HDB loft unit at Punggol Sapphire fetches record $1.22 million

A rare five-room HDB loft unit in Punggol has been sold for a record $1.22 million. The 1,603 sq ft flat, located on the top-floor of Punggol Sapphire, a 10-year-old HDB development, works out to $761 psf on the floor area.

Amos Lim, marketing Senja Close EC manager at ERA Realty and the property agent who represented the seller, reveals the Option to Purchase (OTP) between the buyer and seller was signed in late December last year. The transaction is currently pending HDB approval and is expected to be completed next month.

Lim, an agent with the Gideon Sim Division and member of ERA’s Preeminent Group, says the flat was originally put up for sale at the end of August 2022 at an asking price of $1.25 million. The listing drew more than 100 enquiries and a TikTok video he produced featuring a tour of the flat received over 10,000 views within a day.

Several buyers made offers for the property that ranged between $1.1 million and $1.24 million and the seller chose the buyer who offered the right price as well as whom they felt comfortable selling the house to.

The unit’s rare loft layout, high ceiling of about 5m, and large windows that let in natural light made it particularly attractive. And the staircase that leads to the loft does not interrupt the living space, and is brightly lit with windows.

The previous record price for an HDB loft unit in Punggol had been set in September 2022, at $1.198 million ($747 psf). That also involved a 1,603 sq ft loft in the same block, with a cash over valuation (COV) of close to $200,000.

It is estimated the current buyer too would need to pay a COV of at least $100,000.

Lim adds that, although there are only 23 loft units in Punggol Sapphire, all of them are in the same stack that faces Punggol Field. He also says that he has contacted other loft owners in the block, but the majority do not intend to put their flats up for sale anytime soon.

This record sale price is due to the rarity of the unit. However, Lim cautions that it is unlikely that this transaction alone will significantly uplift the surrounding property prices.