First million-dollar flat sold in Bukit Panjang; residents now excited about future value of their flats

An executive apartment in Bukit Panjang has recently changed hands for a whopping $1.02 million, making it the first flat in the area to join the million-dollar club. 

According to Housing Development Board (HDB)'s website, the million-dollar unit is located at Block 181 Jelebu Road, and has an area of 1,367 sq ft. 

The flat was built in 2003, and has 78 years left on its lease.

HDB records also indicate that another unit in the same block was sold in March this year for $950,000. 

Commenting on the sale of this particular unit, Nicholas Mak, chief research officer of real estate platform Mogul.sg told Shin Min Daily News that the hefty price tag of the unit could be partly due to its proximity to Bukit Panjang MRT station, as well as Hillion Mall. 

Christine Sun, OrangeTee & Tie’s senior vice-president of research and analytics, also told the Chinese daily that given the amenities near the flat, it could potentially be classified as a Plus flat under the new HDB classification. 

"For buyers, as long as the flat is located at a convenient location, many of them will consider spending more for such a flat," said Sun. 

Besides this unit, another executive apartment located at nearby Block 184 Jelebu Road was also recently listed on Property Guru with an asking price of $1.05 million. 

Bukit Panjang residents excited about future value of their homes 

With this unit in Bukit Panjang now joining the ranks of million-dollar flats, some other Bukit Panjang residents are also optimistic about the resale value of their homes. 

One resident surnamed Wang, told Shin Min she was pleasantly surprised to hear the news.

"This area is a non-mature estate, but I am happy to hear this, and I hope this will increase the value of my flat," said the 26-year-old tutor. 

Another resident surnamed Wen said she recently purchased a unit near Block 181 Jelebu Road slightly more than a year ago.

She had initially considered a unit in the same block, but eventually decided against it as the asking price was $200,000 more than the price of her current home. 

READ ALSO: 19 resale HDB flats that may be more valuable now (thanks to the Prime/Plus model)

claudiatan@asiaone.com