A HDB terrace in Jalan Bahagia was sold for nearly $1.2 million in 3Q2018, smashing the previous record to be the priciest HDB unit ever sold, according to a real estate trends report published by OrangeTee on Wednesday (Nov 21).

The 2,551 sq ft 3-room terrace near Whampoa hit a new record price of $1.185 million in September this year, smashing the previous $1.18 million record set by a 5-room Bishan DBSS unit sold in February 2017.

The third priciest unit on record was also transacted in 3Q2018, when a 5-room DBSS unit at Lorong 1A Toa Payoh changed hands for roughly $1.16 million in August.

Christine Sun, head of research and consultancy at OrangeTee & Tie, attributes the million-dollar sale of the Jalan Bahagia flat to the unit's rarity, size and accessibility.

“HDB terraces are quite rare in Singapore. They also tend to be larger but are relatively cheaper compared to private terraces, which add to their appeal," Sun says.

"This unit in Jalan Bahagia is also located very close to town and is easily accessible via major expressways such as CTE and PIE. On top of that, it is near Toa Payoh, where various amenities are available. It is also near Curtin Singapore," she explains.

According to the OrangeTee report, the number of flats that were sold at $1 million and above reached an all-time high with 52 units transacted in the first three quarters of the year. A total of 40 of these flats were below 20 years old and 12 units were older than 20 years old.

Meanwhile, 11 of the 52 million-dollar units sold were standard flats (i.e. 9 Improved model, 2 Model A), while 41 were non-standard flats (i.e. 16 DBSS, 12 Type S2, 5 Maisonette, 4 Apartments, 3 Type S1, and 1 Terrace).

Also read: Singapore's million-dollar HDB hotspots