Four-room HDB at Tiong Bahru View Sold for $1.158 mil with Buyer Paying $158,000 COV

A buyer has paid $1.158 million ($ 1,237 psf) for a 936 sq ft, fourroom HDB flat at 10b Boon Tiong Road. HDB caveats show that the sale was lodged in June.
According to Malvin Lim, the residential property representative that represented the vendor, the system was valued at $1 million by HDB. Hence, the purchaser paid a cash-over-valuation (COV) of $158,000. The COV is a money quantity that represents the distinction between the list price of the level as well as its HDB valuation.
Lim is an assistant partner marketing manager at PropNex Realty, as well as a member of the Marcus Luah Division.

The flat remains in a HDB growth called Tiong Bahru View which makes up blocks 9a, 9b, 10b and also 10a Boon Tiong Road. The 700-unit growth features a mix of three- to five-room apartments and studios.
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The apartments are beside Tiong Bahru Plaza shopping mall, which is connected to the underground Tiong Bahru MRT Station on the East-West Line. The mature Tiong Bahru area features several F&B choices as well as retail outlets. A summary of the neighboring facilities can be discovered on EdgeProp Singapore’s online overview of Tiong Bahru View.

Tiong Bahru View is a substitute housing development under the Selective Enbloc Redevelopment Scheme for the now-demolished HDB obstructs that used to stand at 110, 111, 113, as well as 114 Bukit Merah View.

The million-dollar flat is a north-facing device on the 29th floor. It was listed for $1.2 million when it was first offered in September 2021. Provided its relatively high asking price, Lim states that queries were restricted to a little group of purchasers that had the budget to think about the level.

In spite of the relatively high COV the buyer would certainly have to pay, Lim claims that the team of interested buyers often tend to be cash-rich, thus the additional cash they need to pay is less of a problem for them, he claims.

A purchaser had approached with a $1.15 million offer to acquire the system in December 2021. The eventual purchaser of the flat was currently renting out a system in an adjoining HDB growth.

The view from the 29th-floor, four-room flat that was cost $1.158 million in June.

According to Lim, the four-room system got strong interest from a couple of landed-house proprietors that were aiming to right-size, along with singles in their late 30s. The singles were hunting for a building that was close to the city as well as had resorted to the HDB resale market since they really felt priced out of the personal domestic market, he states.

The unit had actually also been tastefully renovated by the owner to a song of regarding $200,000, as well as this assisted to persuade the purchaser to eventually secure the sale, claims Lim. He adds that unlike the other three blocks in Tiong Bahru View, 10b contains only 3- and also four-room apartments, along with a handful of studios. This aided increase demand for available four-room apartments, he says.

This transaction marks the very first time that a resale device at the block has actually crossed the $1 million limit, various other resale systems in Tiong Bahru View have altered hands at higher prices in the past.

EdgeProp Singapore formerly reported on the sale of a 1,206 sq ft, five-room flat in Tiong Bahru View that fetched $1.14 million ($ 945 psf) in May 2020, in addition to the sale of one more 1,205 sq ft, five-room flat for $1.2 million ($ 996 psf) in April 2019.

Based upon HDB resale caveats put together by EdgeProp Singapore, at the very least 30 flats in Tiong Bahru View have been negotiated for a million bucks or higher, given that the first couple of devices reached their minimal occupation duration (MOP) in 4Q2018.

The sale at 10b Boon Tiong Road marks the first time that a resale device at that block has actually gone across the $1 million threshold.
One of the most costly device that has been marketed thus far in Tiong Bahru View is a 1,205 sq ft, five-room level that brought $1.205 million ($ 1,000 psf) in June 2021. This level gets on the 22nd floor of block 9b Boon Tiong Road.

It is carefully complied with by the sale of an additional 1,205 sq ft, five-room flat for $1.2 million ($ 996 psf) in July 2021. This level is on the 25th floor of block 9a Boon Tiong Road.

The sale of the $1.158 million flat at 10b Boon Tiong Road currently paves the way for other units in that block to breach the $1 million limit, claims Lim. “This is just a matter of time, considered that the HDB appraisal of several of the flats in that block has gotten to $1 million.”

The COV is a cash money amount that stands for the distinction in between the sale cost of the flat and its HDB evaluation.
The apartments are next to Tiong Bahru Plaza shopping mall, which is connected to the below ground Tiong Bahru MRT Station on the East-West Line. The million-dollar level is a north-facing device on the 29th flooring. The eventual buyer of the flat was currently leasing an unit in an adjoining HDB growth.

He includes that unlike the other 3 blocks in Tiong Bahru View, 10b is composed of just 3- as well as four-room apartments, as well as a handful of studios.