary School

Shopping options are plentiful, with Bishan North Shopping Mall a short stroll away and Junction 8 just a quick drive. For a wider selection, residents can easily reach AMK Hub, Thomson Plaza, NEX, and Velocity @ Novena Square by car. Daily necessities are also conveniently covered, with FairPrice and Ang Mo Supermarket within walking distance and a variety of grocery stores located within a 500-metre radius.

For those seeking fresh produce, there are several wet market options nearby. Ah Kee Market is conveniently close by, while Serangoon Wet Market and Quan Chui Wet Market are a short drive away.

Food lovers will enjoy the easy access to hawker centres. Teck Ghee Court Market & Food Centre and Ang Mo Kio Central Market and Food Centre are within a short drive, while Toa Payoh Lorong 8 Market and Hawker Centre and Kim Keat Palm Market & Food Centre are also readily accessible.

For those who enjoy the outdoors, there are several parks nearby. Bishan North Neighbourhood Park and Bishan Active Park are perfect for a quick escape, while the expansive Bishan-Ang Mo Kio Park and MacRitchie Reservoir Park offer ample green space for leisure activities.

Next, we look at the transaction.

The record-breaking transaction

Above, we see an upward trajectory of the price trends and the transacted volumes (up until 2020-2021). Million-dollar HDB units have become a recent, prevailing trend and we can see it in this graph. It's only a matter of time before we will see it breaking the S$1.5m barrier with most future transactions. Below, we take a look at the recent ATH which is the reason for the writing of this article.

Let's take a look at the key details of the ATH:

• Flat Type: 5-room (5R)
• Storey Range: 28th to 30th storey
• Area: 120 square metres
• Resale Price: S$1,538,000

The recently recorded price for an HDB flat in Bishan is the highest on record, which reflects the premium value associated with high-floor units featuring larger living spaces. A 447 Bright Hill Drive unit held the previous ATH at S$1,480,000.

Analysis of Natura Loft 275A Bishan Street 24's ATH

Looking at the graph above, we see that the price trends peaked in 2022 previously but then dropped in 2023 to only bounce back to an ATH in 2024. The trajectory suggests that units in Natura Loft 275A Bishan Street 24 increased in value but decreased in demand up until 2023.

This might be an indication that the rising prices of the units have led to lower demand, thus the lower transacted volume. However, the price seems to be gaining momentum.

Several factors contributed to this momentum:

• High-floor location: Units on higher floors often command higher prices due to better views and reduced noise.
• Size and type of the flat: 5-room flats offer more space, appealing to larger families and those seeking more room.
• Prime location: Bishan is a well-established town with excellent amenities, schools, and connectivity, making it highly desirable.

Next up, we compare Natura Loft 275A Bishan Street 24 to its neighbours:

Comparative analysis with neighbouring HDBs

To compare, we've drafted comparative graphs of Blocks 273A and 273B, that include overall transactions, 4-room transactions, and million-dollar transactions.

The graphs below provide a visual comparison:

Notably, 275A consistently achieves higher average prices compared to 273A and 273B, particularly from 2020 onwards, reflecting a growing premium for this block.

The transaction volume for all three blocks fluctuates but generally shows an upward trend in recent years, indicating increased market activity and demand for flats in these locations.

Above we see a general upward trend in average prices across all three blocks, with 273A consistently achieving higher prices compared to 275A and 273B.

The transaction volumes vary significantly year-to-year, with noticeable spikes in certain years, reflecting fluctuating market activity. The sustained increase in average prices indicates growing demand and appreciation in value for 4-room flats in this area.

From what we can see above, Blocks 275A and 273B have experienced several million-dollar transactions over the years, with 273B seeing a notable increase in both the number and average price of these transactions from 2020 onwards.

273A, while having fewer million-dollar transactions, maintains a consistently high average price. The trend suggests a growing propensity for high-value transactions in these blocks, indicating their increasing desirability and market value.

Comparison with national trends

The resale price of S$1,538,000 for the property in Bishan sets a record for this area, but it is slightly below the national ATH resale price of S$1,588,000.

This comparison indicates Bishan's competitive positioning within the broader Singaporean market and suggests potential for future appreciation.

Conclusion

The recent record resale price of a 5-room flat in Bishan reflects the town's attractiveness and the overall trends in Singapore's HDB market.

As Bishan undergoes further development and draws in potential homebuyers, its property values are expected to stay strong, presenting favourable opportunities for existing residents and potential investors.

ALSO READ: Clementi low-floor 5-room unit sells for $1.3m: Why the high price?

This article was first published in 99.co.