The Block 28 Marine Crescent’s five-room Housing and Development Board changed hands this month at $ 1,010,888, marking the first $ 1 million HDB resale transaction at Malin Parade Estate.
The 126-square-meter flat, which includes a rest area, boasts an unblocked panoramic view of East Coast Park from all windows, including the utility room behind the kitchen.
With only 51 years and 9 months left for rent in 99 years, it is located on the 24th floor of a 25-story block.
PropNex real estate agents Colin Wong and Brian Ying, who jointly signed the deal, told The Straits Times that this view attracted buyers and allowed them to sign a deal within a week despite a short lease. ..
“We listed the unit for $ 999,000 with the intention of upward negotiations. Within a week, we found the ideal buyer for the first viewing,” Wong said, offering more than $ 1 million. He added that there were three groups of willing buyers.
A seller, a Singaporean couple with three children between the ages of six and thirteen, told ST that she was ready to let go of the unit with an offer of over $ 1 million.
At that time, the other flats in their real estate were not sold for that amount.
One of the sellers who wanted to be identified only as Mrs. Ko said, “We always have absolute trust in our unit and because of the scenery, size and location near Taonan School. I knew I would get a good price. “
A 5-minute walk to the popular elementary school, which celebrated its 115th anniversary last year.
“There’s also an emotional attachment to this place. This unit is like my baby. I overhauled when I moved in and three kids grew up here,” said Mrs. Ko. rice field.
The family travels to live with their older parents.
Mrs. Ko and her husband are the second owners and bought the unit about $ 870,000 about 11 years ago.
The rest area was purchased by the first owner of the unit and an additional utility room was built by HDB under the upgrade program announced for real estate in 1997.
The buyer is a Singaporean couple planning to survive the year they retired in the unit. Agents said they didn’t care about aging wreaths.
After four to five rounds of negotiations, they landed at a final price of $ 1,010,888.
Mr. Yin said the buyer paid the unit a little less than $ 100,000 in cash overvaluation (COV).
COV occurs when the resale apartment is sold above the actual HDB rating and the difference can only be paid by the buyer in cash. If the buyer and seller agree on a resale price equal to the flat market valuation, the buyer does not have to pay the COV.
“Many of the buyers who inquired about this unit were seniors who were downgrading from private land and looking for a unique HDB flat to be their last home.
“Therefore, flat age wasn’t that big of a factor,” Ying said.
With this sale, Mariparade has joined the growing list of towns with at least $ 1 million in HDB resale flats.
Of the 26 HDB towns, 16 have recorded such transactions so far. In May, Pasir Ris and Woodlands submitted their first $ 1 million deal.
By this year, there were at least $ 168 million in HDB flat trading.
According to HDB data, 15 units with a remaining lease term of less than 60 years are sold for at least $ 1 million. Of these, 11 are HDB terraced houses with floor areas ranging from 170 square meters to 280 square meters.
Three are adjacent “jumbo” flats ranging from 131 square meters to 178 square meters.