Recently MOP-ed 5-room HDB resale flat at Sembawang sold for record $745k

A 5-room HDB resale flat at Sembawang has just been sold for $745,000 this month – an all-time high for a 5-room flat in the HDB town. At 1,216 sq ft, the price psf works out to be $612.

The flat is located within the 7th to 9th floor of Blk 108C Canberra Walk, which is one of the three blocks of EastLawn @ Canberra BTO. The BTO is around an 11-minute walk to Canberra MRT and Canberra Plaza.

Flat has just completed its MOP

EastLawn @ Canberra BTO is one of “East” BTOs at Canberra that’s expected to complete its five-year Minimum Occupation Period (MOP) this year. The completed MOP also means that owners would now be able to invest in a private property, rent out the whole flat or sell the flat on the resale market.

Given the young age of the flat (around five years old) and longer remaining lease (around 94 years), owners would be able to sell the BTO flat at a much higher price when it reaches its MOP.

In the case of this 5-room Sembawang flat, with the lease starting in 2018, it has around 94 years 7 months of remaining lease when it was sold.

Launched during the November 2013 BTO launch, 5-room flats at EastLawn @ Canberra BTO were priced ranging from $315,000 to $373,000.

This meant that excluding other costs such as Buyer’s Stamp Duty and renovation costs, the owners made a gain of around $373,000 to $430,000 for selling the flat.

Other recently MOP-ed BTO flats in the area include EastBrook @ Canberra, EastWave @ Canberra, EastCrown @ Canberra and EastLace @ Canberra.

According to our Researcher data, EastWave was the first to enter the resale market in August last year, with the others starting to enter the market this year.

As of writing, the average price psf of flats transacted this quarter ranges from $582 at EastLawn to $622 at EastLace.

Recently MOP-ed HDB flats for sale in Canberra

Notably, the higher average price psf at EastLace could be due to the fact that among these five BTOs, it is the nearest to Canberra MRT at a six-minute walk away.

This article was first published in 99.co.