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Sunday, June 23, 2024
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5 ROOM HDB IN BUKIT MERAH SOLD FOR OVER S$1.5 MILLION

A resale flat in Bukit Merah’s CityVue@Henderson estate has set a new record, selling for a staggering S$1,588,000 in June. This five-room flat, boasting 113 square meters of living space and 94 years remaining on its lease, has become the joint-most expensive Housing and Development Board (HDB) flat to be resold in Singapore. The same price was paid for a similar flat in Tiong Bahru, which changed hands in late April.

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The Henderson Road flat’s enviable location is a major drawcard. Situated between the 46th and 48th floors, it offers breathtaking views of the city skyline and direct access to two park connectors. Residents can enjoy a leisurely seven-minute stroll to Redhill MRT Station, and the estate is also home to a childcare center, two hawker centers, and a market, making it an attractive option for families.

Bukit Merah has long been a sought-after area for flat buyers, and it’s no surprise that prices in the region are reaching new heights. In fact, the last 10 five-room flats sold in the estate have all broken the one-million-dollar mark, according to HDB property statistics. In May, the Bukit Merah area accounted for 12 out of 74 resale flats sold for at least S$1 million, making it the second-highest area for million-dollar flat sales after Kallang Whampoa.

While million-dollar flats may be making headlines, they still represent a minority of HDB resale transactions. As Minister for National Development Desmond Lee noted last September, such flats make up less than 1% of all HDB resale transactions registered between July 2015 and June 2023. The median age of buyers in this category is 40 years old, with 94% being Singapore citizens and 6% permanent residents.

The sale of this record-breaking flat in Bukit Merah serves as a testament to the area’s enduring popularity and the growing demand for high-end HDB properties. As the Singapore property market continues to evolve, it will be interesting to see how prices in this area and others continue to shift.

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