Geylang sees first 4-room HDB flat crossing 1-million-dollar mark, sold for $1.006m

On June 1, 2024, a four-room HDB flat at Block 82A Circuit Road was sold for S$1,006,888, setting a new record as the first four-room unit in Geylang to surpass the S$1 million mark.

Look at Block 82A Circuit Road and analyse the transaction and the contributing factors that led to the successful sale.

About Block 82A Circuit Road, Geylang

The units available for purchase in 82A Circuit Road HDB Block are priced between S$700,000 and S$1.04M, with a price range of S$854 to S$1,140 per square foot. Below is a list of nearby amenities and facilities near Block 82A.

• Public transport: Macpherson MRT (850m, four-min drive).
• Schools: St. Margaret's Primary School (1.5km, six-min drive), Cannossian Catholic Primary School (3.3km, nine-min drive), Maha Bodhi School (2.1km, eight-min drive), Nexus International School (2.3km, 10-min drive), Geylang Methodist Primary and Secondary Schools (1.7km, eight-min drive).
• Parks: Geylang East Park (1.4km, seven-min drive), Paya Lebar Road Park (1.4km, five-min drive), Aljuneid Park (2.6km, seven-min drive), Macpherson Linear Park (2.7km, 10-min drive).
• Supermarkets: Umar Active Supermarket (1.2km, five-min drive), Shen Siong Supermarket (1.4km, five-min drive), FairPrice Aljuneid Ave 2 (1.5 km, eight-min drive).
• Clinics: Care For You Medical Clinic (600m, four-min drive), Ho Tong Clinic (1.1km, five-min drive), Chuah Clinic & Surgery Pte Ltd (1.7km, eight-min drive).
• Hospitals: Crescent Road Hospital (2.2km, nine-min drive), Parkway East Hospital (3.5km, 11-min drive).
• Amenities: Macpherson Mall (2.4km, eight-min drive), Paya Lebar Square (900m, five-min drive), SingPost Centre (1.0km, five-min drive), PLQ Mall (1.1km, five-min drive), Grantral Mall/Grantral Complex@Macpherson (1.7km, six-min drive), 18 Tai Seng (2.1km, seven-min drive), City Plaza (1.6km, seven-min drive), KINEX (1.9km, eight-min drive), Joo Chiat Complex (1.9km, nine-min drive).

Now we dive into the transaction.

The S$1,006,888 transaction

The transaction was for a four-room flat between the 13th and 15th floors, covering an area of 93 square metres. The property is situated at Block 82A on Circuit Road and was sold for S$1,006,888, marking a significant benchmark for four-room flats in Geylang.

From the transaction table above, we can see that this transaction is the first for four-bedroom units in all of Geylang.

In the above comparative chart, we can see there were significant bumps in average prices for both overall HDB transactions and four-bedroom transactions in 10 years. Though minute and can't be seen in this chart, this recent transaction may be the start of the ball rolling for more million-dollar four-bedroom transactions in Geylang.

Above, we see the total transactions for four-bedroom HDB units in all of Singapore. Though volume may have slowed since 2021, it is apparent that the average prices for four-bedroom units remain on the uptick.

Factors contributing to the record price

Several factors have contributed to this record-breaking transaction:

• Location: Geylang is strategically located, with convenient access to amenities such as schools, shopping centres, and public transportation (including MRT stations and bus stops), which makes it an attractive area for homebuyers.
• Property condition and features: The condition of the flat and any unique features, such as renovations or premium fittings, are factors that likely contributed to the high resale price.
• Market trends: The Singaporean property market is currently experiencing high demand for well-located and well-maintained HDB flats, which has resulted in significant price changes. Economic factors and buyer sentiment have also contributed to these developments.

Will these factors hold the light for more million-dollar ATHs for Geylang? Time will tell.

Conclusion

The sale of a four-room flat at Block 82A Circuit Road for S$1,006,888 is considered significant for Geylang and the Singapore property market. This transaction reflects the changing dynamics of property values and establishes a new standard for future sales. With ongoing development in Geylang attracting more buyers, the property market in this area is anticipated to experience further growth.

ALSO READ: 4-room flat sold for $1.15m, breaking Toa Payoh resale record

This article was first published in 99.co.