In Punggol Sapphire, a 10-year-old HDB complex, there are just 23 HDB loft units
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A unique five-room HDB loft apartment located in Punggol is being sold for $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 asking price is $761 per sq ft in the floor area.
Based on 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 awaiting HDB approval. It is anticipated be completed in the next month.
Lim works as an agent for The Gideon Sim Division, as an agent for the ERA’s Preeminent Group.
If the sale is successful, it will be the record price in the market for the HDB loft space in Punggol which will be more than the previous record price that was set September 2022. The deal also included one of the lofts that was 1,603 square feet unit within the same block. It traded hands in the amount of $1.198 million ($747 per square foot).
The loft unit in which Lim purchased was offered to be sold at the end of August 2022 for the estimated price that was $1.25 million. The advertisement received more than 100 inquiries. Lim also posted a TikTok video Lim created Lim created that featured an insider’s tour of the apartment. It as well as thousands of views within one day after uploading.
Many interested buyers submitted bids for the property and offers ranged between $1.1 million up to $1.24 million, according to Lim. “Eventually the owner settled with a buyer that he was at ease selling the home to and also who was willing to pay an appropriate cost in exchange for the property,” he says.
“Part of the appeal of the house is its unusual loft layout, the high ceilings of around 5 meters and large windows that let in plenty of light from the sun,” says Lim. Additionally the staircase that leads to the loft doesn’t hinder the living space and is brightly lit by windows, Lim says.
The loft unit purchased at $1.198 million during September of last year also led to the cash over valuation (COV) of around $200,000. This is the sum of the price of the purchase and the HDB appraisal for the property and can be paid in cash by the buyers.
Although Lim doesn’t know the exact amount the buyer is required to pay Based on his professional judgment and analysis of relevant transactional information, Lim estimates that it will be around $100,000.
Only 23 lofts are available within Punggol Sapphire, and they are all within the same building which faces Punggol Field.
According to Lim the man has also contacted other owners of loft units in the block to determine the interest of those who own flats. However, he states that the vast majority loft owners don’t plan to put their apartments for sale anytime soon, and are planning to remain as homeowners.
“For those who are planning to sell their lofts the latest sale should be good news for the owners and allows them to plan better for the financing for real estate,” says Lim. However, he points out that the record value is due in part to the rareness of the house. “It is not likely that this sale alone will dramatically increase the nearby property costs.”