Same HDB Flats Sold in the Same Month Fetched Different Prices
Imagine selling your HDB flat, only to realize later that another person had sold an identical-sized unit in the same block for an extra $220,000. A perplexing situation like this unfolded in Block 816 in Woodlands.
Here’s what happened.
2 Same-Sized HDB Units in the Same Block in Woodlands Were Resold With $220K Difference
In Woodlands, an executive HDB flat was sold last month for an impressive $1.15 million. This price not only set a new record in the region but also raised eyebrows for a different reason.
It’s not merely the tale of another million-dollar HDB flat; it’s a story that makes us question how two similar flats could differ so dramatically in price.
Another flat of the same size, situated in the exact same building, was sold for $930,000 within the same month, marking a staggering price difference of $220,000. A detailed check from the HDB website revealed that the $1.15 million flat is located on the 7th to 9th floor, while the $930,000 unit resides on the 4th to 6th floor.
Both flats share identical specifications with a floor area of 177 sqm.
Adding more intrigue to this puzzle, exactly one year ago, another unit in the same block was sold for $800,000. This raises the question:
Could someone have used a different credit card for a large discount, or was there some hidden secret? As it turns out, neither of these theories holds water.
Shin Min Day News sought expert opinions and found that the answer lies primarily in aesthetics. The Chief Research Officer of MOGUL.sg and the CEO of Altitude Real Estate explained to the Chinese daily that the condition and renovation of the house played a decisive role in the pricing.
Aesthetics, although subjective, can have a profound impact on the price. If a buyer appreciates the design and decoration, they may be willing to pay a premium. Including good-quality furniture and appliances inside the house, along with tasteful decoration, can enhance the selling price significantly.
Another contributing factor to the price discrepancy is the floor level. Although the difference in floor levels between the two units may seem minor, some buyers harbor a preference for higher floors and resist the lower ones, like the second, third, or fourth, and are willing to pay more for a better view.
What Are Executive HDB Flats?
If you’re not familiar with Executive HDB flats, you’re not alone.
Block 816 is located along Woodlands St 82 and completed in 1994, which means it has about 70 years’ lease left.
So what are Executive HDB flats?
Known as Executive apartments (EAs), these were introduced in the 1980s for families seeking more spacious homes. Though phased out in 2005, EAs still hold their charm.
Featuring three bedrooms and two bathrooms, EAs resemble 5-room flats but provide a larger living area. This space can be converted into a study room, maid’s room, or additional bedroom, offering versatility and enhanced comfort.
In essence, EAs are (kind of) the predecessors to modern 5-room flats, offering the same amenities but with a unique historical context.