HDB loft unit at Punggol Sapphire fetches record $1.22 million

A record price for an HDB loft unit in Punggol was set in late December last year with the sale of Media Circle Condo a 1,603 sq ft flat at Punggol Sapphire for $1.22 million ($761 psf). According to Amos Lim, marketing manager at ERA Realty and the property agent who represented the seller, the Option to Purchase (OTP) between the buyer and seller is pending HDB approval, and the sale is expected to be completed next month.

This unit is unique for its rare loft layout, high ceiling of about 5m, large windows that let in a lot of natural light, and a staircase that does not interrupt the living space. It was first put up for sale at the end of August last year with an asking price of $1.25 million and attracted over 100 enquiries, as well as a TikTok video by Lim which gathered over 10,000 views in a day.

The sale price marks a record for an HDB loft unit in Punggol, surpassing the previous one set in September 2022 when a similar unit in the same block transacted for $1.198 million ($747 psf). Several offers ranging from $1.1 million to $1.24 million were made, and the owner eventually settled on the buyer of the right price.

Lim estimates that the buyer would need to pay a cash over valuation (COV) of at least $100,000. This COV is the difference between the purchase price and the HDB valuation of the property and it would be paid in cash by the buyer.

When asked if the other loft unit owners in the block would also consider selling their flats soon, Lim says that most of them are content to stay there as homeowners, for the moment. However, he believes that the record sale price will be beneficial to those who eventually plan to sell their loft flats as it could help them plan their real-estate financing better. He also cautioned that this transaction alone will not likely significantly uplift the surrounding property prices.