Million Dollar HDB Units - no, not Duxton - Queenstown & Bukit Merah MOP Projects Price Analysis
- Propanalytics
- Sep 15, 2020
- 3 min read
Updated: Sep 17, 2020
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In the last few weeks, we did analyses of BTOs in Sengkang, Punggol, Tampines, Sembawang and Hougang that have recently completed their MOPs. This week we look at the more central HDB towns of Queenstown & Bukit Merah.
Queenstown/ Bukit Merah 4RM Launch Price vs Resale Price Analysis
The median launch prices of 4RM units in these developments launched in 2007 and 2009 were between $355,000 (Telok Blangah Towers) - $461,000 (Skyterrace and Skyville @ Dawson) (C1).
As of July 2020, 4RM units at Telok Blangah Towers have transacted 3 times in 2019/2020 in the region of $800,000 (C2). Since 2017, the median transaction price (60 transactions) of a 4RM unit in this development has been $798,000. With a median launch of $355,000, the average unit has almost doubled since launch (C*, C1). Units at Skyterrace and Skyville have also seen gains of over 70% (C2).
Tiong Bahru View, which was released as a SERs project in 2009, has 4RM units sold for over $1 million in 2019/2020. On average, Tiong Bahru View has the most expensive 4RM units from this batch of developments with more than 93 years of remaining lease (C1).
Queenstown/ Bukit Merah 5RM Launch Price vs Resale Price Analysis
Most of the developments with 5RM units were SERs projects. Units at Skyterrace and Skyville @ Dawson were launched in 2009 at a median price of $598,000 (C4).
The average 5RM unit in these developments are going for about $1 million. Skyville and Skyterrace @ Dawson have estimated gains of 57 - 71% (C5). Given the small number of data points, we urge readers to exercise some judgement when interpreting the data.
Queenstown/ Bukit Merah BTO Launches Since 2006
Projects in these towns are generally few and far between and highly sought-after given its enviable location. 4 BTO projects (Ghim Moh Edge, Depot Heights, Telok Blangah Ridgeview and Telok Blangah Parcview) launched in 2012 and 2013 are still pending MOP, hence yet to make their way into the resale market. These projects only offer 4RM units and were launched at an average price of about $500,000. While Telok Blangah Towers provides a glimpse into the strong demand for resale units in the area, profitability of these few developments may not necessarily match that of the former (2x Growth). Note that buyers of Telok Blangah Towers caught the resale appreciation wave that began around the same time when Telok Blangah Towers was launched (2007). Refer to the resale price index for more context. Nevertheless, given its location and general price resiliency (C9), units in this area will likely continue to command very good value.
(C"X") refers to chart number and is intended to point to the relevant chart where the data is drawn from. (*) indicates that data is from a chart that is not displayed.
Launch prices are indicated by the thin black bar in C1. This is the middle value of the launch price range indicated in BTO launch brochures. For the data savvy, the term median is used a bit loosely in this context. Note that some projects are launched together and separate pricing for individual projects is not provided.
HDB data was downloaded from data.gov.sg BTO Launch price data was sourced from nas.gov.sg, hdb.gov.sg and other websites.
Data is as at 03/09/2020, i.e whatever was made available as at the stated date. Transaction data above is up till July 2020.
Please contact us if there are factual inaccuracies. We will make changes, where necessary.
Please note that are a multitude of factors that affect prices of flats (renovation, floor, location, sqf etc) and some of the analyses may not account for every factor.
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