An executive flat at 183 Edgefield Plains was recently sold for $880,000 ($639 psf). The 1,378-sq ft flat, located on the 16th to 18th storeys, is part of Punggol HDB town.

The high price could be attributed to the flat’s proximity to four primary schools, namely Edgefield Primary School, Greendale Primary School, Horizon Primary School and Mee Toh School (see Map 1). Other nearby amenities include a market and food centre along Punggol Field.

The subject flat is also a short walk from Meridian LRT Station, which is two stops away from Punggol MRT Station. The MRT station serves as an interchange station for the LRT and North-East Lines.

Read also: A four-room flat along Punggol Walk just sold for a record-high of $835,000

So far this year, 19 executive flats in Punggol have changed hands. Of these, only three — including the subject flat — have fetched at least $850,000 (see Table 1).

While the transacted price of $880,000 is a record high for executive flats in Punggol, it remains significantly below the national high of $1.588 million ($905 psf) paid in July for a 1,754-sq ft executive flat at 194 Bishan Street 13. This Bishan flat is within walking distance of the dual-line Bishan MRT Station, Bishan Bus Interchange, Junction 8, Kuo Chuan Presbyterian Primary School and Kuo Chuan Presbyterian Secondary School. Its proximity to numerous amenities could explain its high price.

However, the subject flat has a longer remaining lease compared to the Bishan flat. The subject flat has approximately 77 years left on its lease, which commenced in 2003, whereas the Bishan flat has 61 years remaining, with its lease starting in 1987.