A five-room HDB flat at 445B Clementi Avenue 3 was recently sold for $1.459 million ($1,199 psf). The 1,216-sq ft unit, located on the 25th to 27th storey, is part of Clementi Crest. The flat has a long remaining lease of approximately 94 years, as the owner had just fulfilled the minimum occupation period (MOP) of five years. Clementi Crest comprises 385 units featuring a mix of four-room and five-room HDB flats.

This is not the first time that flats from 445B Clementi Avenue 3 have fetched record-high prices for their sellers. Last month, a flat from the same block set the record for four-room flats in Clementi when it was sold for $1.28 million ($1,279 psf).

In addition to their long remaining leases, both the subject flat and the four-room flat from the same block benefitted from their well-connected location, as the block is a short walk from Clementi MRT Station. The station currently serves the East-West Line but is expected to become an interchange station that will also serve the Cross Island Line (CRL) when Phase 2 of the CRL is completed in 2032.

Read also: A five-room flat at 422 Serangoon Central was just sold for a record-high of $1.11 million

The block is within walking distance of Clementi Bus Interchange, The Clementi Mall, Grantral Mall @ Clementi, as well as Clementi Stadium, Sports Hall, and Swimming Complex. It is also a short drive from the Ayer Rajah Expressway.

Schools within a 1km radius include Qifa Primary School, Pei Tong Primary School, Nan Hua Primary School, Clementi Primary School, Nan Hua High School, Clementi Town Secondary School, and NUS High School of Mathematics and Science (Secondary and Junior College) (see Map 1).

The transaction for the subject flat marks the first time a five-room flat in Clementi has fetched more than $1.4 million. Interestingly, a five-room flat at 440C Clementi Avenue 3 was sold in January at a lower price of $1.4 million ($1,161 psf) (see Table 1).

The lower price tag for the flat at Block 440C could be due to its slightly shorter remaining lease of approximately 93 years as well as its smaller size of 1,205 sq ft compared to the subject flat.

Both flats are located in close proximity (see Map 2) and therefore share similar locational attributes. However, the flat at Block 440C is part of Clementi Cascadia, while the subject flat is part of Clementi Crest.