A three-room HDB flat at 530D Pasir Ris Drive 1 was sold for $650,000 ($929 psf), a record high for three-room flats in Pasir Ris. The 700-sq ft flat is located on the 13th to 15th storeys (see Table 1).

The recent transaction surpasses the previous record high of $643,500 ($920 psf), paid in January last year for another three-room flat at nearby 530C Pasir Ris Drive 1. In addition to being the same size as the subject flat, the flat at Block 530C is also located on the 13th to 15th storeys.

As both flats are part of Pasir Ris One, the lease for both started in 2015, leaving them with a remaining lease of approximately 89 years. Pasir Ris One is a Design, Build and Sell Scheme (DBSS) project comprising 447 homes comprising a mix of three-room to five-room flats.

Read also: Is it a Good Deal?: $490,000 for a three-room flat in Tanjong Pagar

Apart from their long remaining lease, the flats’ close proximity to amenities could have contributed to their record-high prices. The flats are adjacent to Pasir Ris MRT Station, Pasir Ris Integrated Transport Hub, Pasir Ris Mall, White Sands, Pasir Ris Central Hawker Centre and Pasir Ris Town Park (see Map 1).

Residents can also look forward to improved connectivity upon the completion of the Cross Island Line (CRL) in 2032, as Pasir Ris MRT Station is slated to become an interchange station for the East-West Line and CRL.

The flats will also appeal to parents of school-going children, as there are four schools within a 1 km radius, namely Casuarina Primary School, Elias Park Primary School, Loyang View Secondary School and Meridian Secondary School.