SINGAPORE: A jumbo flat at Bukit Merah modified palms for S$1.53 million, setting a report for four-room flats. The property is situated on the decrease flooring of Block 50 Moh Guan Terrace in Tiong Bahru, Bukit Merah.
What makes this resale significantly uncommon, nonetheless, is that the flat’s lease began in 1973, the property portal 99.co reported. Which means the flat has solely round 45 years and 9 months left on its lease. This transaction is markedly totally different from different latest Housing and Growth Board (HDB) resales, which fetched excessive costs as a result of they’d for much longer leases remaining.
Nonetheless, there was a constant demand for residences in mature estates, significantly these which might be bigger.
“In some ways, this newest transaction additionally displays how some consumers are more and more prioritising area, heritage, and site over lease tenure alone,” 99.co identified.
Certainly, the record-breaking sale of the Moh Guan Terrace flat spans 1,615 sq ft, which suggests its worth interprets to S$947 per sq. foot.
One other factor that works within the flat’s favour is its location, particularly since Tiong Bahru is among the best-known heritage neighbourhoods, mixed with the modernity of latest MRT strains, in addition to retail and life-style points of interest.
Whereas uncommon, the sale is just not with out precedent. In June 2023, a 1,894 sq ft 50-year-old four-room flat on the identical handle already bought for S$1.5 million. On the time, the excessive worth raised some eyebrows, since Moh Guan Terrace didn’t even have an elevator. A couple of months later, a big 39-year-old resale flat on the tenth to twelfth flooring of Block 326, Ubi Avenue 1, equally bought for a excessive worth, altering palms for S$1.06 million.
In distinction, a five-room HDB flat at Metropolis Vue @ Henderson on 96A Henderson Highway that also has 92 years and one month on its lease bought for an eye-watering S$1.728 million in April. /TISG
Learn associated: 4-room flat in Tiong Bahru fetches report breaking $1.5M worth, regardless of being 50 years outdated
