5-room Punggol flat sold for $760,000

HDB flats in Punggol.
HDB flats in Punggol. PHOTO: ST FILE

Unit able to fetch record price in non-mature estate because of larger-than-usual size and rare loft design

A premium five-room flat in Punggol fetched $760,000 on the resale market last month, setting a new record for the non-mature estate.

The price was possible as the flat is not only larger than usual, but also has a rare loft design, said the agents behind the deal. "The unit itself is unique," said PropNex agent Godfrey Chan, who marketed the flat with his partner Rosalind Teo.

According to SRX Property's records, it is the biggest sum paid for a Housing Board (HDB) five-room flat in Punggol. Such prices are more usual for popular mature estates such as Queenstown.

The previous Punggol record, set in 2012, was $650,000. But the resale market has cooled since then.

In the past 12 months, five-room units in Punggol have been resold for as little as $355,000 and no more than $544,000, until now.

As a premium flat, the $760,000 unit is larger than usual, at 147 sq m compared to the typical 110 sq m.

Located around the 16th to 18th floor, it is one of just 14 loft units in the whole of Treelodge@Punggol, the HDB's first eco-friendly project.

With its rare design, "it was possible for the owners to easily double their initial investment", said Mr Chan. Loft units at Treelodge @Punggol were priced at up to $383,000 when the HDB launched them in 2007.

Dennis Wee Realty agent Tammy Ho said her client, the buyer, was originally not interested in Punggol. But seeing the flat in person was enough to seal the deal. Rarity was also a factor, she added. "Even at this price, you might not be able to get such units any more."

Treelodge@Punggol's green features include energy-efficient lighting, solar panels, and blocks positioned for optimum wind flow.

Flats in the project have only recently begun to reach the five-year minimum occupation period, meaning that they can now be resold.

At least three four-room flats there have also been sold since October, for $520,000 to $548,888 - the highest in the last 12 months.

Prices for another premium HDB project in Punggol, Coralinus, come close. Four four-room units there each fetched $520,000 or more this year.

A version of this article appeared in the print edition of The Straits Times on December 05, 2015, with the headline '5-room Punggol flat sold for $760,000'. Print Edition | Subscribe