A new record high for five-room flats in Clementi was set with the recent sale of a flat at 445A Clementi Avenue 3 for $1.51 million ($1,241 psf). The 1,216-sq ft flat is located on the 40th to 42nd storeys and has a long remaining lease of 94 years.

The sale of the subject flat surpasses the previous high held by a flat at nearby 445B Clementi Avenue 3. Located on the 34th to 36th storeys, this flat was sold for $1.5 million ($1,233 psf) last month.

Both flats are part of Clementi Crest, which comprises two residential blocks housing 385 homes that are a mix of four-room and five-room flats. The HDB project was launched for application during the Build-To-Order (BTO) exercise in May 2015.

Read also: An executive flat in Ang Mo Kio just sold for $1.35 million – a record high despite remaining lease of 53 years

New record highs are not limited to the five-room flats in Clementi Crest. Four-room flats from the same HDB project have also broken records. Earlier this month, a four-room flat at 445A Clementi Avenue 3 was sold for $1.35 million ($1,349 psf), which is the highest transacted price for such flats in Clementi.

Aside from the long remaining lease, the convenient and well-connected location of Clementi Crest could explain the high prices. Clementi Crest is a short walk from Clementi MRT Station, Clementi Bus Interchange, The Clementi Mall, Grantral Mall @ Clementi, 321 Clementi, Clementi 448 Market and Food Centre, Clementi Primary School, Clementi Town Secondary School, Clementi Stadium and Clementi Sports Centre and Swimming Complex (see Map 1). Clementi Crest is also a short drive from the Ayer Rajah Expressway.

Thus far this year, only six five-room flats in Clementi have been sold. Only two of these flats transacted for more than $1 million. One of the million-dollar flats is the subject flat, while the other is another flat in Clementi Crest that transacted for $1.47 million ($1,209 psf) (see Table 1).

To learn more about this transaction, and whether it is a good deal, click here.