Record $1.45 million Bukit Merah 5-room HDB Flat, Some HDB Sellers Raise Prices In View of Upcoming Plus BTO Flats, and More17 to 23 October 2023
A 5-room HDB resale flat in Bukit Merah was transacted for a record $1.45 million in October 2023, setting a new resale record for 5-room HDB resale flats within the area. Meanwhile, some sellers of HDB flats are using the new Standard, Plus, and Prime models to raise asking prices, with property agents pitching that it would be better to buy resale homes in these areas now.
1. A 5-room Bukit Merah flat sold for a record $1.45 million
A 5-room HDB resale flat in Bukit Merah was transacted for a record $1.45 million in October 2023, setting a new resale record for 5-room flats within the area.
It surpassed the previous record registered in September 2023 when a 5-room unit situated on the 34th to 36th levels of Block 95C was sold for $1.43 million.
Shin Min Daily News reported that the new record-breaking unit is not on a high floor of Block 96A.
HDB data showed that the unit has an area of 113 sq m (1,216 sq ft) and is situated on the 19th to 21st floor.
The deal was brokered by an ERA agent, who shared that the unit was in “move-in condition”.
The sellers had initially listed the flat for $1.68 million but eventually lowered the asking price to $1.48 million. It attracted around 10 enquiries and six viewings, before getting snapped up by the buyers, who are Singapore permanent residents from India.
The 48-storey Block 96A has seen seven million-dollar flats since 2021, said Shin Min Daily News.
2. Some HDB flat sellers capitalise on new public housing model to raise prices
Some sellers of HDB flats are using a new public housing model to raise asking prices, with property agents pitching that it would be better to buy resale homes in these areas now, reported CNA.
This comes as prices in potentially classified locations may increase once this new classification kicks in. Purchasing a resale flat in these areas now also means that they are free them the restrictions attached to Plus flat types to be launched in the H2 2024.
Real estate agent Tay Jooann said sellers of standard flats near upcoming BTO flats that could potentially be Plus classified housing find their flats a bit more valuable overnight.
“They are trying to perhaps take a bit longer for the right price to come along or perhaps take a step to increase their price a little more to include that value into the price,” she added.
Industry insiders noted that prices for flats near town centres and MRT stations have already increased by up to $10,000 compared to before.
Related article: National Day Rally 2023 Summary: Standard, Plus, Prime Flat Categories, More Single Housing Options, and More
3. New private home sales fell for a second consecutive month in September 2023
Sales of new private homes, excluding executive condominiums (ECs), fell for the second consecutive month by 44.9% to 217 units in September 2023, from 394 units in August, reported CNA citing URA data.
This marked the lowest monthly sales since December 2022, when 170 units were sold.
On an annual basis, new home sales also declined 78% from the 987 units shifted over the same period in 2022.
Analysts attributed the second consecutive monthly decline in sales to the lack of major launches.
The month of September 2023 only saw 68 units launched, well below the 590 units launched in August 2023 and 2,156 units in July 2023.
4. Bayshore estate to offer 10,000 new homes, two BTO projects to be launched next year
The new Bayshore housing estate will offer around 10,000 new homes, of which 70% or around 70,000 units will be public housing.
The first Bayshore BTO 2024 projects are set to be launched in the second half of 2024, revealed HDB.
Comprising around 1,400 units of 2-room Flexi to 4-room flats, the two BTO projects will potentially be launched under the new Plus model. The flats at these projects will come with full-height windows, providing residents unobstructed waterfront views for those facing East Coast Park, or city views for those facing Bedok town.
Bayshore is situated on a 60ha site of reclaimed land which has been set aside for residential use since the 1998 Master Plan.
Located next to East Coast Park, the new Bayshore estate is planned as an extension of Bedok town.
Property analysts expect high demand for the Bayshore BTO units even as they come with a longer Minimum Occupation Period (MOP) of 10 years, reported TODAY.
Related article: Bayshore BTO Projects, New MRT Stations, and More: What to Expect of the Upcoming Bayshore Estate
5. Up to 5,500 new HDB flats are to be built in Tanglin Halt as part of the redevelopment
Tanglin Halt, one of Singapore’s oldest public housing estates, will have a new hawker centre, market and polyclinic as part of the estate’s redevelopment.
These facilities will be housed under one roof and will be integrated with the estate’s housing, revealed HDB.
Notably, the estate is expected to offer up to 5,500 new HDB flats when fully developed.
The new Tanglin Halt Integrated Development will also feature shops and social communal facilities, catering to the residents’ daily needs.
A linear park will also be built between the Rail Corridor and Common Wealth MRT station, allowing residents to walk and cycle amid lush greenery.
Special efforts will also be made to preserve as much of the estate’s history and heritage.
This includes retaining the 10-storey height of “new housing blocks near the Rail Corridor, in homage to the old “chap lau chu” (or 10-storey house in Hokkien)”.
Some of the blocks, such as Blocks 69 and 70 that were built by the former Singapore Improvement Trust, may also be repurposed for other social-communal uses.
6. URA launches Orchard Boulevard site for tender
A residential with commercial at first storey site at Orchard Boulevard has been launched for tender under the Confirmed List of the H2 2023 Government Land Sales (GLS) Programme, revealed the Urban Redevelopment Authority (URA).
Spanning 7,031.5 sq m, the 99-year leasehold site has a gross plot ratio of 3.5 and is expected to yield around 280 homes and 500 sq m of commercial space.
Located near the Orchard Road shopping belt, the site may attract developers who want to buy land within a prime location without going through a collective sale.
The tender for the Orchard Boulevard site closes on 1 February 2024. It will be batched with an EC site at Plantation Close that is set for launch in November 2023.
Related article: Jurong Lake District, Tengah: 4 Most Exciting Features Coming to the West Side of Singapore By 2033
7. Mixed-use property, adjoining land at River Valley Road up for Sale
A prime freehold mixed-use property, known as Crystal Court, and adjoining land at River Valley Road have been put up for sale, with a guide price of $115 million or $2,456 PSF ppr, revealed sole marketing agent Edmund Tie.
Completed in the 1980s, the five-storey Crystal Court occupies a 1,554.2 sq m site, featuring 16 apartment units, a ground floor commercial unit and a basement carpark.
The adjoining land, on the other hand, measures 377 sq m and serves as a private service road with car parking lots.
Edmund Tie said the properties can be amalgamated by the successful buyer and “redeveloped into a five-storey boutique mixed-use development with a total gross floor area of 5,407 sq m, reflecting a plot ratio of 2.8”.
The buyer can also explore reusing the existing building and space as co-living residences, serviced residences, hotels or postpartum care centres, subject to the approval of authorities.
Submission of separate tender bids for each property will close on 20 November 2023.
8. Two adjoining properties at Gentle Road are up for estate sale
Two adjoining freehold properties located at 43 and 45 Gentle Road have been put up for estate sale, with the vendors expecting offers over $30 million for both properties, revealed sole marketing agent Knight Frank Singapore.
This works out to about $1,884 PSF based on the total land area of 1,479.3 sq m or around 15,923 sq ft.
Nestled within the Chancery landed housing enclave in District 11, the properties are zoned for “Residential – two-storey mixed-landed” use under the 2019 Master Plan. Currently, the plots are occupied by a pair of single-storey semi-detached homes built in the 1950s.
Featuring regular site configurations, the properties have a combined frontage of about 36 m, a feature ideal for redevelopment.
Chia Mein Mein, Knight Frank Singapore’s Head of Capital Markets (Land and Collective Sale), expects the properties to attract keen interest, given the plots’ regular site configuration, boutique scale and palatable price quantum.
The tender for the properties will close on 16 November 2023.
9. Robot ‘butler’ delivers meals to homebound seniors at HDB rental block
An autonomous robot known as Aiden – short for Autonomous Intelligence for Delivery and Engagement – serves as a “butler” at a block of rental flats in Queenstown, delivering meals to frail seniors, reported The Straits Times.
The seniors are beneficiaries of the senior group home programme of Lions Befrienders (LB), aimed at helping homebound seniors who can no longer prepare or buy their meals and have no caregivers to do it for them.
The mobile robot, which features a small arm that it uses to press lift buttons, delivers two meals as well as other items like medication or laundry to seniors aged 67 to 82 daily. It can navigate the building’s small lifts and narrow corridors independently.
Social service agency LB is collaborating with Delta Electronics Singapore for this trial.
Launched on 13 October at Block 151 Mei Ling Street, the trial will run until February 2024.
LB Executive Director Karen Wee revealed that a second Aiden is set to be trialled in Tampines.
10. Clementi police headquarters to move to a new location
Clementi police headquarters as well as the neighbourhood police centre will move to a new location at 6 Lempeng Drive on 31 October to make way for the development of the Cross Island Line (CRL), reported CNA.
With this, it will cease operations at its present building at 20 Clementi Avenue 5.
The police, however, assured that the relocation will not affect police services as the Clementi Neighbourhood Police Centre “will continue to serve the needs of the residents and community partners from the new site”.
Construction of Clementi’s CRL interchange station, located at the junction of Clementi Avenue 4 and Commonwealth Avenue West, is set to start in Q1 2024.
The $514 million contract to design and construct the Clementi station was awarded to a joint venture between China Communications Construction Company (Singapore branch) and Sinohydro Corporation (Singapore branch).
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Marcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
Source : proppertyguru.com.sg/Property Market
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