A Bukit Merah four-room flat just set a record $1,466 psf, while a Pasir Ris flat became the first five-room flat in the town to cross $1 mil

Two notable HDB resale transactions were recorded recently, one in Bukit Merah and another in Pasir Ris.

Bukit Merah four-room flat sets a new record of $1,466 psf in the town

A four-room flat at 10A Boon Tiong Road was sold for $1.468 million ($1,466 psf) recently, setting a record psf high for four-room flats in Bukit Merah. Located on the 37th to 39th storeys, the flat measures 1,001 sq ft and has a remaining lease of about 88 years.

The subject flat is within walking distance of Tiong Bahru MRT Station and Tiong Bahru Plaza (see Map 1). Schools within a 1km radius include Alexandra Primary School, Zhangde Primary School, Gan Eng Seng School and Outram Secondary School.

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Aside from its close proximity to Tiong Bahru MRT Station, the subject flat's long remaining lease and its location in Bukit Merah, considered a mature estate in Central Singapore, may have contributed to its high price.

This transaction surpasses the previous record of $1,373 psf for Bukit Merah four-room flats, which was set earlier this year in January (see Table 1). It also marks the highest psf transacted for HDB flats in Bukit Merah.

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However, this is not the highest price paid for a four-room flat in Bukit Merah. That record belongs to a flat at 50 Moh Guan Terrace, which was sold in May for $1,530,000 ($947 psf) and has a remaining lease of about 46 years (see Table 2).

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Pasir Ris flat first five-room flat to break the $1 million threshold in the town, setting a new record for flats of its type.

Meanwhile, a five-room DBSS flat at 530D Pasir Ris Drive 1 was sold for $1.15 million ($1,017 psf) recently. Located on the 10th to 12th storeys, the flat measures 1,130 sq ft and has a remaining lease of about 87 years.

This transaction surpasses the previous high of $982,800 ($869 psf) for another five-room flat in the same block, which was also located on the same storeys (see Table 3).

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Both flats are part of Pasir Ris One, a Design, Build and Sell Scheme (DBSS) project. The project has four blocks comprising 447 units in total, with a mix of three-, four-, and five-room flats.

The subject flat is within a short walking distance to various amenities including Pasir Ris MRT Station, Pasir Ris Bus Interchange, Pasir Ris Mall and Pasir Ris Town Park (see Map 2). The bus interchange is integrated with the MRT station as part of the Pasir Ris Integrated Transport Hub.

Transport connectivity is set to improve further with the completion of Phase 1 of the Cross Island Line by 2030. Pasir Ris MRT Station will then become an interchange between the East-West Line and the Cross Island Line.

Schools within a 1km radius include Casuarina Primary School, Elias Park Primary School, Loyang View Secondary School and Meridian Secondary School.

The high price could be attributed to the subject flat’s proximity to an MRT station, a bus interchange, shopping malls and a park. The flat's long remaining lease may also have contributed.

Another possible reason lies in how DBSS pricing worked. Under the scheme, private developers, rather than HDB, set the launch prices, which may explain why DBSS units launched above regular HDB rates. This could also account for the premium some DBSS units still command on resale today. Land sales under the scheme were suspended in 2011, with only 13 DBSS projects built before it ended.

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Check out the latest listings for properties here: Bukit Merah, Pasir Ris.