A five-room HDB flat at 408 Serangoon Avenue 1 was recently sold for $1.09 million ($837 psf). The flat is located on the 7th to 9th storey and measures 1,302 sq ft. Its lease commenced in 1989, leaving a remaining lease of approximately 63 years. This is Serangoon’s second-million dollar five-room flat for this year.
The impact of lease decay could have been mitigated by the flat’s close proximity to the dual-line Serangoon MRT Station, which serves the Circle and North-East Lines. The flat is also within walking distance of Serangoon Bus Interchange, Serangoon Public Library, Nex, and St. Gabriel’s Secondary School (see Map 1).
Source: EdgeProp LandLens
The other million-dollar five-room flat in Serangoon is located at 411 Serangoon Central, just a stone’s throw away from the subject flat. The 1,302-sq ft flat was sold in February for $1.018 million ($782 psf). Like the subject flat, it also has a remaining lease of approximately 63 years.
