Over 70% of Ang Mo Kio's 4-room million-dollar resales in the past 3 years came from this project

Not long ago, million-dollar 4-room HDB resales were unheard of. Today, they've become increasingly common, especially in popular mature estates like Ang Mo Kio. Still, one particular project stands out from the rest — not only for being the first in the estate to cross the million-dollar mark back in 2023 but also for continuing to push resale prices even higher two years later.

Cheng San Court sees another million-dollar all-time high sale

In July, a 4-room flat at Cheng San Court changed hands for $1,138,888, making it the most expensive 4-room HDB resale flat in Ang Mo Kio to date.

This unit is located at Block 591A, Ang Mo Kio Street 51, sitting somewhere between the 31st and 32nd floors. With the 32nd floor being the highest in the project, the elevated floor height likely played a role in commanding the premium price.

Sized at 1,001 sq ft, this flat works out to about $1,137 psf. One of the biggest draws of this project is how Cheng San Court just recently met its Minimum Occupation Period (MOP). The lease began in 2019, leaving a healthy lease balance of 92 years and 7 months.

The seller could have walked away with nearly 90 per cent in profit

Given how Cheng San Court is a newly MOP-ed resale project, and the unit still has 92 years left on its lease, it's highly likely that the seller was the original BTO owner who bought the flat directly during its launch.

Now, when BTO flats are launched, not every unit goes for the same price. For Cheng San Court, 4-room flats started from around $435,000, excluding grants. But because flats on higher floors tend to come with premiums, estimated at about $5,000 per floor, a unit on the 31st or 32nd floor could have easily been priced closer to $590,000 at launch.

Based on the resale price of $1,138,888, that could mean the seller made a profit of about $548,888, which works out to a 93.03 per cent gain.

Of course, this estimate doesn't account for other personal factors. If the seller had received grants when purchasing the BTO, the profit could have been even higher. On the flip side, agent commissions and other resale-related costs would have reduced the final amount pocketed.

The previous estate record for 4-room HDB resales also came from Cheng San Court

The previous record for the most expensive 4-room HDB resale in Ang Mo Kio also came from none other than Cheng San Court. That flat was sold in January 2025 for $1.129 million, located on the 28th to 30th floors with the same 1,001 sq ft layout — working out to about S1,127 psf.

If you take a step back and look at the broader picture, it's clear that Cheng San Court has been leading the charge when it comes to million-dollar 4-room sales in Ang Mo Kio ever since it reached its MOP. 

Out of around 30 resale flats in the area that have breached the $1 million mark, 22 of them came from Cheng San Court alone. The remaining units were spread across Kebun Baru Court with 4 transactions, Teck Ghee Vista with 3 transactions, and Teck Ghee Parkview with 1 transaction.

Here's a look at all the million-dollar 4-room resale transactions in Ang Mo Kio so far:

Looking at the data above, most million-dollar transactions were for mid- to high-floor units, which tend to fetch a premium for their views and ventilation. 

In fact, when the first million-dollar deal in Cheng San Court was closed, we spoke to the agents involved, who highlighted that the higher floors offered stunning, unblocked views — a major pull factor for buyers. Besides the views, the project's convenient location near MRT stations and primary schools made it highly attractive to families.

While the very first seller sold right after reaching MOP, which is typically when prices peak for newer flats, the latest seller held onto the unit for two more years — and that decision appears to have paid off. They managed to secure an additional $138,888 in profit compared to the first transaction.

Cheng San Court's performance over the 3 years since reaching MOP

From the table above, it's clear that Cheng San Court has consistently pulled in high-value transactions since it reached its MOP. But while the million-dollar sales make headline

Between 2023 and 2024, the average psf for 4-room flats in the project dipped by 10.47 per cent. However, this drop was short-lived. From 2024 to 2025, prices quickly rebounded by 16.89 per cent, pushing the average psf back to record highs.

So far this year, Cheng San Court's average psf is 24.95 per cent higher than other 4-room flats in Ang Mo Kio, and an even greater 29.69 per cent above the national average for similar flat types across Singapore. Over five years, the project has seen a 148.56 per cent increase in average psf — a huge growth for any HDB project.

According to 99.co's Researcher tool, the average price for 4-room flats in Cheng San Court currently sits at around $937,000. For comparison, the average across Ang Mo Kio is about $692,000, and across all areas in Singapore, it's roughly $669,000.

That said, there's still some price diversity within the project. Based on current listings, you can find 4-room units for as low as $600,000. And if you're open to 3-room flats, prices can go down to around $400,000. Elsewhere in Ang Mo Kio, 4-room units can be found for as low as $500,000 — offering a range of options for buyers across different budgets.

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This article was first published in 99.co.