Yishun HDB flat sold for $1.2m: An all-time-high benchmark in-the-making

Recently, a transaction in Yishun has set a new All-Time-High (ATH) resale price. This event has caught the attention of homeowners and investors alike and is seen as a landmark transaction.

This article will delve into the details of this record-setting price, exploring the factors that contributed to it and what it signifies for Yishun's real estate scene and Singapore's property market as a whole.

Understanding the ATH resale transaction in Yishun

The sale of a multi-generation flat in Yishun on March 1 2024, clinched the ATH resale price of S$1,200,000. This staggering figure highlights the premium that such flats command in the market and also underscores Yishun's emerging status as a desirable residential area.

The sale marks a significant milestone, reflecting the robust demand and growing appeal of HDB flats in the area. It also sets a sort of new benchmark for HDB resale ATHs.

Taking a look at 666 Yishun Avenue 4

Block 666 Yishun Avenue 4 is an HDB block situated in Yishun HDB Estate. The block was completed in 1987 and has a leasehold period of 99 years. It comprises a total of 67 units, and the MOP year for this block is 1992. The units for sale at Block 666 Yishun Avenue 4 have a price range of S$1M to S$1.2M.

The location of Block 666 Yishun Avenue 4 provides residents with convenient access to other areas of Singapore through nearby MRT stations, such as Khatib MRT.

For young couples or families with children, Block 666 Yishun Avenue 4 is located near renowned educational institutions such as Chung Cheng High School (Yishun), Huamin Primary School, Naval Base Primary School, Northbrooks Secondary School, Northland Primary School, Orchid Park Secondary School, Yishun Innova Junior College.

Residents can conveniently purchase groceries and household essential products from nearby amenities such as Sheng Siong Supermarket, NTUC Fairprice and Wisteria Mall. For medical emergencies or regular health checkups, Khoo Teck Puat Hospital and Yishun Polyclinic are available in the nearby vicinity.

To escape the city's hustle and bustle, Lower Seletar Reservoir Park offers lush greenery, tranquil scenery, and several leisure activities for families to enjoy.

The appeal of Yishun: What drives high resale values?

Yishun is a popular residential area due to its wide range of amenities, community facilities, well-connected transport links, and overall convenience, making it an ideal location.

In addition, Yishun's careful urban planning and development projects have further enhanced its appeal. The multi-generation flat type, which is known for its spacious layout and adaptability, meets the changing needs of Singaporean families and is in high demand in the resale market.

Market dynamics: A closer look at HDB resale trends

The price of ATH in Yishun reflects the broader trends in Singapore's HDB resale market. Factors such as economic stability, population growth, and policy adjustments have played a pivotal role in shaping the market dynamics.

We can also take a look at the resale statistics directly from HDB in the form of a table and graph below:

The Housing and Development Board has recently announced that it will be reducing the number of BTO sales exercises in 2024 from four to three. As a result of this adjustment, approximately 19,600 new units will be available for sale.

The main objective of this reduction is to provide home buyers with a larger selection of flats during each launch, which could potentially increase their chances of finding a suitable flat.

This move by the HDB could make the housing market more competitive, especially since the median number of applicants per available unit has decreased significantly since the Covid-19 pandemic.

Implications for home buyers and sellers in Yishun

Prospective buyers often use the ATH transaction as a benchmark to gauge market expectations, which can influence their budgeting and investment decisions.

Meanwhile, sellers may see this as an excellent opportunity to capitalise on their assets due to the increased market valuation.

However, both parties need to approach the market with strategic foresight, considering factors such as location, flat type, and market timing to optimise their real estate ventures.

Future outlook for Yishun's HDB market

Looking into the future, it seems that the HDB resale market in Yishun is set for continuous growth. This growth will be driven by the ongoing urban development in the area and the attractive residential offerings that Yishun has.

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Although market fluctuations are inevitable, the fundamentals of Yishun's real estate market are supported by strategic planning and community development initiatives, which suggest a positive trajectory. Sustainable development will play a crucial role in enhancing the livability and investment potential of Yishun's HDB flats.

Conclusion

The record-breaking resale price achieved in Yishun is not just a statistic, but rather a reflection of the growing appeal and vitality of Singapore's HDB resale market. Yishun is a town that continues to evolve, combining tradition and modernity, making its real estate market a focal point for both residents and investors.

The lessons learned from this historic transaction provide valuable insights for navigating the complexities of the housing market and signal a promising future for Yishun and its community.

This article was first published in 99.co.