HDB flat in Ubi with 61 years remaining lease sold for record $1.06 million

An executive maisonette in Ubi was sold for a hefty $1.06 million, making it the first HDB unit in that estate to change hands for more than a million dollars. 

According to Shin Min Daily News, the sale of this two-storey unit located at Block 326 Ubi Avenue 1 was completed in October. 

The high floor unit has an area of 1,571 sq ft, and has a remaining lease of 61 years. 

HDB records indicate that a similar-sized unit in that block was transacted in July for $870,000 and $850,000 in May.

A quick search on property sites show other units in the same block for sale too, with asking prices ranging from $850,000 to $938,000. 

One of the property agents involved in the sale of this million-dollar flat shared with Shin Min some reasons why the unit commanded such a hefty price tag. 

The agent, Xu Shaocong (transliteration), said that the unit is located on a high floor with unblocked views. In addition, the previous owner had also spent a whopping $200,000 renovating the unit before moving in.

"The new buyers can move in directly and thus save money on renovation costs," said Xu. 

This Ubi unit is also conveniently located within 1 km of the popular Maha Bodhi School, ideal for homeowners who wish to enroll their children there. 

Xu shared that the new owner intends to send his daughter to Maha Bodhi School, and hence was willing to fork out more money to purchase the unit. 

Location aside, Xu also postulated that the demand for such units might be higher as there are not many large HDB apartments like these in Ubi. The government has also stopped building these double-storey units, hence making them a rarer option these days, he said.

Xu added that a condominium unit of a similar size in that area would cost at least $2 million. 

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

claudiatan@asiaone.com