Most expensive HDB flat in Ghim Moh sold for $1.22m; sellers may have pocketed impressive $700k profit

An HDB flat in Ghim Moh has changed hands for a record $1,223,000, "making it the most expensive resale flat in the vicinity", according to the selling agent.

The unit in question is a five-room flat in Ghim Moh Valley, located at Ghim Moh Link.

The estate, located in District 10, was built in 2013, and has about 89 years remaining on its 99-year lease.

According to the HDB website, it was developed for residents displaced by the Selective En bloc Redevelopment Scheme (SERS) at Blocks 9 to 12, and Block 9A and 12A Ghim Moh Road.

AsiaOne understands that the seller bought the unit from HDB's sale of balance flats some ten years ago, where the initial launch price for a five-room unit back then was believed to be in the price range of $400,000 to $500,000.

This would mean that a seller who'd bought the unit new would have netted a handsome $700,000 profit from the sale.

The flat, which was sold in March, measures at around 1,216 sq ft, which translates to a per square foot price of $1,005.75.

For comparison, the average per square foot price for an HDB flat, according to ValueChampion, is around $507.

According to Associate Branch Director Branden Lee from Propnex Realty who marketed the property, the unit's high selling price can be attributed to several factors.

Lee told AsiaOne: "The flat is located minutes from Buona Vista Interchange, Holland Village and One-North. Several popular schools such as Fairfield Methodist Primary School and Henry Park Primary School are also in the vicinity."

He added that, more critically, as there are only 225 five-room units among the newer blocks (10 years or less) in the estate, the demand for such larger-sized flats far outstrips supply. 

"Ghim Moh Edge, which is right beside [the estate], has no five-room units at all," he shared.

"Moving forward, the projects in Dover and Ghim Moh under the Prime Location Public Housing model (PLH) have no five-room flats either."

Information on the unit listed online shows the $1.22m unit to be somewhere on the 25th to 27th floors of the 40-storey block, which could explain the premium.

Based on past transaction records, the last time that a five-room flat in the block changed hands was in July 2021, when a low-lying unit was sold for $860,000.

In April 2021, however, an identically sized unit located between levels 21 and 25 breached the million-dollar mark, transacting at $1,070,000.

[[nid:580004]]

For four-room flats within the same block, one high-floor unit located between the 33rd and 37th floors was sold in April this year for $945,000.

It is no secret that the Queenstown HDB estate, which Ghim Moh is a part of, is a highly coveted area.

A five-room flat located at nearby SkyTerrace @ Dawson — an approximately 11-minute drive away from Ghim Moh Link — transacted at more than $1.41 million last year. Another five-room flat at City Vue @ Henderson was also sold for $1.4 million last year.

More recently in February, AsiaOne reported that a five-room HDB flat located at SkyOasis @ Dawson was listed at an eye-watering price tag of $1.5 million.

A check on PropertyGuru listings on Wednesday (April 26) showed that the unit is still on the market.

ALSO READ: BTO flats still affordable, but good locations command higher prices: Desmond Lee

candicecai@asiaone.com

No part of this story or photos can be reproduced without permission from AsiaOne.