Executive HDB flat in Kallang Whampoa sets new record at $1.318m

As we mentioned in one of our previous articles, last month witnessed a series of all-time high executive (EXE) apartment sales.

There was a record-breaking S$1.32 million deal in Ang Mo Kio, followed by the S$1.005 million sale in Sengkang, a S$1.2 million transaction in Toa Payoh, and, most recently, the S$1.098 million HDB maisonette in Bukit Panjang.

It seems August decided to close with a bang as well, with another EXE sale — this time in Kallang/Whampoa — setting a new record.

This particular unit sold for S$1.318 million, making it not only the most expensive executive apartment in Kallang/Whampoa right now but also the highest transaction in the estate to date.

The high-floor S$1.318m unit at Bendemeer Road

Located on the higher floors of Block 46, Bendemeer Road, the unit is on floors 19 to 21. With a size of 1,572 sq ft, it sold for a price per square foot (psf) of S$838.

The lease has about 69 years and 4 months remaining, which is pretty reasonable for EXE units. This combination of a spacious layout and a high-floor position likely contributed significantly to its record-setting price point.

Amenities around Block 46, Bendemeer Road

Living at Block 46, Bendemeer Road, places you within a distance of several amenities. If you rely on public transport, the location offers easy access, though not in immediate proximity, to MRT stations.

You're about a 9-minute walk from Boon Keng MRT, an 11-minute walk from Geylang Bahru MRT, and a 4-minute drive from Potong Pasir MRT via Serangoon Road.

When it comes to shopping and dining, you have a number of options at your disposal. The Geylang Bahru Market and Food Centre, along with Bendemeer Market & Food Centre, are just a 10-minute walk away, offering a wide array of local delicacies to choose from.

Both Aperia Mall and Zhongshan Mall are also just 4 to 6-minutes drive away. For more extensive shopping trips, you can get to City Square Mall in a 4-minute drive, and Kallang Wave Mall in 9-minutes from the project.

But what truly adds value to this location is the abundance of nearby schools and childcare centres. According to HDB and OneMap, you'll find several options within walking distance.

For instance, Charis Montessori @ Elim is just 209m away, Greenland Childcare Centre is 407m away, and Little Footprints Preschool @ Boon Keng is 344m away, among others.

For families with school-going children, Bendemeer Primary School is a mere 2-minute walk from Block 46, making it incredibly convenient. Other schools within a 1km radius include Hong Wen School and St Andrew's Junior School.

Within a 1km to 2km distance, there are more schools like Canosa Catholic Primary School, Cedar Primary School, Farrer Park Primary School, Geylang Methodist School (Primary), and Pei Chun Public School.

For outdoor and sports enthusiasts, Kallang Riverside Park is just a 5-minute drive away, and the Singapore Sports Hub is 12-minutes drive away from the project, offering additional recreational options.

City View @ Boon Keng: The previous record-holder

Before this latest transaction, the record for the highest sale in Kallang/Whampoa was held by a unit in City View @ Boon Keng. This 5-room DBSS unit, located between the 37th and 39th floors of Block 09, sold for S$1.308 million.

With a size of 1,152 sq ft, the price per square foot was S$1,135. While the S$1.318 million sale at Bendemeer Road may not seem like a huge jump in absolute terms, the difference in price per square foot is telling. The current sale represents a 30.07 per cent increase in psf, highlighting the growing demand for larger and higher-floor units in this area.

It's worth noting that, apart from these two transactions, only one other unit in Kallang/Whampoa has crossed the S$1.3 million threshold. This sale, which took place in October 2023, involved a 1,055 sq ft unit in Kallang Trivista.

Situated on a high floor — somewhere between the 28th and 30th — the unit in Block 8B sold for S$1.301 million, equating to a psf of S$1,233.

Despite being smaller and having only 4 rooms, this unit fetched a high price due to its unblocked views of Kallang River and Marina Bay Sands, and its close proximity to Kallang MRT station, just a few minutes away by foot.

HDB resale transactions in Kallang/Whampoa

The Kallang/Whampoa area has seen a steady stream of high-value HDB resale transactions, with 25 sales at and above S$1.2 million. The majority of these transactions — 18, to be exact — occurred in City View @ Boon Keng.

Following closely is Kallang Trivista, which has recorded 4 transactions within this price range. Other noteworthy transactions within the S$1.2 million range include one from The River Vista @ Kallang, one from Lavender Gardens, and one more from the same project as the S$1.318 million EXE unit.

That sale from the same project came from a unit in Block 48, Bendemeer Road. At 1,582 sq ft, the unit was located on a lower floor (between the 7th and 9th floors) and sold for S$1.2 million in May 2024.

With a psf of S$758, this sale highlights a significant price difference when compared to the recent record-setting transaction. Despite being larger, the lower floor and possibly other factors contributed to a 9.83 per cent lower sale price.

Taking a closer look at the EXE transactions in Kallang/Whampoa, you'll notice there haven't been many. In 2023, there were just eight transactions, with an average price of S$986,125 (S$639 psf). In 2024, the number dropped slightly to seven transactions, but the average price increased to S$1,070,143 (S$695 psf).

Compared to the S$1.318 million sale, this represents a significant 23.16 per cent increase in value. Over the course of the year, the prices for executive apartments in the area have risen by 8.52 per cent.

Given the limited availability of executive apartments in Kallang/Whampoa — there are only five such projects in the area — combined with the area's status as a mature estate and its consistent high demand, it's no surprise that prices have been driven up, and they're likely to continue rising.

HDB BTO October 2024: New open-concept flats in Kallang/Whampoa

If you're interested in upcoming developments in the area, you might want to keep an eye on the new "white flats" that will be introduced in the October 2024 HDB Build-To-Order (BTO) project in Kallang/Whampoa.

These open-concept flats will offer homeowners a blank canvas to design and personalise their living spaces according to their needs and preferences. The project will feature 80 three-room units and 230 four-room flats, located near Lavender MRT station on a site bounded by North Bridge Road and Crawford Street.

However, if you're looking to move in sooner rather than waiting three to four years, HDB resale options in Kallang/Whampoa offer more affordable prices. In fact, you could potentially secure a unit for as low as S$308,000, depending on your requirements and budget.

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This article was first published in 99.co.