The recent sale of the resale HDB flat in Tiong Bahru for a record-breaking S$1,588,000 has caught the attention of both industry professionals and homebuyers in Singapore. This sale surpasses the previous record of S$1,569,000 for a five-room Design, Build and Sell Scheme flat in Lorong 1A Toa Payoh, set in January 2024.
Located at Tiong Bahru View, the 112 sq m unit is situated on the 35th floor of Block 9B Boon Tiong Road. With more than 90 years remaining on its 99-year lease, this property offers a long-term housing solution for its new owner. The flat’s proximity to Tiong Bahru Plaza adds to its appeal, providing easy access to various amenities and transportation options.
Tiong Bahru View is a replacement housing site for blocks at 110, 111, 113, and 114 Bukit Merah View, which were demolished under the selective en bloc redevelopment scheme. This scheme allows the government to acquire and redevelop older housing estates, ensuring that the living environment remains modern and well-maintained.
Since July 2018, 43 HDB flats in Tiong Bahru View have been sold for at least S$1 million, according to PropNex Realty. Block 9B Boon Tiong Road alone has seen 13 such million-dollar resale flats, including three four-room flats and 10 five-room flats.
The Ministry of National Development (MND) previously revealed that the number of resale flats sold for S$1 million or more made up less than 1% of registered transactions between July 2015 and June 2023. This indicates that such high-value transactions are still relatively rare in the HDB resale market.
The record-breaking sale in Tiong Bahru demonstrates the continued demand for well-located and high-quality HDB flats, even at premium prices. As Singapore’s property market evolves, it will be interesting to see if this trend continues and how it may impact the broader housing landscape.