A 5-room HDB flat at Matilda Sundeck in Punggol has changed hands for a striking S$888,888, becoming the estate’s highest resale transaction so far just months after the development reached its Minimum Occupation Period (MOP).
The September transaction was one of several early resale deals recorded at the relatively new development, with buyers paying close to S$900,000 for some of its larger flats despite Matilda Sundeck being located relatively far from Punggol MRT station.
The S$888,888 deal involved a 5-room flat on the 10th to 12th floor at Block 228B Punggol Field. The 1,249 sq ft unit worked out to about S$712 per sq ft.
S$888,888 sets new record for development
The transaction is notable not only because of the price but also because of the repeated number eights.
In Chinese culture, the number eight is commonly associated with prosperity and wealth because of its pronunciation and similarity to the word for “prosper” or “wealth”. As a result, property deals featuring prices such as S$888,888 can carry additional appeal for buyers who value auspicious numbers.
The transaction currently represents the highest recorded resale price at Matilda Sundeck in both total price and price per square foot.
Another 5-room unit in the same development changed hands for S$885,000 in September. That flat was on a higher floor, between the 16th and 18th storeys, and also measured 1,249 sq ft. Its transaction price worked out to about S$709 psf.
A separate 5-room unit at the development reportedly transacted at S$830,000, showing the range of prices emerging from the first batch of resale deals.
Young lease attracts buyers
One of the biggest attractions appears to be the age of the flats.
Matilda Sundeck’s blocks were completed with lease commencement in 2021. The 5-room units involved in the recent transactions therefore still had about 94 years remaining on their 99-year leases at the time of resale.
That makes them among the newer resale HDB flats available to buyers who want a relatively long remaining lease without purchasing a brand-new BTO flat and waiting for construction and completion.
The S$888,888 unit’s price of about S$712 psf was higher than the average resale price for 5-room flats in Punggol, which 99.co reported at around S$694 psf.
This suggests buyers may have been willing to pay a premium for the newer lease and larger floor area, even though the development does not enjoy the same immediate MRT access as some other newer Punggol estates.
Not the only new Punggol flat approaching S$1 million
Despite setting a record at Matilda Sundeck, the S$888,888 sale is not the highest price recorded for a newer 5-room HDB flat in Punggol.
A 5-room unit at Northshore Straitsview reportedly sold for S$1.106 million in September, translating to about S$885 psf. The unit also had a relatively young lease, with around 94 years remaining.
Other recent Punggol transactions have also crossed the S$900,000 mark.
HDB transaction data compiled by HDBData showed a 5-room flat at 409A Northshore Drive selling for S$927,000 in September, while another at 617C Punggol Drive fetched S$920,000. A 5-room unit at 228B Punggol Field was also recorded at S$910,000.
The figures show that newer Punggol flats with long remaining leases can command substantial resale prices, although location, floor level, size and individual unit attributes continue to influence the final price.
Matilda Sundeck’s first wave of resales
The S$888,888 transaction came as Matilda Sundeck recorded its first batch of resale transactions after reaching its MOP.
In September, four 5-room flats were recorded at the development, including the S$888,888 and S$885,000 transactions. Two 4-room flats were also sold during the month.
The 4-room flats, both measuring about 1,033 sq ft, changed hands for S$695,000 and S$670,000 respectively.
That put their average transaction price at roughly S$682,500.
The early transactions give buyers and sellers a clearer indication of where the development’s resale market could be heading now that homeowners are able to sell their flats after fulfilling the MOP.
A quieter corner of Punggol
Matilda Sundeck comprises four blocks — 228A, 228B, 229A and 229B — along Punggol Field and Sumang Lane, with 490 residential units.
Unlike some newer developments around the Northshore waterfront, the estate is located further inland.
It is also around 1.5km from Punggol MRT station, meaning residents do not have the convenience of being within a short walking distance of an MRT station.
That distance, however, has not stopped buyers from paying a premium for some of the larger flats.
The development offers 4-room and 5-room units, with the largest 5-room layouts measuring around 1,249 sq ft. For families prioritising living space and a newer lease, the larger units can offer an alternative to older resale flats in more established estates.
Amenities within reach
Although Matilda Sundeck is further from Punggol’s MRT station, residents have access to everyday amenities nearby.
A cluster of shops across the road at Matilda Court includes a 24-hour Sheng Siong supermarket and a Kopitiam, providing residents with options for groceries and meals without having to travel into the town centre.
The development also has a relatively high number of carpark lots compared with its number of residential units, potentially making it attractive to households that rely on private transport.
These practical considerations, combined with the young lease and relatively large floor plans, may help explain why some buyers have been prepared to pay close to S$900,000 for the estate’s 5-room flats.
What the early deals could mean for Punggol resale prices
The transactions at Matilda Sundeck offer another example of how newer HDB flats are commanding increasingly high resale prices once they become eligible for resale.
However, a handful of transactions should not be taken as evidence that every flat in the development is worth close to S$900,000.
The S$888,888 unit, for example, was a large 1,249 sq ft 5-room flat, while its high-floor position and remaining lease also contributed to its market appeal.
For prospective buyers, the early transactions provide a useful benchmark but do not eliminate the need to compare individual units, floor levels, remaining lease, location and recent transactions in surrounding developments.
For now, though, Matilda Sundeck has established an eye-catching early resale milestone: a 5-room flat changing hands for the auspicious price of S$888,888, less than a year into the estate’s resale journey.
