Geylang executive unit sold for $1.088m is just $20k shy of estate's all-time-high transaction

Geylang executive unit sold for $1.088m is just $20k shy of estate's all-time-high transaction
PHOTO: Screengrab/Google Maps

An Executive (EXE) apartment at Block 133, Geylang East Ave 1 was recently sold for S$1,088,888. This sale came close to the national all-time high (ATH) for HDB resale flats in Geylang, trailing by just S$20,000.

The transaction highlights the strong demand and increasing values of Singapore's HDB resale market and sets a new benchmark for the Geylang area.

About Block 133 Geylang East Ave 1

Block 133 Geylang East Avenue 1 is an HDB Block located in Geylang HDB Estate. It was completed in 1987 and comprises a total of 95 units. This HDB Block has a leasehold of 99 years and the MOP year is 1992.

It is located within walking distance of MRT stations such as Aljunied (EW9) and Paya Lebar (CC9), which are a 5-minute walk (440m) and 10-minute walk (700m), respectively.

Block 133 Geylang East Avenue 1 is close to schools like Geylang Methodist Primary and Secondary Schools. Parents who prefer international education for their children can consider sending them to the nearby Nexus International School.

For outdoor activities, residents can visit nearby parks like Geylang East Park and Aljunied Park. The block is also close to supermarkets like Sheng Siong Supermarket, FairPrice Aljunied Ave 2, FairPrice Finest Paya Lebar Quarter, and Sidvin Supermarket for their grocery and daily needs.

For medical assistance, NHGP Geylang Polyclinic is conveniently located nearby, and Parkway East Hospital is just an 11-minute drive away.

Fortunately, Block 133 Geylang East Ave 1 is near several shopping malls, such as City Plaza, KINEX, PLQ Mall, Paya Lebar Square, SingPost Centre, and Joo Chiat Complex, for leisure, entertainment, and dining.

Transaction details

On 1 May 2024, the transaction for the EXE flat was registered at a sale price that matches the highest ever recorded in Geylang, with only a slight difference of approximately S$20,000 from the area record.

We can also look at Block 133's transactions over the years in the graph below:

There were multiple upticks in price but a somewhat stagnancy in transacted volumes.

This indicates a significant appreciation in value and the high desirability of larger units in well-favoured locales. The resale price at which this flat has changed hands sets a new standard for similar properties in the region, highlighting the potential for investment in the area.

Historical context

Historically, the resale prices for EXE flats have shown considerable growth, with peaks corresponding to general market highs and lows. We can take a look at the graph below to see the trend:

Albeit a slowdown of volumes, the price trend climbed since 2019.

The current ATH for such units stands as a milestone that underscores the long-term value growth in Singapore's public housing sector.

For Geylang, this transaction marks a record, equalling the highest prices ever achieved in the town and providing a clear indicator of the area's rising property value. We can see the reflection of the demand and rising property value via the graph below:

A steady climb in pricing but a recent fall in volumes for all of Geylang HDB transactions since 2009.

Conclusion

The sale of the EXE unit at Block 133, Geylang East Ave 1, is more than just a transaction. It's a marker of market maturation and a beacon for potential investors and homebuyers eyeing Geylang.

As Singapore's HDB market continues to evolve, understanding these trends will be crucial for anyone looking to navigate this complex and competitive landscape.

ALSO READ: The $2m HDB listing in The Peak@Toa Payoh - ambitious or inevitable?

This article was first published in 99.co.

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