Singapore’s residential resale market witnessed the sale of a rare “landed public home” last week for $958,000, revealed media reports.
Located in Jalan Bahagia in Whampoa, the two-storey, three-room terrace home comes under the HDB as it was built by its predecessor, the Singapore Improvement Trust. There are only 285 such units in Whampoa and Queenstown, with the terrace house among the largest to have changed hands recently.
The acquisition price translates to around $370 psf. In comparison, private landed terrace homes nearby went for over $2,200 psf this year.
“Nowadays, it’s very rare to be able to get any landed house for less than $1.5 million,” said Nicholas Mak, research head at SLP International Property Consultants. However, prices in excess of $1 million were recorded for new freehold and 99-year-leasehold private homes, he said.
The 241 sqm terrace house has under 60 years left on its lease, which started in 1972. Mak noted that buyers of such properties may also have to consider renovation costs, given their age. Nonetheless, HDB terrace homes are much sought after once they enter the market. In March, a 280 sqm terrace house in Jalan Ma’mor, also in Whampoa, was sold for $1.06 million ($350 psf).
The two properties are among five HDB terrace homes to have changed hands this year. An 85 sqm unit was sold for $760,000 in January, a 104 sqm unit went for $875,000 in February, and an 81 sqm unit fetched $708,000 in March.