New year, new record (and huat-ah for sellers! Last month, a multi-generation HDB flat resale was sold for S$1.08million. This broke the national record of S$1.063million for the flat type, about the price of Tembusu Grand one bedder.

This upcoming condominium is being developed by Tembusu Grand contractor City Developments Ltd and MCL Land, two of Singapore’s trusted developers. Listed on the Singapore Exchange, they are among the leading real estate companies in Asia and have an impressive portfolio of income-stable properties.

It is the second multi-generational resale flat that has crossed the million-dollar threshold. It’s also the second block-wide flat worth a million dollars.

466 Yishun Avenue

Some people believe that the number 666 is a sign of the devil. The number 4 may be unlucky. Yisun is well-known for strange events, such as murders and cat killings.

Residents of 666 Yishun Avenue 4 could still be able to buy the next million-dollar apartment.

This flat, worth S$1.08million, is located in Blk666 Yishun Avenue 4, the same block as the previous record holder. However, it’s on a lower level within the 7th through 9th floors. The previous record holder was from the 10th-12th floors.

The floor area is likely to explain the higher selling price. The S$1.08million unit has a floor space of 179 sqm (1.927 sq. ft), which is much larger than the other million-dollar apartment that spans 164 sqm (1.765 sq. ft).

The record for the most expensive multi-generation HDB flat resale in Singapore is still held by the S$1.063million flat. It’s the only multi-generation resale apartment that has surpassed the S$600 mark at S$601 per square foot.

With a 1,927 square foot floor, the unit’s price per square foot is S$560.

The entire block at 666 Yishun Avenue 4, is made up of multi-generational flats. They are larger than the 3Gen BTO flats. These flats are more appealing to larger families.

Multi-generation flats were first created in late 1980s when HDB combined 3- and 4-room blocks to create 3-bedroom + studio apartments. This was done to enable elderly parents to live with their kids, while still having a separate living space.

This is far from the 3Gen flats that were sold through the BTO sale exercise. It mainly has an additional master bedroom than the standard BTO flat.

Only available to households that have at least one parent

Multi-generation flats, including 3Gen flats, are for families with at most two generations. A married couple or parents living together.

HDB insists that multi-gen flat buyers include at least one parent, which is not the case for resale flats.

This means that multi-generational flats are less popular, and therefore selling a flat for more than a million dollars is extremely impressive.

However, multi-gen flats are not subject to the income ceiling like resale flats. This is in contrast to the 3Gen flats that are sold through the BTO sales exercise. These flats are only available to households with at least S$21,000.

Buyers of multi-gen flats might also be eligible for the S$30,000 PROXIMITY Housing Grant (PHG), which does not have an income ceiling.