SINGAPORE (EDGEPROP) - An HDB executive maisonette at 616 Ang Mo Kio Avenue 4 has been sold for a hefty $900,000. The agent representing the seller is Linda Lin, associate branch director of corporate sales and auction at PropNex Realty. (See also: HDB resale prices climb a fifth straight quarter by 2.8% in 2Q2021)
In an article in April this year, EdgeProp Singapore reported that the 1,593 sq ft flat was put up for sale with a guide price of $999,999 ($627 psf). The final sale price of the flat works out to $565 psf. The price is the highest achieved in absolute and psf terms for an executive maisonette in the Yio Chu Kang West planning subzone in the Ang Mo Kio planning area. (See: Find HDB flats for rent or sale with our Singapore HDB directory)
The two-storey unit has four bedrooms, three bathrooms, two living areas, a dining area and a kitchen. The 99-year leasehold flat has 74 years left to its lease.
According to Lin, the buyers are a couple from China who have become permanent residents of Singapore. They recently sold their private property and were looking for a larger-sized flat in Ang Mo Kio. The family opted for the maisonette unit due to its relatively large size. The couple hope to enrol their child in one of the nearby primary schools.
The family came down to view the unit for the first time on June 7 and the buyers made the offer of $900,000 for the property on the same day, says Lin.
The maisonette attracted strong buying interest when it was first listed for sale in April. A week after it appeared on the market, at least two buyers were negotiating with the owner to purchase the property, says Lin. However, they could not meet the sales timeline of the seller and withdrew from the negotiations, she adds.
While the safe management measures during the Phase Two (Heightened Alert) period interrupted viewings, Lin was confident that the unit would secure a buyer.
This is because the supply of large-sized flats in the Yio Chu Kang West subzone of Ang Mo Kio is relatively low compared to the high demand, Lin says. The maisonette also features attractive attributes such as an attached balcony beside the master bedroom, she adds. It is close to schools such as Anderson Primary School, Presbyterian High School, CHIJ St Nicholas Girls School and Anderson Serangoon Junior College, as well as MRT stations like Yio Chu Kang and Mayflower.
According to Lin, she and the seller had planned to let go of the flat for about $900,000. The buyer was also prepared to pay a relatively high cash-over-valuation (COV) rate to secure the unit.
COV arises when the resale price is higher than the market valuation of the flat, and the difference can only be paid by cash. EdgeProp Singapore understands that the buyer paid COV of more than $30,000, but he does not wish to disclose the exact value.
“Under the current market conditions, most buyers feel that they have to pay a COV to secure their desired unit. In general, most buyers understand there is competition for popular resale flats and they are prepared to pay a relatively high COV,” says Lin.
Check out the latest listings near 616 Ang Mo Kio Avenue 4, Anderson Primary School, Presbyterian High School, CHIJ St Nicholas Girls School, Anderson Serangoon Junior College, Yio Chu Kang MRT station, Mayflower MRT station