Punggol Sapphire HDB loft flat sells for a record-breaking $1.22 million
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A unique five-room HDB loft apartment located in Punggol was sold at $1.22 million. The 1,603 square feet flat is located on the top floor located at the Punggol Sapphire that is a decade-old HDB development that is located on Punggol Field. The price of sale is $761 per sq ft for the floor space.
As per Amos Lim, marketing manager at ERA Realty and the property agent representing the seller the Option to Purchase (OTP) between the seller and buyer was finalized in December of last year. The transaction is currently awaiting HDB approval. It is anticipated be completed by the end of next month.
Lim works as an agent for an agency called the Gideon Sim Division, as an agent for the ERA’s Preeminent Group.
If the sale is successful, it will set the highest price ever of the HDB loft in Punggol which will be more than the previous record price that was set September 2022. The deal also included one 1,603 sq ft loft unit located in the same block. It traded hands at $1.198 million ($747 per square foot).
The loft unit Lim purchased was offered for sale at the close of August 2022 for the estimated price at $1.25 million. The advertisement received more than 100 inquiries. Lim also posted a TikTok video which Lim created that featured the inside of the house. The video as well as over 10,000 hits within one day after uploading.
A number of interested buyers made bids for the property and the offers varied between $1.1 million up to $1.24 million, according to Lim. “Eventually the owner decided on a buyer who he felt comfortable selling the property to and also who was willing to pay an appropriate value in exchange for the property,” he says.
“Part of the appeal of the apartment is its unique loft layout, its high ceilings that measure around 5m high and huge windows that let in plenty of light from the sun,” says Lim. Furthermore the staircase leading to the loft doesn’t interfere with the living area and is well-lit with windows, he adds.
The loft unit purchased at $1.198 million during September of last year also produced an estimated cash over value (COV) of around $200,000. This is the sum of the purchase price and HDB appraisal for the property and can be paid in cash by the buyers.
Although Lim doesn’t know the exact amount the buyer currently has to pay Based on his expertise and assessment of relevant transactional information, Lim estimates that it will at least $100,000.
The loft units are limited to 23 within Punggol Sapphire, and they all are located within the same building which faces Punggol Field.
According to Lim the man also approached other loft owners within the block to assess the interest of those who own flats. However, he states most of loft owners don’t plan to put their apartments on the market anytime soon and plan to remain there as homeowners.
“For those who are planning to sell their lofts the latest sale should be good news for those who are considering it and allow buyers to better plan their real estate financing,” says Lim. However, he points out that the record value is due in part to the rareness of the house. “It is highly unlikely that this sale alone will substantially boost the rest of the property costs.”