Recently MOP-ed 3-room flat in Bukit Merah sells for nearly $900k

You've probably noticed that HDB Executive apartments (EXEs) have been making headlines with their all-time high (ATH) sales. This trend has been ongoing throughout the month.

However, we're shifting our focus to something a bit different today: a 3-room HDB flat has set a new record in Bukit Merah. This sale, while excluding HDB terraces, stands out as the most expensive 3-room flat in the area.

The S$860K 3-room sale in Tiong Bahru View

The 3-room flat that fetched S$860,000 is located in Tiong Bahru View, specifically in Block 10A on Boon Tiong Road.

Situated on one of the higher floors — between the 34th and 36th — this flat offers a panoramic view that many are willing to pay for. Given that the tower has 40 storeys, this particular unit is positioned just right for those seeking both height and sight.

The flat itself covers 667 sq ft with a price per square foot (psf) of S$1,289. The lease started in 2016, leaving the unit with about 90 years and six months left, making this flat relatively young at just around nine years old.

Earlier this year, Tiong Bahru View sold the most expensive HDB resale in Singapore

If you've been keeping an eye on the property market, you're probably aware that Tiong Bahru View has been in the spotlight before. It wasn't long ago, in May of this year, that this same project made headlines for another record-breaking sale.

A 5-room DBSS unit in Block 9B, located on a similarly high floor, was sold for an impressive S$1.588 million. This unit, spanning 1,206 square feet, fetched S$1,317.93 per square foot.

Why did this 5-room flat command such a premium price?

Well, its proximity to the city certainly played a role. Additionally, its elevated position offered breathtaking views, and the relatively long lease was appealing to buyers.

On top of that, the convenience of amenities within the estate, including easy access to the MRT station, added to its value. If you're interested in learning more about Tiong Bahru View's location and why it's so sought after, you can check out our detailed review here.

This record, however, was recently surpassed by a SkyOasis 5-room flat that sold for a jaw-dropping S$1.73 million (S$1,444 psf).

Trends in 3-room HDB sales at Tiong Bahru View

According to 99.co's research, another unit from Block 10A at Tiong Bahru View previously held the title for the most expensive 3-room sale in the project back in 2022.

The unit, located on a floor between the 19th and 21st, sold for S$800,000. It was the same size as the recent S$860k unit, at 667 square feet, and the sale price equalled S$1,199 per square foot.

Compared to that 2022 sale, the recent S$860k sale marks a notable 7.51 per cent increase in price per square foot. It seems buyers are willing to pay extra for higher-floor units, especially when the project still has a long lease left.

Perhaps the project's reputation for high sale prices also plays a role — making this unit an attractive option for those who plan to either keep it for their family or sell it later.

In 2023, the average price for 3-room units in Tiong Bahru View was S$682,500, though this is based on just four transactions. So far this year, the S$860k sale is the only 3-room transaction in the project. Even with this limited data, this sale is 20.64 per cent higher than last year's average.

Taking a broader view, the average price for 3-room flats in Tiong Bahru in 2024 is S$679,804. Meanwhile, in Bukit Merah as a whole, the average price of 3-room sales in 2024 is still relatively affordable at S$496,080.

Most expensive 3-room sales when including landed HDB terraces

When you consider the S$860,000 sale alone, it's certainly impressive. But when you add landed HDB terraces to the mix, the story changes quite a bit.

Just last month, two HDB terrace sales on Jalan Ma'mor in Kallang set new records. These sales happened just days apart, and what's even more intriguing is that the units were right across from each other.

The first terrace, in Block 59, sold for S$1.33 million. This two-storey unit, covering 1,949 sq ft, achieved a price per square foot of S$682.40. The second sale, however, took things to an entirely different level.

The unit in Block 53 sold for a whopping S$1.568 million, with a price per square foot of S$397. The significant jump in price was mainly due to the size of the unit — at 3,950 sq ft, it might be the largest HDB terrace in Singapore.

This S$1.568 million sale didn't just break records as the most expensive HDB terrace ever sold — it also became the priciest 3-room HDB in Singapore.

Plus, it holds the title of the most expensive HDB property in the Kallang area. Given its age, this flat is also the oldest HDB to fetch such a record-breaking price. That's four records in total — for the age of the property, the type of HDB unit, the estate, and the country.

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This article was first published in 99.co.