At one point, million-dollar sales were a thing of rarity — this year, however, proves to be just the opposite.

Yesterday another record-breaker in Serangoon joined the fast-growing list, but this time breaching the $1.2 million mark, making it Serangoon's first S$1.2 million HDB transaction.

And this is just the latest addition to $1.2 million HDB transactions that are slowly, but surely stacking up. This begs the question — is this now the new norm? Should we expect to see more of these sales?

Serangoon EXE HDB is the first $1.2 million sale in town

Located at 321 Serangoon Avenue 2, this property fetched a price slightly exceeding the S$1.2 million mark, settling at S$1.208 million.

Situated somewhere between the 7th and 9th floors, this HDB flat has three bedrooms and two bathrooms, similar to the layout of a five-room flat. However, what sets it apart is its expansive living area, which offers the versatility of conversion into a study room, maid's room, or even an additional bedroom.

Spanning 1,615 sq ft, this property's price per square foot (psf) stands at approximately S$747. Despite its spaciousness and prime location, this unit TOP-ed in 1989, leaving about 60 years and 11 months of lease remaining.

This sale not only marks the first S$1.2 million transaction in Serangoon but also claims the title of the most expensive HDB and Executive Apartment (EXE) in the area.

Anything special about this location?

Situated in a prime location, residents in this property enjoy proximity to various amenities and facilities that enhance its desirability.

Transportation accessibility

One of the standout features of this location is its excellent transportation connectivity.

Residents have easy access to multiple MRT stations, with Lorong Chuan just a five-minute walk away, Serangoon an 11-minute stroll away, and Woodleigh MRT station a mere eight-minute drive from the property.

Additionally, the Serangoon Bus Interchange is conveniently located within a seven-minute walk, providing residents with seamless connectivity to other parts of the island.

Proximity to NEX shopping mall

For retail therapy and dining options, residents need not venture far, as the bustling NEX shopping mall is a mere nine-minute walk away.

Boasting an extensive array of shops, restaurants, and entertainment facilities, NEX is the largest mall in North-East Singapore and one of the largest suburban malls in the country.

Educational institutions

Families with school-going children will appreciate the proximity of renowned educational institutions in the vicinity.

Directly adjacent to the property lies Nanyang Junior College, offering convenience for students pursuing their pre-university education. Additionally, several primary and secondary schools are also nearby, including:

• Yangzheng Primary School (0.30KM)
• Zhonghua Secondary School (0.36KM)
• St. Gabriel's Primary School (0.64KM)
• KLC International Institute (0.69KM)
• CHIJ Our Lady of Good Counsel (Primary) (0.81KM)
• Peicai Secondary School (0.96KM)
• Australian International School (0.97KM)

So, are $1.2 million HDB flats a thing now?

An emerging trend in the housing market suggests that $1.2 million HDB flats are increasingly becoming a reality for homebuyers. While this recent sale in Serangoon marks the first of its kind in the area, similar transactions have been observed in other towns across Singapore.

Serangoon's property sales trends

In Serangoon, where the average price for HDB flats stands at $599,338 (S$570 psf), these high-value transactions stand out as outliers.

Despite this, the number of transactions in Serangoon has been steadily increasing, with over 100 transactions recorded in 2024 alone, with an average price of S$668,773 (S$610 psf).

This represents a 7.01 per cent increase from the previous year and a staggering 37.43 per cent increase over the past five years.

While the average sales price in Serangoon remains significantly below the million-dollar mark, the rapid escalation in prices is something to note.

What was unique about the recent sale?

The recent S$1.2 million HDB sale in Serangoon is noteworthy not only for its price but also for being an EXE unit.

EXE units, known for their larger size and desirable amenities, command premium prices, especially when situated in prime locations near schools, MRT stations, and bus interchanges.

This simply indicates that buyers are willing to pay a premium for the convenience and quality of life offered by their property of choice.

Past transactions beyond S$1.2 million

As mentioned, despite Serangoon witnessing only one $1.2 million sale thus far, other towns in Singapore have experienced numerous transactions surpassing this threshold.

The table below provides an overview of the total number of transactions past $1.2 million across various towns:

It's worth noting that most towns on this list fall within the category of mature estates, known for their established infrastructure and amenities. These areas typically command higher prices due to their development and accessibility.

While Serangoon currently ranks at the bottom with only one S$1.2 million sale, ongoing listings for EXE units in the town priced at S$1.2 million and S$1.25 million suggest that the trend is likely to shift soon.

As more EXE units hit the market at these price points, Serangoon may witness a surge in transactions surpassing the S$1.2 million mark.

Most expensive HDB EXE in Singapore

Though the recent sale in Serangoon is eye-catching, it has yet to dethrone the most expensive HDB Executive unit in Singapore, located in Bishan. This iconic property has not only broken records for maisonettes but also for EXE units, not once but twice.

ALSO READ: Sengkang HDB flat almost touching the $1m mark

This article was first published in 99.co.