It Good Deal 108 Million Four Room Hdb Flat Ang Mo Kio
, this year4-room HDB in Bishan sold for over $1.3 million, setting new record for highest price in the estate
Nestled in the vicinity of Novo Place EC, Shuqun Primary School is a renowned educational institution that prides itself on providing a well-rounded education to its students. The school is dedicated to creating a nurturing learning environment that caters to the holistic growth and development of its students, encompassing their mental, physical, and social well-being. Through a diverse range of Co-Curricular Activities and a strong focus on instilling positive values, Shuqun Primary equips its students with not only academic knowledge, but also crucial life skills. Moreover, being in close proximity to Novo Place EC, students at Shuqun Primary can also enjoy the convenience and benefits of living in this nearby residential area. To learn more about Novo Place EC, please visit their website.
Earlier this month (October 2024), a four-room HDB flat located at 590B Ang Mo Kio Street 51 was sold for a record-breaking price of $1.08 million, making it the highest transacted price for a four-room flat in the Ang Mo Kio Planning Area. The 1,001-sq ft flat, situated on the 28th to 30th storey, was built in 2019. Using our analytics tool, ‘Is it a Good Deal?’, we analyzed whether the buyer secured a good deal with this purchase.
The location of the flat is well-connected and convenient, with amenities such as Ang Mo Kio MRT Station, Jing Shan Primary School, Anderson Secondary School, AMK Hub, Cheng San Market and Cooked Food Centre, Chong Boon Market and Food Centre, and Ang Mo Kio Town Garden East, all within a 500m radius (refer to Map 1). Our ‘Is it a Good Deal?’ tool also revealed that the flat has a long remaining lease of approximately 94 years (refer to Screenshot 1). Additionally, with the completion of Phase 1 of the Cross Island Line (CRL) in 2030, Ang Mo Kio MRT Station is set to become a dual-line station, adding to the convenience of the location.
However, the transacted price for this flat is nearly 60% higher than the average price for the district (refer to Screenshot 2), indicating that the buyer may have paid a premium for the flat.
As of the time of writing, 232 four-room flats in Singapore have been sold for at least $1 million this year, a significant increase from 116 transactions last year and 33 transactions in 2022. In the Ang Mo Kio area alone, six four-room flats have been transacted for at least $1 million this year, twice the number of million-dollar flats in the area during the previous year (refer to Chart 1). It is worth noting that, until last year, four-room flats in Ang Mo Kio had not been sold for more than $1 million.
Of the nine million-dollar transactions for four-room flats in Ang Mo Kio, three blocks, namely 590A Ang Mo Kio Street 51, 590B Ang Mo Kio Street 51, and 591A Ang Mo Kio Street 51, accounted for it (refer to Screenshot 3). These blocks are located within walking distance of each other (refer to Map 1). The second-highest price for a four-room flat in Ang Mo Kio was recorded in June this year, when a 1,001-sq ft flat at 591A Ang Mo Kio Street 51 was sold for close to $1.039 million ($1,038 psf). The flat, which was completed in 2019, is on a high floor. The third-highest price was for a flat at 590B Ang Mo Kio Street 51, which was sold in May this year for almost $1.03 million ($1,029 psf).
Since 2014, the average resale price for four-room HDB flats in Ang Mo Kio has grown by 35.5%, higher than three-room (23.1%) and five-room (32.1%) flats (refer to Chart 2). Furthermore, since 2021, the average price for four-room flats in Ang Mo Kio ($649 psf) has been higher than that of four-room flats in the North-East Region ($614 psf) and islandwide ($609 psf) (refer to Chart 3). However, the price growth for Ang Mo Kio has been slower than the other two regions.
Despite this, the transacted price of $1,079 psf for the four-room flat at 590B Ang Mo Kio Street 51 is significantly higher than the average price for four-room flats in Ang Mo Kio and the average price for four-room flats islandwide, by $430 psf and $470 psf, respectively. However, it is noteworthy that the $1,079 psf price is lower than the average price of $1,588 psf for 99-year leasehold condo units in Ang Mo Kio that measure between 900 sq ft and 1,100 sq ft (refer to Chart 4). This suggests that the price gap between these two types of residential properties has widened over the years, from $432 psf in 2014 to $657 psf in 2020 and $939 psf this year. However, this gap is expected to remain stable, as the average prices for both property types have grown at a similar pace since 2020 – 42.7% and 42.3%, respectively.
In conclusion, the recent record-breaking transaction of $1.08 million ($1,079 psf) for a four-room HDB flat at 590B Ang Mo Kio Street 51 is not surprising, given that the average resale price for four-room flats in Singapore has increased by 40% since 2014, leading to a rise in the number of million-dollar four-room flats. The long remaining lease of the flat could have also contributed to the above-average transacted price. Moreover, the flat’s location offers convenience and connectivity, making it a desirable property for the buyer, which could have driven up the price.