Welcome to the club: Tampines sees first million-dollar resale flat

What do the likes of Pasir Ris, Marine Parade and Tampines have in common?

They are mature estates that have joined the million-dollar Housing and Development Board (HDB) resale club this year – the latter is the latest to be sold at that price. 

A 154-square metre executive maisonette at Block 856D Tampines Street 82 changed hands for a cool $1.013 million in September, according to information on HDB's website .

Completed in 1995, the unit, which is located between the 10th and 12th floor, has a remaining lease of around 72 years.

As a comparison, an executive maisonette at a neighbouring block was transacted at $855,000 last month, albeit located between the first and third floor.

But what has made this million-dollar flat so attractive to prospective buyers?

ERA Realty's head of research and consultancy Nicholas Mak told AsiaOne that Tampines, being a mature estate, has well-planned infrastructure and it's hardly surprisingly to have a HDB flat sold there for over a million.

"All mature estates will have million-dollar HDB flats where one or a few of those flats will reach that price level. It's only a matter of time," he added.

"With rising inflation, salaries and household incomes, it all points to higher property prices in the long term."

With Block 856D opposite Our Tampines Hub, it's just a stroll from away from hundreds of dining options – from hawker food stalls to family-friendly eateries.

A Fairprice outlet, Tampines Regional Library and Tampines Sports Hall are also in the vicinity.

The shopping cluster of Tampines One, Century Square and Tampines Mall near the MRT station is also just a short nine-minute walk away, according to checks on Google Maps.

Another reason for its hefty price could be due to how executive maisonettes – double-story HDB homes with loft-like ceiling height and indoor staircases – are only available in the resale market. 

A similar resale HDB maisonette, located in Bukit Timah, was sold for $1.28 million in the same month.

The 146-square metre unit has around 65 years left on its lease, according to property website 99.co.

Other estates had also seen their first million-dollar sales this year.

An executive maisonette at Bukit Batok Street was sold for $1.005 million in July, while a 47-year-old HDB flat in Marine Parade was sold for $1.01 million.

And earlier in May and June, two executive apartments in Yishun had crossed the million-dollar resale mark.

ALSO READ: Singapore sees the rise of million-dollar HDB flats

chingshijie@asiaone.com