A 4-room HDB resale flat in Kallang has recently been sold for a record-breaking price of S$1,068,888. Spanning 1,023 sq ft, this translates to S$1,045 psf. The previous record for a 4-room HDB resale flat in the area was S$1 million, with two units from Bendemeer Light BTO selling at this price.

The unit in question is located in Blk 8A Upper Boon Keng Road, one of the three blocks of Kallang Trivista. Kallang Trivista is known for being the SERS (Selective En bloc Redevelopment Scheme) replacement site for residents of the four iconic blocks at Rochor Road. These blocks were acquired in 2011 to make way for the North-South Corridor and were demolished in 2018. The residents were offered relocation benefits under SERS, including a new unit with a 99-year lease at Kallang Trivista.

It is likely that this unit was purchased through the Sale of Balance Flats (SBF) scheme. In January 2017, HDB announced that the surplus units in Kallang Trivista were offered for sale through SBF. This unit’s lease started in 2017, indicating that it has recently completed its five-year Minimum Occupation Period (MOP), allowing the owners to sell it on the resale market.

Residents of Rochor Centre, on the other hand, were subjected to a different MOP. As they bought their units through SERS, their MOP was seven years from the flat selection date or five years from the key collection date, whichever came first. This allowed them to sell their units two to three years after living in them.

Based on the prices of 4-room flats at Kallang Trivista during the November 2015 SBF exercise, a sale price of S$1,068,888 would result in a capital gain ranging from S$504,788 to S$586,888 for the owners.

Kallang Trivista is located next to Kallang River, with around 45% of the units boasting river views. The project is a six-minute walk from Kallang MRT and features balconies in its 4-room and 5-room units, as well as full-length windows in the living rooms. Currently, Kallang Trivista and Boon Keng Ville are the two HDB projects located along the river in the area.

In 2028, another project called Kallang Horizon, launched in the November 2022 BTO exercise, will be completed between Kallang Trivista and Kallang MRT. Notably, Kallang Horizon comes with a 10-year MOP and stricter eligibility requirements for resale buyers. These PLH (Public Land Housing) flats will only enter the resale market from 2038 onwards, and resale buyers will be subject to an income ceiling and restrictions on PR households.

These restrictions may attract more buyers to Kallang Trivista, especially those who do not qualify to buy a resale PLH flat or wish to move to the area sooner.

In conclusion, the record-breaking sale of the 4-room HDB resale flat in Kallang highlights the desirability of the area and the potential capital gains for homeowners. With the completion of future projects and the introduction of stricter eligibility requirements for resale buyers, Kallang Trivista remains an attractive option for those looking to purchase an HDB flat in the area.

Benjamin Low
Benjamin Low

Benjamin is known as The Passive Income Guy. He has helped hundreds of people to build passive income. He is also a member of the Million Dollar Round Table, and Certified Financial Planner™ (CFP®) and Certified Private Banker (CPB).

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