SINGAPORE (EDGEPROP) – Last month, a four-room HDB flat at 528B Pasir Ris Street 51 was sold for $808,000 ($807 psf). The 1,001-sq ft flat is located on the 10th to 12th storeys and has a long remaining lease of approximately 90 years. Using our analytics tool, Is it a Good Deal?, we analysed whether the buyer of this HDB flat managed to secure a bargain.
Short walk to Pasir Ris MRT Station
The four-room flat at 528B Pasir Ris Street 51 is located in the HDB town of Pasir Ris, which falls within District 18. The flat is a short walk from Pasir Ris MRT Station, Pasir Ris Bus Interchange, Pasir Ris Mall, White Sands, and Pasir Ris Town Park (see Map 1). Pasir Ris MRT Station will be an interchange station for the East-West Line (EWL) and Cross Island Line (CRL) when the CRL is completed in 2032. The flat is also a short drive from the Tampines Expressway.
Source: EdgeProp LandLens (as at 10 December 2024)
A drawback is that Elias Park Primary School, Casuarina Primary School, and Meridian Secondary School are the only schools within a 1km radius of the flat. However, parents can choose from 16 schools, including nine primary schools, six secondary schools, and a junior college, if the radius is expanded to 2km. The 16 schools include Pasir Ris Primary School, Gongshang Primary School, White Sands Primary School, Dunman Secondary School, Hai Sing Catholic School, and Tampines Meridian Junior College.
On the other hand, the flat has a long remaining lease of approximately 90 years, making it about nine years old (see Screenshot 1). This makes the flat significantly younger than its counterparts in Pasir Ris, where the average age of HDB flats is approximately 29 years.
Source: EdgeProp Is it a Good Deal (as at 10 December 2024)
Due to the numerous positive attributes of the flat, our tool indicated that the transacted price of $807 psf is above the average for District 18 (see Screenshot 2).
Source: EdgeProp Is it a Good Deal (as at 10 December 2024)
Only five four-room flats in Pasir Ris have fetched at least $800,000 this year
This year, five four-room flats in Pasir Ris have been sold for at least $800,000. Of the five flats, the flat at 528B Pasir Ris Street 51 has the lowest price of $808,000, while a flat at 530D Pasir Ris Drive 1 fetched the highest price of $845,000 in October (see Table 1). In comparison, 1,382 four-room flats islandwide have been sold for at least $800,000 this year. Last year, 1,074 four-room flats were sold for at least $800,000, with only two of them located in Pasir Ris.
Source: EdgeProp Buddy (as at 10 December 2024)
Notably, the flat at 528B Pasir Ris Street 51 is the only four-room flat along Pasir Ris Street 51 to fetch at least $800,000. The other four flats are all located at either 530B Pasir Ris Drive 1 or 530D Pasir Ris Drive 1. All five flats have remaining leases of approximately 90 years. However, the flat along Pasir Ris Street 51 is larger in size compared to the other four flats.
All four flats along Pasir Ris Drive 1 are located across the road from Pasir Ris MRT Station, Pasir Ris Bus Interchange, and White Sands (see Map 2). Other amenities within walking distance include Pasir Ris Mall, Pasir Ris Central Hawker Centre, Pasir Ris Sports Centre, and Pasir Ris Town Park. Schools within a 1km radius include Casuarina Primary School, Elias Park Primary School, Meridian Secondary School, and Loyang View Secondary School.
Source: EdgeProp LandLens (as at 10 December 2024)
Four-room flats in Pasir Ris cost more than those in east region
The average resale price for three-room flats ($739 psf) in Pasir Ris is significantly higher than that for four-room ($550 psf) and five-room ($526 psf) flats (see Chart 1). This could be due to the limited number of three-room flats in Pasir Ris. According to HDB’s latest annual report, there are only 490 three-room flats in Pasir Ris. In contrast, there are 11,641 four-room flats and 9,379 five-room flats in the town.
Furthermore, the average resale price for three-room flats in Pasir Ris has surged by 42.1% since 2020, compared to price growths of 30.3% for four-room flats and 34.2% for five-room flats.
Source: EdgeProp Market Trends (as at 10 December 2024)
The average resale price for four-room flats that are 10 years or younger is the highest in Pasir Ris ($760 psf), followed by the east region ($741 psf) and islandwide ($693 psf) (see Chart 2). Notably, the average price of $760 psf for four-room flats in Pasir Ris aged 10 years or less is lower than the transacted price of $807 psf paid for the four-room flat at 528B Pasir Ris Street 51.
The price difference between Pasir Ris and the east region has also widened significantly, from $4 psf last year to $19 psf this year. This could be attributed to a surge in price growth. This year, the average resale price for flats in Pasir Ris that are 10 years or younger rose by 7% y-o-y, while the price for similar flats in the east region grew by 5% y-o-y. However, the price growth for flats in both Pasir Ris and the east region is still lower than their counterparts islandwide, which recorded an 8.6% y-o-y increase.
Source: EdgeProp Market Trends (as at 10 December 2024)
This year, only four four-room flats at 528B Pasir Ris Street 51 have been sold, with prices ranging from $670,000 to $808,000 (see Table 2). So far, the sale of the subject flat is the only transaction that has crossed the $800,000 mark. The lowest transacted price of $670,000 was for a flat on the fourth to sixth storey, which was sold in January.
Source: EdgeProp Buddy (as at 10 December 2024)
There is also a significant price gap between the average resale price of four-room flats in Pasir Ris ($550 psf) and that of 99-year leasehold condos measuring 900 sq ft to 1,000 sq ft in the same neighbourhood ($1,352 psf) (see Chart 3).
Furthermore, the price difference has widened from $521 psf in 2020 and $733 psf last year to $802 psf this year, which could be attributed to stronger price growth for leasehold condos. Since 2020, the average resale price for four-room flats in Pasir Ris increased by 30.3%, while the price for leasehold condos of similar size rose by 43.4%.
Source: EdgeProp Market Trends (as at 10 December 2024)
There are three completed 99-year leasehold condos located within walking distance of 528B Pasir Ris Street 51, namely The Palette, D’Nest, and Coco Palms (see Map 3). The average resale prices for all three condos are significantly higher than the transacted price of $807 psf for the subject flat along Pasir Ris Street 51.
Source: EdgeProp LandLens (as at 10 December 2024)
Among the three condos, Coco Palms has the highest average resale price of $1,632 psf (see Chart 4) because it is the newest development among the trio. Coco Palms obtained its temporary occupation permit (TOP) in 2018. The Palette is the oldest, having obtained its TOP in 2010, which could also explain why it has the lowest average resale price of $1,410 psf. D’Nest obtained its TOP in 2017 and has an average resale price of $1,447 psf.
Source: EdgeProp Market Trends (as at 10 December 2024)
Conclusion
Amidst the ever-rising prices for HDB flats, paying $808,000 for a four-room HDB flat that has a long remaining lease and is in close proximity to an MRT station and a mall might seem like a bargain. However, prospective buyers might want to bear in mind that the transacted price of $807 psf is significantly higher than the average resale price of $760 psf for four-room flats in Pasir Ris that are of a similar age. Furthermore, the transacted price for the four-room flat along Pasir Ris Street 51 is also significantly higher than the transacted prices for four similar flats in the same block that were also sold this year.
The average resale price for four-room HDB flats in Pasir Ris is significantly more affordable than that for 99-year leasehold condos of similar size. The price difference between both types of housing is also widening. Additionally, the transacted price for the subject flat is much lower than the average resale prices for three nearby condos. Hence, resale HDB flats remain the most affordable option for prospective buyers who are determined to live in Pasir Ris but have a modest housing budget.
To learn more about this transaction, and whether it is a good deal, click here.
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