Dear readers, it was reported yesterday that a five-room resale flat in Sengkang and Punggol was sold for at least $1 million each. Details of these transactions are (based on online resources):
SengKang: 1,205 sq ft property, Block 216B Compassvale Drive, situated somewhere within the 16th and 18th floor
Punggol: 1,603 sq ft property, Block 269A Punggol Field, situated between the 14th and 18th floors
I was rather surprised to hear of million-dollar resale flats sold coming from Sengkang and Punggol. This is because I would traditionally associate million-dollar resale flats being associated with pricier districts like Toa Payoh.
However, based on data from Smartwealth, there was already a $1 million resale flat from Sengkang and Punggol each sold in the first quarter of this year. In fact, there were 419 HDB resale flats sold for $1 million or more in the 1st half of 2024, with bulk of these flats coming from:
Kallang/Whampoa: 66 flats
Toa Payoh: 53 flats
Bukit Merah: 52 flats
Punggol and Sengkang are relatively new housing districts and situated in non-prime areas. It must have been quite a jackpot for those BTO owners of flats in these areas if they happen to be the owners who have sold these flats for at least $1 million.
$1 million for HDB resale flats is something that I will not be able to imagine decades earlier. I truly hope this $1 million is a cap to how high HDB flats can go, to ensure HDB flats remain comfortably within the mortgage payment of many Singaporeans.