Sengkang executive flat sold for $1.005m, third in area

In recent years, the property market in Singapore has seen an increasing number of HDB flats reaching the million-dollar mark, indicating changes in market dynamics and buyer preferences.

Areas like Queenstown, Bishan, and the relatively younger town of Sengkang have been notable hotspots for such transactions. Recently, Sengkang marked its third million-dollar flat sale, with the latest transaction establishing a new all-time high (ATH) for the town.

Breaking new records: Details of the current sale

An EXE flat located at 102 Rivervale Walk (also known as Rivervale Court) achieved a new record high price for the town (third overall in Sengkang, first and only from the property sold over the S$1 million mark). This property, occupying the 10th to 12th floors and covering an area of 1528 sq ft, was sold for S$1,005,000 on Aug 1, 2024.

The recent transaction marks a new ATH for Sengkang, solidifying its position as a noteworthy town in Singapore's changing property scene.

Although the sale price is lower than the national ATH for comparable flats, currently at S$1,500,000, it signifies a notable achievement for Sengkang, demonstrating the increasing attractiveness of this residential locality.

Living in Sengkang: A location that offers convenience

102 Rivervale Walk is close to several MRT stations, including Sengkang MRT (NE16/STC), which is an 8-minute drive away, Buangkok MRT (NE15), which is a 6-minute drive away, and Hougang MRT (NE14), which is a 9-minute drive away.

Although the distance to walk to each station may be far, nearby bus stops such as Block 101, Block 111, and Kangar Station Exit A provide convenient connectivity for residents without cars.

The property is located close to various shopping malls, such as Sengkang Grand Mall (an 8-minute drive), Hougang Green Shopping Mall (a 9-minute drive), Rivervale Mall (a 6-minute drive), and Compass One (an 8-minute drive).

The property is situated close to several well-established schools, including but not limited to:

Primary schools:

• Sengkang Primary School (7-minute drive)
• North Vista Primary School (5-minute drive)
• Palm View Primary School (7-minute drive)
• Anchor Green Primary School (9-minute drive)
• Nan Chiau Primary School (9-minute drive)
• Springdale Primary School (10-minute drive)
• Compassvale Primary School (8-minute drive)
• Rivervale Primary School (7-minute drive)

Secondary schools:

• Sengkang Secondary School (7-minute drive)
• North Vista Secondary School (3-minute drive)
• CHIJ St. Joseph's Convent Girls' Secondary School (7-minute drive)
• Nan Chiau High School (8-minute drive)
• Compassvale Secondary School (8-minute drive),

Tertiary schools:

• Singapore Institute of Technology (5-minute drive)
• Newcastle University in Singapore (17-minute drive)

What makes this sale stand out?

The sale is of note due to several factors. Firstly, the property's age raises questions about its future value and longevity. Despite being part of an older development (26 years old at the time of writing), this flat set a new ATH for Sengkang, indicating a willingness among buyers to invest in established properties that provide space and convenience.

The most recent transaction in Sengkang has set a new record by surpassing the highest prices set by a 5-room and an EXE unit; both sold for S$1 million. The newest transaction exceeded these records by S$5,000.

Sales trend breakdown: Understanding the market dynamics

The recent sale at 102 Rivervale Walk reflects a trend in the Sengkang resale market. Recent transactions indicate a steady increase in the average psf for Executive flats in the area, indicating a growing demand for larger HDB units.

The table below presents data on this property's most recent five sales, which took place in 2024. This data indicates increased property values within the project and provides insight into the broader market dynamics.

Latest transactions of 102 Rivervale Walk.

A comparison of Sengkang's resale activity with nearby hubs such as Punggol and Hougang emphasises the distinct position of Sengkang in the market. Although these areas have experienced price increases, Sengkang's recent record-breaking sales indicate a strong demand for larger, well-located HDB flats.

The bigger picture: Why are larger HDB units setting new ATHs?

The trend of larger HDB units achieving all-time high sales is not confined to Sengkang. Across Singapore, there is a growing demand for spacious homes that accommodate the needs of multi-generational families or those working from home.

This trend is particularly evident in mature estates and well-connected towns where space is increasingly valued over proximity to the central business district.

Sengkang's emergence as a town with Executive flats commanding million-dollar transactions reflects broader market trends.

With buyers' increasing emphasis on space and lifestyle amenities, it is expected to see continued record-breaking sales in towns like Sengkang, especially as newer developments complete their Minimum Occupation Period (MOP) and enter the resale market.

Conclusion

The recent sale of a million-dollar flat in Sengkang has broken previous records and indicates the growing appeal of the town and the changing priorities of Singaporean homebuyers.

As Sengkang continues to develop and attract interest from buyers and investors, it will likely significantly impact Singapore's property market. This transaction establishes a new benchmark for the town and reflects an increasing demand for spacious HDB flats across the island.

[[nid:693321]]

This article was first published in 99.co.