The Unassuming Million-Dollar Flat in Ubi District
The Ubi district, predominantly recognized for its industrial zones, has witnessed the sale of its inaugural million-dollar residence. The executive maisonette located at Block 326 Ubi Avenue 1 was recently sold for S$1.06 million in October. Spanning over two floors and covering an area of 146 square meters, this unit, holding a remaining lease of 61 years and 7 months according to HDB resale statistics, marks a significant leap in the property market. Notably, the previous record transaction within the area was an S$870,000 sale of a maisonette in the same block a few months prior.
The Executive Maisonette: A Closer Look
This two-storey dwelling, positioned between the 10th and 12th floors, stands out for various reasons, primarily due to its distinct features. One notable attribute contributing to its premium pricing is its elevated location, offering unobstructed panoramic views. Moreover, the residence has undergone extensive renovations, amounting to an investment of over S$200,000, transforming it into a showroom-like property that has even been featured in a magazine, as per Shin Min Daily News.
Factors Influencing the High Price Tag
The property’s allure is amplified by its strategic location. Situated in proximity to Maha Bodhi School, Manjusri Secondary School, a town center, and a 24-hour supermarket, the dwelling offers unparalleled convenience. Additionally, its close proximity to the Ubi MRT Station on the Downtown Line, merely an eight-minute walk away, further elevates its desirability. The spaciousness of the maisonette, a rarity in the current landscape of the Ubi district’s residential units, is another appealing factor. The scarcity of sizable living spaces in Ubi coupled with its limited residential area adds scarcity value, making such units a rare find.
Real Estate Market Dynamics in Ubi
Comparisons with the private housing sector reveal the value proposition presented by this property. According to a knowledgeable agent, a similarly sized private housing unit would command a price of at least S$2 million, underlining the competitive advantage offered by this maisonette.
Challenges Faced in Selling
The dwelling initially entered the market with an asking price of S$1.28 million. Despite the initial high price, which was eventually negotiated down, the property encountered challenges, rejecting numerous offers and enduring close to a six-month period before securing a buyer.
Conclusion
The sale of the million-dollar flat at Block 326 Ubi Avenue 1 exemplifies the evolving dynamics in the Ubi district’s real estate market, showcasing the attractiveness and potential of certain properties in the area.