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Jurong East for S$1 million broke records for the resale of HDB maisonettes

It’s possible that we’re still in the holiday season (wishing everyone a happy Chinese New Year), which is often a slow time for real estate deals. However, this has not prevented us from seeing HDB resale deals that have set new records.

(This is a remark from the author: it’s possible that these transactions were completed before the vacation period, but they were just recently logged in HDB’s database. Therefore, it is more probable that an early Christmas arrived for these merchants!)

Two of the recent all-time high resale transactions that were reported stood out to us in particular: a transaction for a Toh Yi Drive HDB resale flat that was recorded at S$1.3 million and a flat sale for a Jurong East HDB resale flat that was recorded at one million dollars. Both of these properties are HDB maisonettes, and they both currently hold the record for the highest price paid for a HDB resale property in their respective cities.

This HDB maisonette on Toh Yi Drive is now the most expensive HDB executive resale apartment in Singapore, surpassing the previous record holder, which we revealed at the beginning of December.

S$1.3m The Toh Yi Drive maisonette is now the HDB executive resale apartment that commands the highest price written in the Res Courses 2023.

This HDB maisonette in Bukit Timah was sold at a price per square foot of around S$805, despite having a floor space of 1,615 square feet.

It can be found between the 10th and 12th floors of Building 2 Toh Yi Drive, which is just across the street from the block that formerly held the title of the most expensive HDB executive resale apartment in Singapore.

The previous record, which was held by a HDB maisonette, was purchased for a price of S$1,290,800 and is situated at Blk 3 along the same road as the current record.

However, in terms of price per square foot, this Blk 2 apartment does not hold the record. The HDB maisonette at Blk 6 Toh Yi Drive that was sold earlier in September for S$814 psf is still the owner of that record. It has 1,572 square feet of living space.

The current record-holding maisonette also began its lease in 1988, just as the Blk 3 maisonette did. This implies that the maisonette is now 34 years old and has just around 64 years and 9 months left on its lease.

The Beauty World MRT, the Bukit Timah Market and Food Centre, and the Pei Hwa Presbyterian Primary School are all within a five-minute walk of Blk 2 Toh Yi Drive. The location is convenient. The Bukit Timah Shopping Centre, the Beauty World Centre, and the Beauty World Plaza are all located in close proximity to one another.

The Reserve Residences, an impending mixed-use complex, will be located around eight minutes away on foot. Within this development, there will be retail spaces as well as a new bus interchange for residents to use.

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Chuan Park in private negotiation process

This comes as the apartment received some rate of interest from developers following the close of its tender, claimed a speaker from ERA, that did not verify whether the development received any kind of proposal.

Positioned close to Lorong Chuan MRT station, the 99-year leasehold development comprises 444 apartment systems, a grocery store, and also a food and beverage space that is presently unoccupied. It was set up for tender from 5 October to 18 November, lugging a sign price of $938 million.

It was created by the Far East Company system, Golden Designer, in 1980 and also has a remaining lease of about 58 years.

Age noted that the home may be redeveloped into 900 to 919 devices.

Chuan Park condominium and 1953 condo had attempted for a cumulative sale in 2018, with the asking cost pegged at $900 million. However, it did not push due to failure to secure the required 80% approval of owners even as the asking was elevated from $790 million.

For this year’s tender, over 80% of the owners accepted the tender.

BT kept in mind that the en bloc sale market is still going strong, with La Ville selling for $152 million– which was above the book cost– during its third attempt to Hong Kong-listed ZACD Team.

Found at Tanjong Rhu, the high-rise growth was released to buy in October for $148 million. It lastly opted for greater after a robust competition among prospective buyers.

On The Other Hand, Gloria Estate, a freehold hilltop condo at Pasir Panjang Road, is once again up for collective sale, with a reduced book rate at $69 million, according to unique advertising agent Strata AMC.

In June 2018, the 12-storey condo was put up for collective sale, with an asking price of $79 million. That was around two weeks before the federal government presented a variety of residential or commercial property cooling steps to douse the en bloc fever at the time.

Including 31 house devices, the growth was completed in 1995 as well as inhabits a 45,742 sq ft site that is zoned for domestic usage under the 2019 Master Plan. The website has a present story proportion of 1.4.

Strata AMC said the condo takes pleasure in a “scenic view” forgetting the Greater Southern Waterside.

“Given its distance to the future Greater Southern Waterfront, Gloria Estate presents an outstanding redevelopment opportunity for developers seeking to create a famous domestic growth,” said Strata AMC as priced quote by BT.

The advertising and marketing agent anticipates the website to draw in small- to mid-sized programmers, considering its calculated place in addition to its “attractive get cost” without any development fee called for.

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