Whoever owns a five-room HDB executive flat in 505 Ang Mo Kio Avenue 8 is currently selling the home for $899,000. However, this unit was initially composed of two adjoining three-room apartments once the block was constructed in 1980.
Belgravia Ace launch price coveted freehold strata landed housing featuring 3-storey 100 strata terrace houses and 18 strata semi-detached houses in a perfect ambience.
1 apartment was initially a corner component of approximately 870 sq feet, while the other was a corridor unit which also was a floor space of approximately 870 sq ft. The strata name also comprises a 6m entry corridor. When the owners purchased both three-room apartments about 20 decades back, they applied to HDB to unite them under one name.
Because of this, this uncommon executive flat has a whole floor space of 1,755 sq ft. The asking cost equates into $512 psf.
The size of the apartment puts it from the class of jumbo HDB flats that vary from 1,442 sq feet to approximately 2,000 sq ft. Jumbo apartments were provided by HDB in a period of oversupply from the public housing market throughout the 1990s, and every apartment was made by merging two adjoining units.
Jumbo apartments are a somewhat rare HDB apartment type. In accordance with HDB, just about 480 of those flats were made in Woodlands, Yishun and Jurong East.
Based on Jason Tan, branch division manager at ERA Realty who’s promoting the executive flat, apartment owners may nevertheless employ to HDB to unite adjacent three-room or smaller apartments below the HDB Conversion Scheme.
“For buyers who don’t wish to go through that procedure, buying a flat that has been merged is your next best choice.
The HDB estate can be close to a number of colleges and educational associations.
Dependent on the floorplan, the device retains the dividing wall which had initially separated the 2 apartments, together with separate living rooms, kitchens and bathrooms according to the original layout.
According to Tan, the owners purchased the apartment with the intent of leasing the chambers. Now, just two tenants are remaining at the apartment in addition to the owners,” he says.
“When we listed the apartment available at the beginning of April 2021, I chased 10 distinct viewings within the first two weekends.
He adds that many buyers that have come to look at the unit have signaled they intend to demolish the wall. “Many of the significant prospective buyers that have come to look at the unit are searching for a new house that can adapt their family and a few elongated family members. There are a few young couples that are thinking about this apartment as their very first house,” says Tan.
Requirement for renovations
The apartment remains in its initial condition and a few renovations would be required until the new owner moves,says Tan. According to his expertise, he reckons that renovations with this apartment could vary from $100,000 to approximately $150,000, based on the kind and quality of fittings and also the degree of the renovations.
Tan has also worked with interior designer company Rezt+Relax Interior Layout to make artists’ impressions of what the device could seem like when revived. He states that this helps prospective buyers visualise the distance and helps them determine whether it suits their requirements.
Based on HDB revenue statistics, the priciest jumbo HDB apartment sold in the previous four decades was a 1,786 sq ft flat at 460 Tampines Street 42 that brought $990,000 (roughly $554 psf) at October 2018.
Though the HDB resale market has witnessed strong trades over the previous couple of months and much more buyers forking out cash-over-valuation in addition to HDB valuations to procure their preferred home, Tan claims that this distinct jumbo flat is not likely to garner a significant COV.
“Present resale trades in the surrounding cubes reveal that the present manual price for this particular unit remains within expectations. Although it’s a comparatively old apartment, it’s also a rare configuration boasting a massive living area,” says Tan.
He anticipates the jumbo apartment to appeal to a range of buyers, such as younger, first-time buyers and elderly homeowners seeking to right-size their own property.