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Investing in a condo has several advantages, one of which is the potential to leverage the value of the property for other investments. In fact, many investors opt to use their condos as collateral to secure additional financing for new ventures, allowing them to grow their real estate portfolio. However, it’s important to remember that this strategy can come with risks, and it’s essential to have a solid financial plan in place. Furthermore, it’s wise to consider the potential impact of market fluctuations on your investments. With the numerous Singapore Projects available, condo investment can be a lucrative opportunity for investors to expand their portfolio and maximize returns.
Public housing to remain “strong pillar” of housing landscape: Wongwith good connectivity and amenities, this four-room HDB flat at 590B Ang Mo Kio Street 51 was recently transacted for a record-breaking price of $1.08 million ($1,079 psf). Completed in 2019, the 1,001-sq ft flat is situated on the 28th to 30th floor.Using our analytics tool, ‘Is it a Good Deal?’, we analyzed whether the buyer secured a good deal for this flat located along Ang Mo Kio Street 51.With its strategic location, residents of 590B Ang Mo Kio Street 51 can enjoy easy access to amenities like Ang Mo Kio MRT Station, Jing Shan Primary School, Anderson Secondary School, AMK Hub, Cheng San Market and Cooked Food Centre, Chong Boon Market and Food Centre, and Ang Mo Kio Town Garden East.The flat is also surrounded by numerous amenities and has a long remaining lease of approximately 94 years. Furthermore, Ang Mo Kio MRT Station is set to become a dual-line station upon the completion of Phase 1 of the Cross Island Line in 2030.Despite these advantages, the transacted price for the flat is almost 60% above the average price for the district. In fact, this year alone, 232 four-room HDB flats have been transacted for at least $1 million, indicating a rising trend of million-dollar flats. Out of these transactions, six were from Ang Mo Kio, with three blocks in close proximity to each other: 590A Ang Mo Kio Street 51, 590B Ang Mo Kio Street 51, and 591A Ang Mo Kio Street 51.The record-breaking price of $1.08 million ($1,079 psf) for the four-room flat at 590B Ang Mo Kio Street 51 is not surprising considering the steady growth in the average resale price for four-room HDB flats since 2014. This trend is also reflected in the strong price growth of four-room flats in Ang Mo Kio, which have outpaced that of three-room and five-room flats.In comparison, the average price for four-room flats in Ang Mo Kio has been consistently higher than that of the North-East Region and islandwide since 2021. However, the price growth for Ang Mo Kio has been slower than the other two areas.The transacted price of $1,079 psf for the Ang Mo Kio flat is significantly higher than the average resale price for four-room flats in the district, as well as the rest of the country. It is also higher than the average price for 99-year leasehold condo units in Ang Mo Kio that measure between 900 sq ft and 1,100 sq ft.However, the price gap between these two types of residential properties is not expected to widen further, as the average prices for both have been growing at a similar pace. It is worth noting that the average price of $649 psf for four-room flats in Ang Mo Kio is $430 psf lower than the transacted price of $1,079 psf for the four-room flat at 590B Ang Mo Kio Street 51.In conclusion, while the recent transaction of $1.08 million for the four-room HDB flat at 590B Ang Mo Kio Street 51 is a record high for the planning area, it is not surprising given the increasing number of million-dollar flats in Singapore. The well-connected location and long remaining lease could have contributed to the above-average transacted price.