'So ridiculous but owner is so lucky': 4-room Bendemeer flat rented out for record $4,600

In yet another indication of the robust property market, one 4-room HDB flat was recently transacted for a substantial $4,600 earlier this month. 

Real estate agent Anne Ho posted on TikTok yesterday (Oct 18) saying how it was a "record high" for the area. 

A screenshot posted by Ho, listed as a senior marketing director at ERA Realty Network, showed that this unit is located at Bendemeer Road. 

The screenshot shows the $4,600 transaction dated Oct 12, while another 4-room HDB unit was rented out for a much lower $2,650 at the same block dated May 4. 

Similarly, a search on the HDB website of the rental flat applications in 2022 showed the median transacted price for 4-room flats at the Kallang/Whampoa area to be $2,700 in the second quarter of 2022.

The highest median transacted price for 4-room HDB flats was $3,050 for those located in the Central region. 

One may wonder, is the Bendemeer flat really worth the $4,600 rent?

Clips taken from inside the 92 sq m unit shows a relatively unblocked view from the living room window, and the fully-furnished home "tastefully decorated" which Ho described as a Scandinavian theme.

"What's there not to like?" Ho asked in the 14-second clip. 

In the caption to the video, she also shared: "The best rental yield comes from HDB flats."

That block is located right next to the Kallang River and is a respectable nine minutes walk to Boon Keng MRT station. 

Some commenters, however, were left flabbergasted by the rental price for the unit, with many lamenting that it's "crazy".

"This is so ridiculous but the owner is so lucky," wrote one TikTok user.

The same user also shared that "a terrace at Chip Bee [Gardens] is only $4,200", to which Ho replied that while the space does provide more value, the "condition is different".

At the price, however, one viewer noted that it might be more worth it to purchase the flat. But from Ho's reply, it appears that the tenants were not eligible to buy HDB flats. 

And this may not be the only high-yield rental for the estate.

Over at PropertyGuru website, another 4-room unit at 38B Bendemeer Road has been listed for rent at $4,500 a month with availability from Nov 1.

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While the government has clamped down on the HDB resale sector with the recently-announced cooling measures, prices in the rental market appear to be still on the rise. 

Leasing specialist Lucas Chiew from JNA Real Estate (Nark) told AsiaOne that tenants can expect to pay "about double" the rent now compared to the same time last year, with the expected rental price of four-room flats expected at "around $3,500".

The recent measures might not have cooled sellers' expectations on their returns however, with one 5-room unit in the same 38A Bendemeer Rd block currently listed at slightly over $1 million.

ALSO READ: Will homebuyers pay $1m for flats near good schools? Here's what a survey found

candicecai@asiaone.com

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