Earlier this month, a five-room HDB flat at 422 Serangoon Central was sold for $1.11 million ($853 psf). The 1,302-sq ft flat is located between the 10th and 12th storeys. This transaction marks the first time a five-room flat in Serangoon has crossed the $1.1 million threshold, surpassing the previous record of $1.09 million ($837 psf) set just last month by another 1,302-sq ft flat at 408 Serangoon Avenue 1.

The flat at Serangoon Avenue 1 is a short walk from the subject flat and therefore shares similar locational attributes (see Map 1). It also measures 1,302 sq ft.

The high prices achieved by both flats are likely due to their close proximity to the dual-line Serangoon MRT Station, Serangoon Bus Interchange, Nex and Serangoon Public Library. Additionally, the subject flat is within a 1km radius of several reputable schools, namely Maris Stella High School (Primary and Secondary) and St. Gabriel’s Secondary School.

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Thus far, there have been eight million-dollar transactions for five-room flats in Serangoon. Of these, five occurred this year (see Table 1). Notably, the top three transactions this year took place either last month or this month.

The leases of the subject flat and the flat along Serangoon Avenue 1 commenced in 1989, leaving them with a remaining lease of approximately 63 years. The shorter remaining lease could have been mitigated by the flats’ well-connected and convenient location.