Five-room HDB flat at Margaret Drive sold for a record S$1.73 million

A FIVE-ROOM unit at Margaret Drive, near the Dawson estate, was transacted for around S$1.73 million, breaking the record for the most expensive Housing and Development Board (HDB) resale flat in Singapore.

The transaction price surpassed that of a five-room unit at City Vue @ Henderson, which sold for S$1.59 million last month, said marketing agent ERA Realty Network on Monday (Jul 22).

The 45th-floor Margaret Drive unit is about 111 square metres in size, and has 96 years left on the lease.

Eugene Lim, key executive officer of ERA Realty, noted that the buyers had “the unique opportunity to acquire a resale HDB flat with more than 96 years’ remaining lease because this was a Selective En bloc Redevelopment Scheme replacement flat”.

This meant the homeowners could sell their unit seven years from the date of the flat’s selection or five years from the date of key collection – whichever is earlier, he added.

ERA said that both the buyers and sellers are Singaporean families. The seller had initially set a selling price of S$1.838 million.