Elderly couple buys 5-room HDB resale flat in Clementi for $1.04 million, pays in cash

An HDB flat in Clementi has been sold for a record $1.04 million, making it the fourth unit within the same block sold in recent years to breach the million-dollar figure.

According to property site Edgeprop on July 17, the deal for the 1,248 sqft unit was closed within a day between the seller and the buyers — an elderly couple who are downsizing from their landed property in West Coast.

The deal was paid for in cash.

The particular block, 441A, is part of Clementi Towers, the first HDB project to be integrated with both a mall and a bus interchange — which accounts for its high value. It also has 91 years left on its lease.  

In Aug 2016, a 5-room flat at the same block sold for just slightly over $1 million, and it was the first time a flat outside of the Pinnacle @ Duxton housing development that went past the million-dollar resale mark.

Another unit in the block was sold for $1.038 million in July 2019, and a third unit transacted at $1 million in January 2020. 

Signs your HDB flat could fetch $1 million

According to research done by MoneySmart, here are a few signs that would make it more likely that you might strike the HDB million-dollar jackpot:

• It's one of those short-lived "Design, Build & Sell" (DBSS) flats 
• The unit is a maisonette that is near an MRT station
• It is on a high floor and has amazing views 
• The flat has more than 90 years on the lease 
• Someone in the same estate has sold their flat for a million dollars 

candicecai@asiaone.com