July has just begun, but an executive HDB flat has already broken records with a transacted price of $1.28 million ($820 psf). The 1,561-sq ft flat is located on the 13th to 15th storey of 522 Hougang Avenue 6. The previous record high of $1.25 million ($744 psf) for Hougang was achieved by a flat at 222 Hougang Street 21. These two transactions are the only ones to have crossed the $1.2 million threshold for executive flats in Hougang this year.
Price driven proximity to amenities
The eye-watering price paid for the subject flat could be driven by its proximity to numerous amenities. Hougang MRT Station, Hougang Central Bus Interchange, Cheng San Public Library, Punggol Community Centre, and Kang Kar Mall are some of the amenities within walking distance of the subject flat (see Map 1). Notably, Hougang MRT Station is slated to become an interchange station upon the completion of Phase 1 of the Cross Island Line (CRL) in 2030.
Source: EdgeProp LandLens (as at 2 July 2025)
Parents of school-going children are spoilt for choice, with five primary schools and three secondary schools located within a 1km radius. The primary schools are Montfort Junior School, Holy Innocents’ Primary School, CHIJ Our Lady of the Nativity, Yio Chu Kang Primary School and Punggol Primary School, while the secondary schools are Montfort Secondary School, Holy Innocents’ High School and Xinmin Secondary School.
The main drawback of the subject flat is its relatively short remaining lease of approximately 61 years, given that its lease commenced in 1987.
More upcoming amenities
Interestingly, a Government Land Sales (GLS) site was launched in May for a nearby location (see Map 2). The GLS site, located near Hougang MRT Station, is slated to be a mixed-use development comprising commercial and residential uses. It will also be integrated with a bus interchange. The tender for the GLS site will close in December.
Residents at 522 Hougang Avenue 6 are expected to welcome the new development, as the successful bidder is likely to build a mall with shops ,such as a supermarket and a food court, that will cater to the daily needs of nearby residents.
Prices of HDB flats in Hougang
The average resale price for executive HDB flats in Hougang that are between 31 and 40 years old is $614 psf; higher than that for similar flats islandwide ($604 psf), but lower than that for their counterparts in the North-East Region ($646 psf) (see Chart 1). The average resale price for such flats in Hougang is also significantly lower than the $820 psf paid for the 38-year-old subject flat.
Source: EdgeProp Market Trends (as at 2 July 2025)
Conclusion
This million-dollar transaction could be an indication that the negative impact of lease decay may be mitigated by proximity to amenities such as schools and public transport. Furthermore, residents near Hougang MRT Station can look forward to improved connectivity upon the completion of Phase 1 of the Cross Island Line. They will also benefit from the additional amenities provided by the upcoming development on the GLS site.
