Unique 4-room HDB flat sells for a record price, defying age, lack of elevator, and lease decay.
A 4-room Housing and Development Board (HDB) resale flat located in Tiong Bahru has been sold for a remarkable S$1.5 million, setting a new record for the highest-priced HDB resale flat. This transaction broke the previous record of S$1.418 million set by a 5-room flat at SkyTerrace @ Dawson.
The flat, situated on the fourth floor of Blk 50 Moh Guan Terrace, not only stands out due to its eye-watering price but also its age. Built in 1973, the unit is located in a block that has completed 50 years of its 99-year lease, leaving just 48 years and 8 months on its lease. This has raised eyebrows, as properties with shorter remaining leases typically see lower demand and prices, especially considering the limited financing options available for older flats.
The block itself lacks an elevator, adding another layer of intrigue to the sale, particularly given that the unit is located on the highest floor. Blk 50 Moh Guan Terrace had initially been slated for HDB’s Home Improvement Programme (HIP) and Neighbourhood Renewal Programme (NRP) after 2017, but these plans have not materialized, making the lack of lift access even more notable.
According to property platform 99.co, the flat’s unique features may explain its record-breaking price. Unlike typical HDB flats, this unit is categorized as an adjoined flat, offering an expansive 176 sqm (1,894 sqft) of living space. In comparison, a standard 4-room HDB Built-to-Order (BTO) flat typically spans 93 sqm (1,001 sqft). The price per square foot (psf) for this rare unit is about S$792, which is lower than the average psf price of S$839 for HDB resale flats in Tiong Bahru this year.
The rarity of such large units within Blk 50 Moh Guan Terrace, combined with its prime location in the sought-after Tiong Bahru neighborhood, likely explains the buyers’ willingness to pay a premium for the flat. Currently, there are only three other 4-room units available in the block.
This unprecedented sale indicates that factors such as the flat’s size, rarity, and location can outweigh concerns over its age, the shorter lease, and lack of lift access. It suggests that, in some cases, buyers are willing to overlook these issues for a unique and highly sought-after property.
