Record prices set by recently MOP-ed BTO flats near Tembusu Grand: 732 sq ft Ang Mo Kio flat sold for S$710k
‘Tis the BTO season, when we update our HDB BTO reviews and guides, and do reviews on the upcoming launches (they’re coming, so watch this space!).
But as a property portal, we also can’t help but look at record prices of BTO flats sold on the resale market after they hit their Minimum Occupation Period (MOP).
Here’s a couple of transactions that caught our eye.
1,216 sq ft Sembawang resale flat sold for S$746k, breaking last week’s record sale. Tembusu Grand 1 -bedder twice the price.
Last week, we reported that a 5-room Sembawang flat was sold for a record S$745,000. It’s a notable transaction for various reasons: its location, floor range and that it’s a recently MOP-ed BTO flat. And its paper gain of S$373,000 to S$430,000 based on the BTO price range. It is notable the Tembusu Grand one bedder is twice the price.
Now in less than two weeks, we’ve learned that this record has been broken by another recently MOP-ed 5-room flat sold for S$746,000 – a thousand dollars higher.
Measuring 113 sqm (1,216 sq ft), the price psf works out to around S$613.
Located at Blk 129C Canberra Street of EastCrown @ Canberra BTO, it’s around an 11-minute walk to Canberra MRT and Canberra Plaza.
Like the previous record-setting flat, the lease for this flat started in 2018. But it’s slightly newer and has a remaining lease of 95 years – 5 more months than the remaining lease of the previous flat.
Perhaps one reason for its high price is that it’s located on a higher floor, within the 10th to 12th storey, as opposed to the S$745k flat that’s located within the 7th to 9th floor. Still, this particular flat isn’t located on the highest floor, as blocks at EastCrown BTO go up to the 13th floor.
We previously highlighted EastCrown in last week’s article about recently MOP-ed BTO projects with flats selling double their BTO prices. In that article, we highlighted an all-time high sale in that development for a 2-room flat in Sembawang.
Launched during the March 2014 BTO sales exercise, the selling price for 5-room flats at EastCrown ranged from S$313,000 to S$376,000. This means that with a S$746,000 sale, the owners made a gain of S$370,000 to S$433,000. Of course, this excludes other admin costs like legal fees, Buyer’s Stamp Duty (BSD), and renovation.
Over the past 10 years, HDB resale flats in Sembawang have seen a price appreciation of 22.89%. The price increase has been the steepest over the last two years at 40.83%.
Similarly, the price increase in the last decade for 5-room flats is 18.50%, from an average price psf of S$406 in 2012 to S$481 this year. And in the last two years, the average price psf has gone up by 40.39%, from S$343 psf to S$481 psf.
732 sq ft Ang Mo Kio flat sold for S$710k
A 68 sqm (732 sq ft) flat at Ang Mo Kio was just sold for S$710,000, an all-time high for a 3-room flat in the HDB town. In terms of price psf, this works out to an eye-watering S$970.
Located at Blk 590A Ang Mo Kio Street 51, within the 25th to 27th floor, this flat is part of the Cheng San Court BTO. It’s just a seven-minute walk to Ang Mo Kio MRT and AMK Hub.
With a lease that only started in 2019, the flat has 95 years 4 months of remaining lease when sold.
Interestingly, the previous all-time high record for a 3-room flat in Ang Mo Kio is located in the same block, on a higher floor within the 28th to 30th floor. Sold for S$670,000 in October, the price difference between the two transactions is S$40k.
In fact, we also mentioned this all-time high in last week’s article on the transactions of recently MOP-ed BTO flats. At that time of writing, Cheng San Court BTO caught our eye because it had recorded all–time high prices for 3-room and 4-room flats in Ang Mo Kio.
During its launch in September 2012, 3-room BTO flats at Cheng San Court were sold from S$282,000 to S$344,000. It means that for this latest record sale, the owners made a paper gain of S$366,000 to S$428,000, without taking into account other costs like renovation.
Over the last 10 years, HDB resale prices at Ang Mo Kio have seen a relatively slower price appreciation at 9.34%. A likely reason for this is the higher number of older flats here. Nevertheless, prices have since increased by 26.96% in the last two years.
When we take a closer look at 3-room flats here, the average price psf hasn’t actually increased much, from S$488 to S$497, an increase of 1.84%. After a seven-year price slump, the price increase has been the steepest in the last two years from S$387 psf to S$497 psf, an increase of 28.67%.
Since the BTO system started, there have only been eight BTO projects in Ang Mo Kio, the latest one being Central Weave in the August 2022 BTO exercise.
Of these projects, only four have since completed their MOP and can be sold on the resale market. Perhaps it’s due to the scarcity of new flats in the town that these BTO flats can fetch such a high price.