The first million-dollar apartment in Sengkang has been sold
A 1,539 sq ft, executive residence at the 205B Compassvale Place is the first flat that was resold in Sengkang that will fetch $1 million ($650 per square foot). A press release by SRI says that the property was sold last month through an agent.
“This transaction is a significant achievement for the estate which has been steadily moving towards the million-dollar mark with its flat sales over recent years,” says Mohan Sandrasegeran the head of data and research.
The million-dollar flat in a maisonette in an estate named Compassvale Place is comprised of seven residential blocks – A, 205B, 205C, 206A, 206B, A206C, and 206D. Block 205B is 25 years into its 99-years lease, which began in 1999.
Sandrasegeran states that the million-dollar flat has several attributes of similar million-dollar apartments, namely, its spacious layout, its proximity to important transport links such as Buangkok MRT station, and the ability to access Sengkang Grand Mall.
Sandrasegeran says that the area of the apartment is attractive too since it is located near many educational institutions. “This combination of attractive characteristics is what makes this flat so expensive on the resale markets.”
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He claims that Sengkang is within the process of registering its first million dollar resale home because there is an increasing number of town of resale homes that sell for more than $950,000.
“By 1Q2024, the highest resale price (in Sengkang) was nearing $968,000, which set the stage for the area to finally breach the million-dollar threshold in April. This is a sign of Sengkang’s growing appeal to homebuyers,” says Sandrasegeran.
However, he cautions that despite the recent prominence of million-dollar resale flat transactions however, they were only 2.7% of the flats traded ownership in the 1Q2024.
Sandrasegeran states, “This shows that although the transactions that are worth millions of dollars attract a lot of interest, they represent just a small portion of the overall HDB resale activities. The majority of transactions are conducted at moderate price levels.”
Based on SRI research SRI research, the median unit price of HDB deals for resales that exceed $1 million has dropped from $1,409 per square foot in 4Q2023, to $1,320 in 1Q2024. This is a 6.3 percentage reduction (q-oq).
“This suggests that although the number of million-dollar sales increased, the average cost per square foot slowed down,” says Sandrasegeran, noting: “A higher volume of (million-dollar HDB resale ) transactions did not necessarily translate into an increase in prices per unit.
