Median Price for HUDC flats is above $1m

The median resale price for HUDC flats has crossed the $1 million threshold in Q3 2012 and increasing to $1.04 million in Q4 2012.

The current record price for HUDC flat is sold for $1.33 million for a unit in Shunfu Road.

The remaining yet to be privatised HUDC estates include Shunfu, Hougang North N7, Hougang North N3, Serangoon North and Potong Pasir. There were 13 units from these estates that were sold for above $1 million value versus only 5 in 2011.

The favourites among buyers are for units in Shunfu, Hougang and Serangoon North.

In the 1970s, HUDC flats with 99 years leases began its maiden appearance to cater for middle income households that yearned for bigger flats but was scrapped in 1987 as this class of property fall in favour among buyers.

During these years, there were 18 HUDC estates with a total of over seven thousands units built.

Buyers seem to be interested in these HUDC now as they perceived reaping gain after they are privatised and due to its limited supply factor.

9 Jan 2013