Ang Mo Kio five-room flat sells for $1,008,888
Seller attributes high price to spaciousness, scenic view
The property agent first wanted to sell his Housing Board flat of nine years in November last year.
But he took it off the market when the Covid-19 pandemic hit home as he was reluctant to offer just virtual viewing.
Mr Derek Yap resumed his search for a buyer with phase two of Singapore's reopening.
The result? He sold his five-room HDB unit in Ang Mo Kio for$1,008,888. This is only the second time a flat in the estate has been sold for more than a million dollars, according to Edgeprop.sg.
Mr Yap, who is in his 50s, told The New Paper: "When buying a resale flat, most people want to physically experience the place and area. Hence, I decided to wait for the situation to get better."
About 10 interested buyers viewed his flat at Block 310B Teck Ghee Vista in Ang Mo Kio Avenue 1 before the sale was finalised.
Mr Yap attributed the flat's spaciousness to one of the reasons it was able to attract a high price.
The floor area is 121 sq m, bigger than the typical five-room flats with an average floor area of 110 sq m.
He added: "Those who came to view the house noticed that the master bedroom and the living hall are bigger than (those in) Build-To-Order flats."
Another plus point is the panoramic view from the unit, which is located somewhere from the 25th to 27th storey.
"You can get a scenic view of sunsets over the Bishan-Ang Mo Kio Park," said Mr Yap.
On New Year's Eve and National Day, the fireworks displayed can also be viewed unobstructed from the living room.
Being next to Eunoia Junior College and the upcoming Teck Ghee MRT station adds to the flat's attraction.
Teck Ghee Vista, completed in 2011, comprises 1,221 units built for residents who had gone through the Selective En bloc Redevelopment Scheme for blocks 246 to 252 in Ang Mo Kio Avenue 2, 3, and 4.
The last unit sold at Block 310B in June went for $970,888. It was also marketed and sold by Mr Yap, who is from PropNex.
Fifty-nine flats were sold for more than a million dollars in the first 10 months of this year.
Ms Christine Sun, head of research and consultancy at OrangeTee & Tie, told TNP that this year's numbers may surpass last year's total of 64.
She said: "The high number of million-dollar HDB transactions may have coincided with the collective sale fever. Some are able to pay the flats in full after collecting their payouts from the collective sales."
Ms Sun added that government measures such as the Voluntary Early Redevelopment Scheme may have boosted market sentiment.
On the outlook of the overall HDB market in the coming months, she said: "We are cautiously optimistic that around 20,000 to 23,000 resale flats could be transacted this year.
"Prices may trend between 1.5 and 3.5 per cent for the whole of 2020."
By the numbers
HDB flats sold for more than $1m in the first 10 months of the year
HDB flats sold for more than $1m in 2019
Price Mr Yap sold his five-room HDB unit in Ang Mo Kio