Thursday, May 2, 2013

Top HDB Projects In Singapore

The shocking news of HDB Singapore flats fetching a record high of $1 million dollars has left many Singaporeans in astonishment. These flats are mostly maisonette or executive apartments located near a MRT station. However, newer HDB developments with the current standard floor area of 110sqm for a 5-room flat have not yet crossed the million dollar mark. In my opinion, million dollar HDB flats will become more common when flats in the following top HDB projects enter the resale market.

The Pinnacle @ Duxton

Located just minutes away from the Central Business District, The Pinnacle@Duxton is one of the most highly sought after HDB projects in Singapore. On 29 May 2004, HDB released 528 units under phase 1 of its Build-To-Order system and units quickly became oversubscribed.

This HDB Project was officially completed in December 2009 and a keys handover ceremony was held on 13 Dec 2009. The Pinnacle@Duxton is expected to reach the million-dollar mark as units will be eligible to be sold in the resale market after the five year Minimum Occupation Period (MOP) is fulfilled by 2014/2015.

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Tiong Bahru View

Situated right next to Tiong Bahru MRT and Tiong Bahru Mall, it is quite a surprise that this piece of land is not given to private developers instead. Just a month ago, the piece of land situated next to Tiong Bahru View was sold to Keppel Land for $550million or $1,163 per sqft, the highest price per square foot ever tendered for a purely residential site in the Government Land Sales (GLS) programme. In fact, I feel that Tiong Bahru View has a slightly better location than the GLS land parcel due to its closer proximity to the MRT.

The estimated completion date of this project is 31 Dec 2015, meaning that these flats will enter the resale market in 2020 after the 5 year minimum occupational period is fulfilled. With surrounding resale HDB flats selling for more than $900k, it will be a huge surprise if good units in Tiong Bahru View do not cross the $1million mark in 2020.

Mixed Development at Clementi Town Centre

The development, completed in November 2011, is a 40-storey mixed development. The residential component of the mixed development consists of 388 units of new HDB flats. They were built under the HDB’s Selective Enbloc Redevelopment Scheme (SERS) programme primarily to house home owners from within the same township. Located just above the Clementi Town Centre and less than a minute walk to the MRT and bus interchange, this development is set to be one of the top HDB projects in Singapore. 5 room resale flats located 300 metres from the MRT are already selling in the range of $800k-$900k. 


Moreover, Clementi Town Centre is just one stop away from the upcoming Jurong Lake District. With plans to transform Jurong into the next commercial hub with a good mix of shopping malls, office buildings, hotels, hospitals and residential buildings, the area will be transformed to a unique destination for business and leisure by 2025.  Property prices in Clementi will certainly increase as a result of the spillover effect from the revamped Jurong Lake District. In addition, when these flats enter the resale market in 2016 after the 5 year minimum occupational period is fulfilled, property developments that are currently under construction such as Trivelis (DBSS), Clementi Ridges (BTO), Trilinq (Condominium) and SERS development right beside Clementi Mall, will all be completed. 

As more HDB projects in prime areas start to enter the resale market in the next few years, we will definitely see more million dollar HDB flats being transacted. The expansion of our MRT network will also drive up property prices across the island. Million dollar HDB flats will soon be the norm. What do you think?