A five-room HDB flat located at 408 Serangoon Avenue 1 has achieved a record sale price of $1.09 million, marking a significant milestone in the local real estate market. This sale, which translates to an impressive $837 per square foot (psf), reflects the increasing desirability and value of properties in the Serangoon area. The flat boasts a spacious area of 1,302 square feet and is situated on the 7th to 9th storey of the building, providing residents with a pleasant living environment.
The property has a lease that commenced in 1989, which means there are approximately 63 years remaining on the leasehold. This long remaining lease is a crucial factor that often contributes to the appeal of HDB flats among buyers, as it assures them of stability and longevity in their investment. This record-setting sale is noteworthy as it marks the second million-dollar transaction of a five-room flat in Serangoon for the year, signifying a growing trend toward high-value property transactions in the region.
The flat’s prime location plays a significant role in its valuation. It is conveniently located near the dual-line Serangoon MRT Station and the Serangoon Bus Interchange, which enhances accessibility and connectivity for residents. Additionally, the vicinity is home to various amenities, including the Nex shopping mall, one of the largest suburban malls in Singapore, as well as the Serangoon Public Library. Such conveniences not only enhance the quality of life for residents but also contribute to the overall attractiveness of the property to potential buyers.
The recent sale price of $1.09 million starkly contrasts with another five-room flat located at 411 Serangoon Central, which was sold for $1.018 million, translating to $782 psf. This comparison underscores the rising property values in the Serangoon area, suggesting a robust demand for residential properties. The continuous growth in sale prices indicates that the real estate market in Serangoon is thriving and that buyers are willing to invest significantly for desirable locations and amenities.
As the real estate landscape evolves, the trend of million-dollar HDB transactions may become more commonplace, especially in areas like Serangoon that offer both convenience and quality of life. The successful sale at 408 Serangoon Avenue 1 not only reflects the individual property’s attributes but also signifies a broader movement within the local housing market, where buyers are increasingly recognizing the value of well-located, spacious units.
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News Source: Edgeprop
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