SINGAPORE: Record-Breaking Sale

In a landmark deal that has caught the attention of the real estate market, a five-room Design, Build, and Sell Scheme (DBSS) flat in Toa Payoh has been sold for an astonishing $1.6 million. This sale not only sets a new record for resale prices in the area but also marks a pivotal moment in the history of Housing and Development Board (HDB) flats across Singapore.

This unprecedented transaction surpasses previous records, with the only higher sale being a five-room unit in Queenstown that sold for $1.73 million last year. The newly sold flat is located in The Peak @ Toa Payoh, situated on Lane 1A, and boasts a spacious 117 square meters, with enviable views from between the 19th and 21st floors. This flat also benefits from a remaining lease of 86 years and six months.

Significance of The Peak @ Toa Payoh

The Peak @ Toa Payoh has been recognized as a prime location within the market, consistently achieving impressive resale values. According to real estate insights platform 99.co, this development is among the top performers in the HDB resale sector; in fact, in 2024 alone, it accounted for seven of the 23 five-room flats sold for $1.5 million or more in the region.

Current Trends in HDB Flat Prices

Despite this remarkable sale, the title for the highest resale price of an HDB flat remains with the sale of $1.73 million at SkyOasis@Dawson in Queenstown, a record achieved in July 2024.

The spectacular achievement of the Toa Payoh flat sale underscores the increasing demand for high-end HDB properties, particularly in coveted locations like The Peak @ Toa Payoh. As interest in premium public housing options continues to grow, this trend signals a robust and competitive market for Singapore’s real estate sector.

In a time when property prices are on the rise, the trend of soaring resale values for DBSS flats indicates a shift in buyer preferences towards seeking out luxurious and well-located government-subsidized housing. As more affluent buyers enter the market, how much higher will prices soar? Stay tuned for more updates on this developing story!