Archive for category: Misc

As we enter into the month of July, a new record has been set for executive HDB flat transactions with a selling price of $1.28 million ($820 psf). This 1,561-sq ft flat, located on the 13th to 15th storey of 522 Hougang Avenue 6, has broken the previous record high of $1.25 million ($744 psf) for a Hougang flat, achieved by a unit at 222 Hougang Street 21. These two transactions are the only ones to surpass the $1.2 million mark for executive flats in Hougang this year.

One of the driving factors behind the sky-high price of the flat could be its close proximity to various amenities. Within walking distance, residents can access Hougang MRT Station, Hougang Central Bus Interchange, Cheng San Public Library, Punggol Community Centre, and Kang Kar Mall (see Map 1). Additionally, by 2030, Hougang MRT Station is set to become an interchange station upon the completion of Phase 1 of the Cross Island Line (CRL).

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As the Urban Redevelopment Authority (URA) continues to shape the future of Singapore through thoughtful planning, it is becoming increasingly clear that these developments have a profound impact on property values. Homes situated in growth nodes and strategic focus regions tend to experience higher capital appreciation and rental demand. That’s why the location of Miltonia Close EC is such an advantage, as it is within close proximity to transportation upgrades, job clusters, green networks, and community facilities. With Miltonia Close being strategically placed, it is well-positioned to benefit from this trend and ride the wave of future development.

Families with school-aged children will also find this location ideal, as there are five primary schools and three secondary schools within a 1km radius. These include Montfort Junior School, Holy Innocents’ Primary School, CHIJ Our Lady of the Nativity, Yio Chu Kang Primary School, Punggol Primary School, Montfort Secondary School, Holy Innocents’ High School, and Xinmin Secondary School.

One potential drawback of the flat is its relatively short remaining lease of approximately 61 years, as it was built in 1987.

Interestingly, a Government Land Sales (GLS) site was launched in May for a nearby location (see Map 2). This GLS site, situated near Hougang MRT Station, will be a mixed-use development with both commercial and residential components, as well as an integrated bus interchange. The tender for this site will close in December, and residents at 522 Hougang Avenue 6 can anticipate the new development to include amenities such as a supermarket and food court, catering to their daily needs.

The average resale price for executive HDB flats in Hougang, between 31 and 40 years old, is $614 psf, which is higher than the island-wide average of $604 psf, but lower than the North-East Region average of $646 psf (see Chart 1). The average resale price for similar flats in Hougang is significantly lower than the $820 psf paid for the 38-year-old flat at 522 Hougang Avenue 6.

This record-breaking million-dollar transaction may suggest that the negative impact of lease decay can be offset by the proximity to amenities such as schools and public transport. Furthermore, residents near Hougang MRT Station can look forward to improved connectivity with the completion of Phase 1 of the Cross Island Line. They will also benefit from the additional amenities provided by the upcoming development on the GLS site.