Three Years, Three Prices: Tracking Unit #24-163 at Pine Ville @ AMK
Key Facts
- Unit: Block 809B, #24-163, Pine Ville @ AMK
- Floor Area: 93 sqm
- Internal Floor Area: 90 sqm
- Timeline: SERS 2022 → Feb 2025 SBF → Feb 2026 SBF
- Price progression: $550,200 → $644,400 → $699,400
The Numbers
Pine Ville @ AMK’s unit #24-163 provides a clear case study in how Sales of Balance Flats (SBF) pricing has evolved over three exercises. The same 4-room unit, located in Block 809B, has been offered at three different price points across three years.
SERS 2022 Initial Offer: $550,200 February 2025 SBF: $644,400 February 2026 SBF: $699,400
The unit remains unselected through all three exercises, offering a rare opportunity to observe pricing adjustments for an identical flat across multiple selection windows.
Price Movement Analysis
First Increase: SERS 2022 to Feb 2025 SBF
- Amount: +$94,200
- Percentage: +17.1%
- Time period: Approximately 2-3 years
- Context: Transition from SERS initial pricing to first balance flat exercise
Second Increase: Feb 2025 SBF to Feb 2026 SBF
- Amount: +$55,000
- Percentage: +8.5%
- Time period: 12 months
- Context: Year-over-year adjustment between consecutive SBF exercises
Total Change: SERS 2022 to Feb 2026 SBF
- Total increase: +$149,200
- Total percentage: +27.1%
- Total time period: Approximately 3-4 years
Three Years, Three Prices
SERS vs BTO Pricing Patterns
SERS Replacement Project Pricing:
- Initial SERS prices set at offer acceptance
- Balance flats repriced for each subsequent exercise
- Unsold units adjusted based on market conditions
- Same flat can appear across multiple exercises at different prices
BTO Pricing:
- Prices fixed at launch
- No repricing during the exercise
- Units maintain consistent pricing within the same launch
- Balance flats from BTOs follow similar repricing patterns
What the Ethnic Quota Shows
The available ethnic quota data reveals the selection patterns at Pine Ville:
February 2025 SBF (Blk 809B, Chinese quota):
- Malay: 30
- Chinese: 71
- Indian/Other races: 12
February 2026 SBF (Blk 809B, Chinese quota):
- Malay: 1
- Chinese: 1
- Indian/Other races: 1
The dramatic reduction in available units across all ethnic quotas indicates substantial selection activity between the two exercises. Block 809B went from 113 available flats (across all quotas) in February 2025 to just 3 flats in February 2026.
Pine Ville Pricing Context
4-room flats at Pine Ville @ AMK (February 2026):
- Price range: $623,200 – $699,400
- Unit #24-163 sits at the upper end of this range
4-room flats across all Ang Mo Kio SBF projects (February 2026):
- Price range: $612,100 – $757,400
- Pine Ville pricing aligns with broader AMK market
Understanding the Repricing
HDB reprices balance flats based on several factors, though the specific formula is not publicly disclosed. Observations suggest consideration of:
- Market conditions at time of each exercise
- Remaining lease period
- Floor level and unit attributes
- Selection patterns from previous exercises
- Broader pricing in the estate
Unit #24-163’s progression from $550,200 to $699,400 reflects both the initial SERS pricing (which may incorporate different considerations than open market BTO) and subsequent market-based adjustments.
Working Assumptions
Assumption 1: The unit remains physically unaltered between exercises. The price differences reflect pricing policy rather than unit modifications.
Assumption 2: SERS initial pricing in 2022 may have incorporated different policy considerations compared to balance flat repricing in 2025-2026, potentially explaining the larger initial increase.
Timeline
- 2022: SERS offer accepted, Pine Ville pricing established, unit #24-163 priced at $550,200
- February 2025: First SBF exercise, unit repriced to $644,400, remains unselected
- February 2026: Second SBF exercise, unit repriced to $699,400, still available
What This Means for SERS Residents
For residents affected by the 562-565 AMK Ave 3 SERS, this pricing evolution illustrates several points:
- Initial SERS prices are not final market prices: Replacement project pricing can and does change between initial offer and subsequent exercises
- Unselected units follow market movements: Balance flats are repriced to reflect current conditions rather than locked to historical prices
- Timing affects price: Earlier selection exercises offered lower prices for the same units
- No guarantee of price stability: While SERS offers compensation based on original flat, replacement project prices evolve independently
The Larger Picture
Pine Ville @ AMK, as Singapore’s last SERS replacement project, provides a unique data point in public housing policy. Unit #24-163’s three-price history offers concrete evidence of how HDB approaches balance flat pricing across multiple exercises.
The 27.1% increase over approximately 3-4 years represents more than just inflation adjustment. It reflects HDB’s market-responsive pricing approach for unsold inventory, even within SERS replacement projects.
Sources
- HDB Sales of Balance Flats portal, February 2026 exercise
- Pine Ville @ AMK pricing data, February 2025 exercise
- SERS 2022 replacement offer documentation