The first million-dollar flat resold in Sengkang was sold
The first resale apartment in Sengkang which is a 1,539 sq ft executive flat at 205B Compassvale location is now available for sale at $1 million ($650 per square foot). According to a press release by SRI, the flat was purchased by one of its agents last month.
This transaction is a milestone for the estate. Its flat sales have been averaging the million-dollar mark in the last few months, according to Mohan Sandrasegeran.
Compassvale Place, the estate where the million-dollar flat is located, is made up of seven residential blocks: 205A, 205B, 205C 206A 206B 206C 206D. Block 205B is 25 years into its 99-year lease that began in 1999.
Sandrasegeran claims that the million-dollar flat has many of the characteristics that other million-dollar flats have such as its expansive layout, proximity to essential transport links such as Buangkok MRT station, and the ability to access Sengkang Grand Mall.
Sandrasegeran believes that the area of the apartment is very appealing, as it is near several educational institutions. “This mix of desirable attributes is what makes the property so expensive on market for resales.”
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He states that Sengkang has been nearing the point of having its first million-dollar flat, as there has been a growing number of resale flats in this town, which are selling for more than $900,000.
“By 1Q2024, the most expensive resale price (in Sengkang) was nearing $968,000, which set the stage for the city to surpass the million-dollar mark in April. Sandrasegeran claims that this increase is an indication of Sengkang becoming more desirable for home buyers.
However, he cautions that despite the recent prominence of flats that are sold for a million dollars however, they only accounted for 2.7% of the 7,068 flats that changed the hands during 1Q2024.
Sandrasegeran states, “This shows that although the transactions that are worth millions of dollars attract a lot of attention, they constitute just a small portion of the overall HDB resale business. Most transactions take place at moderate cost levels.”
Based on research from SRI Based on research from SRI, the average unit prices for million-dollar deals on the resale HDB market have adjusted downwards from $1,409 in 4Q2023 to $1320 psf in the first quarter of 2024, which is the beginning of a 6.3% (q-o-q) moderation.
“This indicates that despite the volume of sales in million dollars increased, the average cost per square foot decreased,” says Sandrasegeran, saying: “A higher volume of (million-dollar HDB resale ) transactions did not necessarily translate into higher prices per square foot.
