Five-room HDB flat in Clementi sold for $1.04 mil

SINGAPORE (EDGEPROP) - A five-room HDB flat at Block 441A, Clementi Avenue 3 set a new price record for the block when the 1,248 sq ft unit changed hands for $1.04 million ($833 psf) on July 5. This tops the previous record of $1.038 million ($810 psf) chalked up by a 1,280 sq ft, five-room flat in the block in July 2019.

According to Aaron Wan, group district director at PropNex Realty and the agent representing the seller, the deal was closed within a day and the buyer is paying for the entire transaction in cash. Wan says the seller recently purchased a new condominium unit.

The five-room HDB flat was on the market for about 10 days and garnered two separate viewings during that time. The buyers are an elderly couple who are downsizing from their landed property in West Coast, says Wan. He adds that the seller was in the process of moving into a temporary rental home and could offer a more flexible timeline that appealed to the buyers.

The record-setting flat is located within Clementi Towers, a HDB development comprising blocks 441A, 441B, 442, and 443. Only 441A has four- and five-room flats, while the other three blocks comprise three- and four-room flats. According to HDB data, the flats have 91 years left on its lease. Clementi Towers is part of the Clementi integrated transport hub which includes Clementi Mall, Clementi MRT Station and Clementi Bus Interchange.

This is not the first time a unit in Block 441A has transacted for more than a million dollars. The first resale unit in the block to cross the threshold was a 1,248 sq ft, five-room flat that changed hands for $1.005 million ($805 psf) in 2016. At the time, it was rare for HDB flats to fetch above $1 million, barring some prime units at Pinnacles @ Duxton and some executive maisonettes.

Another 1,248 sq ft, five-room flat in Block 441A went for $1 million ($801 psf) in January this year.

According to Wan, this particular block of flats benefits from its connectivity to the shopping mall and transport hub, and central location in the estate. Nearby schools include Clementi Primary School, Pei Tong Primary School, Nan Hua Primary School and Clementi Town Secondary School.

In addition, the block features relatively spacious five-room flats that are uncommon on the resale market. “Buyers who are looking for a sizeable home in the area find that five-room HDB flats are more affordable compared to some private developments in the area,” says Wan.