Why Punggol HDB flats are hitting record prices

By Amy Tan / EdgeProp | January 26, 2019 7:00 AM SGT

With a loft unit at Punggol Sapphire sold for $910,888, will we see a $1 million flat in Punggol soon?

As a waterfront town, Punggol offers residents waterfront housing and picturesque landscapes
A fortnight ago, a 149 sq m (1,604 sq ft), five-room, loft unit in Punggol Sapphire was sold for $910,888. It was a new high for an HDB flat in the suburban public housing estate in the northeast region.
The seller, Singaporean Mr Ang, says he had purchased the unit jointly with his wife when the Punggol Sapphire was launched in a Build-to-Order (BTO) exercise in 2008. Located at the junction of Punggol Way and Punggol Field, Punggol Sapphire has a total of 1,065 flats of which 1,000 are four- and five-room units, with another 23 loft units ranging from 1,001 sq ft to 1,604 sq ft.
The units were oversubscribed by three times, with 3,073 bids at the close of the BTO exercise in 2008. However, Ang and his wife succeeded in purchasing their loft unit for $452,000 then.
Like all owners of HDB flats purchased under the BTO scheme, Ang and his wife are only allowed to sell their unit after the five-year minimum occupation period (MOP), which in his case, was last May.
The 1,604 sq ft loft unit at Punggol Sapphire was sold at a record price of $910,888 on Jan 18 (Credit: Albert Chua/ The Edge Singapore)
When the couple held an open house on Jan 12, their home attracted 11 interested parties. The very next day, a buyer signed the option to purchase the loft unit for $910,888, which is even higher than the original asking price of $800,000. The deal was brokered by Singapore Realtors Inc (SRI).
“We were just trying our luck,” says Ang, a 45-year-old project manager, in a phone interview with EdgeProp Singapore. “We were not planning to stay in the unit for the long term. By letting go of the unit early in the lease, we should be able to get a better price for...