Is it a Good Deal?: $570,000 for a 3-room flat in Punggol with a remaining lease of 86 years
The development of Punggol Digital District is expected to give a boost to demand and prices for homes in the town (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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Earlier this month, a three-room HDB flat at 613C Punggol Drive was sold for $570,000 ($779 psf). The 732-sq ft flat is located on the 16th to 18th storeys. Given that the lease of this flat commenced in 2012, it has a remaining lease of 86 years.
We used our analytics tool, Is it a Good Deal?, to assess the transaction and determine whether the buyer of this flat in District 19 secured a bargain.
Adjacent to LRT station
The three-room flat at 613C Punggol Drive is within walking distance of Oasis Terrace, My Waterway @ Punggol, Edgefield Primary School, Oasis Primary School, Punggol View Primary School and Punggol Secondary School (see Map 1). Other schools within a 1km radius include Greendale Primary School, Horizon Primary School, Mee Toh School, Greendale Secondary School and Punggol Secondary School.
Additionally, the subject flat is located adjacent to Damai LRT Station, which is only one stop away from Punggol MRT Station. Waterway Point and Punggol Bus Interchange are a short walk from Punggol MRT Station.
Source: EdgeProp LandLens (as at 8 September 2025)
Another plus point for the subject flat is its long remaining lease of 86 years, as its lease commenced in 2012 (see Screenshot 1).
Source: EdgeProp Is it a Good Deal (as at 8 September 2025)
Our tool also noted that the transacted price of $570,000 for the subject flat is at the higher end of the price spectrum compared to similar nearby flats. The transacted price is also above the average price for District 19 (see Screenshot 2).
Source: EdgeProp Is it a Good Deal (as at 8 September 2025)
Upper end of price spectrum for Punggol
So far this year, 155 three-room flats in Punggol HDB town have changed hands at prices ranging from $480,000 to $638,000. Of these flats, only five were sold for at least $600,000 (see Table 1).
While the transacted price of $570,000 for the subject flat is at the upper end of the price spectrum, it falls short of being among the top five transactions recorded so far this year.
Source: EdgeProp Buddy (as at 8 September 2025)
The top price of $638,000 ($885 psf) was achieved by a 721-sq ft flat at 406C Northshore Drive in July. The three-room flat is a short walk from Samudera LRT Station, Northshore Plaza I, Northshore Plaza II, Punggol Reservoir and Northshore Primary School (see Map 2).
The seller of the flat along Northshore Drive would have just completed their minimum occupation period (MOP), and the long remaining lease of 94 years could have boosted the flat’s price.
Source: EdgeProp LandLens (as at 8 September 2025)
Only five three-room flats in Punggol sold this month
Including the subject flat, only five three-room HDB flats have been sold in Punggol so far this month (see Table 2). Among the five flats, the subject flat chalked up the highest price.
Source: EdgeProp Buddy (as at 8 September 2025)
With the exception of the flat at 670C Edgefield Plains (see Map 3), the other flats are located approximately 2km away from the subject flat. The Edgefield Plains flat is on the seventh to ninth storeys and fetched $548,000 ($749 psf). It is the same size as the subject flat (732 sq ft) but has a slightly longer remaining lease of 90 years.
Source: EdgeProp LandLens (as at 8 September 2025).
Despite having a longer remaining lease, the flat along Edgefield Plains fetched a lower price, likely because it is within walking distance of only Oasis Primary School. In contrast, the subject flat is within walking distance of three schools.
Additionally, the nearest LRT station to the Edgefield Plains flat is Oasis LRT Station, which is two stops away from Punggol MRT Station. In comparison, the subject flat is adjacent to Damai LRT Station, which is only one stop from Punggol MRT Station.
Price for subject flat higher than average resale price for Punggol
The average resale price for three-room HDB flats in Punggol is $743 psf, lower than the $779 psf paid for the subject flat. However, the average resale price for three-room flats in Punggol trends above that of its four-room ($682 psf) and five-room ($632 psf) counterparts (see Chart 1).
This could be due to the strong price growth since 2020 achieved by three-room flats (48.6%) in Punggol. In comparison, four-room and five-room flats in the same town chalked up price growths of 45.7% and 41.7%, respectively. The limited number of three-room flats in Punggol could also have given a boost to their prices. According to the latest HDB annual report, there are 6,255 three-room, 26,334 four-room and 18,491 five-room flats in Punggol.
Source: EdgeProp Market Trends (as at 8 September 2025)
The lease for the subject flat commenced in 2012, making it 13 years old. The average resale price for three-room flats in Punggol, aged 11 to 20 years, is $752 psf; higher than the average for similar flats in the North-East Region ($743 psf) but lower than that for such flats islandwide ($784 psf) (see Chart 2).
Source: EdgeProp Market Trends (as at 8 September 2025)
The higher average resale price for islandwide flats could be due to transactions in the towns of Central Area and Queenstown. So far this year, 51 such flats in Central Area were sold at an average resale price of $769 psf, while 204 flats in Queenstown changed hands at an average of $754 psf.
However, the strongest price growth since 2020 has been recorded for flats in Punggol (56.3%), compared to those in the North-East Region (51%) and islandwide (38.8%). The ongoing development of Punggol Digital District could have contributed to the town’s robust price growth.
Only one EC within walking distance
Waterbay is the only private residential development within a 500m radius of the subject flat (see Map 4). Waterbay is a 99-year leasehold executive condo (EC) that obtained its temporary occupation permit (TOP) in 2016. Hence, it is one of the 11 ECs that will be privatised next year.
However, the land lease of the 99-year leasehold Waterbay commenced in 2012, giving it the same remaining lease of 86 years as the subject flat.
Located along Edgefield Plains, the 383-unit Waterbay is within walking distance of Cove LRT Station, while the subject flat is nearer to Damai LRT Station (see Map 4). Other amenities within walking distance of Waterbay include Edgefield Primary School and Punggol Secondary School.
Source: EdgeProp LandLens (as at 8 September 2025)
From 2021 to 2024, the average resale price for Waterbay tracked closely with that of ECs in District 19 (see Chart 3). This year, ECs in District 19 achieved stronger growth of 10.3% y-o-y to $1,510 psf. In contrast, Waterbay’s average resale price rose by only 5% y-o-y to $1,438 psf.
Source: EdgeProp Market Trends (as at 8 September 2025)
Notably, the average resale prices for both Waterbay and ECs in District 19 have surpassed the $1,000 psf threshold, while the average resale prices for the subject flat and other HDB flat types in Punggol remain below the threshold.
Conclusion
This year, 155 three-room flats in Punggol have been sold for $480,000 to $638,000. Hence, the subject flat’s transacted price of $570,000 is at the upper end of the spectrum. Furthermore, the subject flat’s price of $779 psf is higher than the average resale price of $752 psf for three-room Punggol flats that are of a similar age. The higher price paid for the subject flat could be attributed to its close proximity to amenities such as a LRT station and schools.
Furthermore, the average resale price for three-room flats in Punggol has consistently outperformed that of its four-room and five-room peers. The limited supply of three-room flats in Punggol could have supported the higher prices. There are only 6,255 three-room flats in Punggol, representing just 10.7% of all HDB flats in the town.
When Punggol was first developed, the lack of amenities made it a less desirable address. Since then, more amenities have been added, boosting demand for flats in the town. Prices are expected to continue to grow in tandem with the development of Punggol Digital District.
To learn more about this transaction, and whether it is a good deal, click here.
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