Buyer pays significant cash-over-valuation for 29th-floor unit in sought-after location
SINGAPORE – A four-room HDB flat in Tiong Bahru has been sold for S$1.158 million, with a price per square foot of S$1,237 for the 936 sqft unit located on the 29th floor at 10B Boon Tiong Road. The sale, registered in June 2022, comes after the flat was valued by HDB at S$1 million, meaning the buyer paid a cash-over-valuation (COV) of S$158,000.
Block 10B is part of Tiong Bahru View, a development with 700 units, including a mix of three- to five-room flats and studios. The development is strategically located near Tiong Bahru Plaza and Tiong Bahru MRT station. Tiong Bahru View replaced older blocks under the Selective Enbloc Redevelopment Scheme.
Originally listed for S$1.2 million in September 2021, the flat saw serious buyer interest but was only sold later when the market conditions improved in December 2021. The seller also invested around S$200,000 in renovations.
Since the first units of Tiong Bahru View reached their minimum occupation period (MOP) in late 2018, at least 30 flats in the development have been transacted for over a million dollars, reflecting the area’s rising property value.
