Million Dollar HDB flats

In Jan 2019, the Straits Times reported that a total of 71 flats were sold for $1 million or more for the year of 2018. The majority of these flats were non-standard types such as The Peak in Toa Payoh, Pinnacle@Duxton or the rare terrace houses at Jalan Bahagia or Stirling Road.

A record was also made in May 2019, when a standard 5 room flat at Boon Tiong Road (Tiong Bahru) was sold for $1.2 million. 

Another area at the city fringe - City View@BoonKeng has also flats transacted above the $1 million mark.

To understand the amount of potential profit some of these owners are making, we have to understand a brand new 5 room flat can be purchased from the government at about $300k and for older resale flats, the average price is about $600 to $700k.

The conclusion that one must gather from these transactions is that a property at a prime location will garner good value eventually.