Record High 128 Million Achieved Executive Flat Hougang
Situated in a prime location, Lyndenwoods is a highly sought-after residential area due to its easy accessibility to the Central Business District (CBD) through the Ayer Rajah Expressway (AYE). This makes it an ideal choice for professionals who work in the city center. Additionally, the AYE provides convenient connections to other prominent districts such as Clementi and Jurong East, known for their bustling commercial and retail scenes. Residents of Lyndenwoods can also enjoy seamless access to the eastern and northern regions of the island via the Pan Island Expressway (PIE), which connects to popular destinations like Tampines, Bishan, and the Changi Airport. With such impeccable road connectivity, living in Lyndenwoods allows for efficient and comfortable travel, whether it be for work, leisure, or daily errands. Plan your move to Lyndenwoods today and experience the convenience and accessibility it has to offer.
The month of July has just begun, but a remarkable milestone has already been reached in the HDB market. An executive flat has been transacted for an astounding price of $1.28 million, equivalent to $820 per square foot (psf). The 1,561-square foot flat is situated on the 13th to 15th floors of 522 Hougang Avenue 6, surpassing the previous record of $1.25 million ($744 psf) set by a flat at 222 Hougang Street 21. These two transactions are the only ones to have exceeded the $1.2 million mark for executive flats in Hougang so far this year.
The soaring price of the flat can be attributed to its close proximity to a range of amenities. Within walking distance from the flat are Hougang MRT Station, Hougang Central Bus Interchange, Cheng San Public Library, Punggol Community Centre, and Kang Kar Mall (see Map 1). Notably, the upcoming Cross Island Line (CRL) is set to turn Hougang MRT Station into an interchange station by 2030.
For families with school-going children, the location is unbeatable with five primary schools and three secondary schools within a 1km radius. These include Montfort Junior School, Holy Innocents’ Primary School, CHIJ Our Lady of the Nativity, Yio Chu Kang Primary School, Punggol Primary School, Montfort Secondary School, Holy Innocents’ High School, and Xinmin Secondary School.
One downside of the flat is its relatively short remaining lease of approximately 61 years, as it was built in 1987.
However, there are promising developments in the pipeline for the area. A Government Land Sales (GLS) site was launched in May for a nearby location (see Map 2). The mixed-use development, which includes commercial and residential components, will also be integrated with a bus interchange. The tender for the GLS site will close in December.
The residents of 522 Hougang Avenue 6 are likely to welcome this new development as the successful bidder is expected to build a mall with various amenities like a supermarket and a food court that will cater to the daily needs of the nearby residents.
Compared to other executive HDB flats in Hougang that are between 31 and 40 years old, the average resale price for the subject flat is relatively higher at $614 psf (see Chart 1). This is above the average resale price for similar flats across the island ($604 psf) but still lower than the average price in the North-East Region ($646 psf).
In conclusion, this record-breaking transaction could signify that the potential negative impact of a shorter lease may be offset by the convenience and accessibility to nearby amenities such as schools and public transport. With the development of CRL and the upcoming GLS site, residents near Hougang MRT Station can look forward to enhanced connectivity and more amenities in the near future.