It Good Deal 860000 Three Room Hdb Flat

With its prime location, numerous nearby amenities, and record breaking sale price, the recent transaction of a three-room HDB flat at 10A Boon Tiong Road has captured the attention of many. However, using our analytics tool, we found that the buyer may not have secured the best deal for the property.Located in the Bukit Merah Planning Area, the 667-sq ft flat sits on the 34th storey and was completed in 2016. It is within walking distance of Tiong Bahru and Havelock MRT stations, several markets and food centres, and primary schools, making it a highly desirable location for many homebuyers.Our analytics tool, ‘Is it a Good Deal?’, shows that the transacted price of $860,000 for the HDB flat is significantly higher than the district’s average price. However, the flat’s long remaining lease and close proximity to numerous amenities make it a relatively good deal. This may explain why the number of three-room flats transacting at prices of at least $800,000 has spiked in recent years.While the transaction may seem like a bargain for the buyer, it is notable that this is not the first three-room flat in the Bukit Merah Planning Area to sell for such a high price. In the first eight months of 2024, 29 three-room flats were sold for at least $800,000, six of which were in Bukit Merah. In comparison, only four three-room flats were sold for at least $800,000 in 2023, with just one of them located in Bukit Merah.One explanation for this trend could be the distance of the flats from MRT stations. The flat along Boon Tiong Road is closer to Tiong Bahru and Havelock MRT stations than the other two flats that sold for at least $800,000 in the same area. This makes it more convenient for residents who rely on the MRT for their daily commute, potentially adding to its appeal and boosting its price.While the average resale price for three-room HDB flats in Bukit Merah has grown at a slower pace compared to four-room and five-room flats, it remains above the average for three-room flats in the Central Region and islandwide. Additionally, the transacted price of $860,000 for the three-room flat along Boon Tiong Road is significantly lower than the average resale price for similarly-sized leasehold condo units in the same neighbourhood. Furthermore, three-room HDB flats in Bukit Merah have seen stronger price growth compared to their condo counterparts, making them a more financially sensible option for those determined to live in the area.In conclusion, while the record breaking sale may seem like a good deal on the surface, our analytics tool shows that the buyer may not have secured the best deal for the property. With the increasing popularity of the Bukit Merah Planning Area, it remains a highly desired location for many, but for buyers on a budget, considering a three-room HDB flat may be a more affordable option compared to a similarly-sized condo unit.

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