Queenstown Forfar Heights Two-Room Flat Resold for S$540,000 in New Record for SERS Replacement Units

The two-room unit at Block 53 Strathmore Avenue changed hands at S$540,000 in June, making it the first resale transaction from a SERS replacement development. The block comprises 247 units in total, of which 42 are two-room units. The flat sits between the fourth and sixth floors, has a floor area of 47 square metres (about 506 square feet), and its lease commenced in 2020, with roughly 93 years and seven months remaining.

Based on analysis by property portal 99.co, the transaction works out to about S$1,067 per square foot. The price also ranks as the fourth-highest resale price for a two-room flat in the Queenstown estate this year.

Data shows that from January 1 to June 9 this year, Queenstown recorded a total of four two-room flat resale transactions. The highest was a unit at SkyParc@Dawson (Block 95 Dawson Road) that changed hands in February for S$695,000, setting the national record for two-room flat resale prices. Two other units in April and May fetched S$549,000 and S$545,000 respectively, close to the Forfar Heights transaction.

ERA chief executive officer Lin Dongrong said in an interview on Wednesday (Jun 10) that these smaller units can command high prices for several reasons. First, the remaining lease at Forfar Heights is over 93 years. Second, the block is near Queenstown MRT station, reachable on foot in about 10 minutes. He also noted that buyers of such high-priced small units tend to be couples without children.

The Forfar Heights unit and the February national record-holder at SkyParc@Dawson are less than one kilometre apart. Both benefit from the Queenstown area’s transport network, community and social facilities, and proximity to the MRT. As more SERS replacement units clear their minimum occupation period and enter the resale market, 99.co expects more transactions above S$500,000 in the area.