A Housing and Development Board (HDB) executive apartment in Serangoon has been sold for a record-breaking S$1.208 million, according to property portal 99.co.

The flat, located at Block 321 Serangoon Avenue 2, has 60 years and 11 months left on its lease. This transaction marks the first time that an HDB resale flat in Serangoon has surpassed the S$1.2 million mark, making it the most expensive HDB flat in the area.

The flat has a spacious layout of 1,615 square feet, with a price per square foot (psf) of about S$747. It has three bedrooms and two bathrooms, similar to the layout of a normal HDB five-room flat. The living area is expansive and can be converted into a study room, a maid’s room, or an additional bedroom.

The flat is situated at a prime location, with accessibility to various transportation options. It is within walking distance of Lorong Chuan and Serangoon MRT stations, as well as Serangoon Bus Interchange. Additionally, it is a nine-minute walk away from NEX, the largest shopping mall in the northeastern region of Singapore.

A number of educational institutions are located near the flat, including Nanyang Junior College, Yangzheng Primary School, Zhonghua Secondary School, St. Gabriel’s Primary School, KLC International Institute, CHIJ Our Lady of Good Counsel (Primary), Peicai Secondary School, and Australian International School.

According to 99.co, there has been a steady increase in the number of transactions in Serangoon, with over 100 transactions recorded in 2024 thus far, with an average price of S$668,773 (S$610 psf). This represents a 7.01 per cent increase from the previous year and a 37.43 per cent increase over the past five years.

This sale marks a significant milestone in the HDB resale market, highlighting the growing demand for larger and more desirable properties in prime locations.