Record S$1.57 million Toa Payoh HDB flat sale marks new resale high
A FIVE-ROOM Design, Build and Sell Scheme (DBSS) public housing flat at 139A Lorong 1 Toa Payoh was transacted for S$1,568,888 in January, breaking the record for the most expensive resale flat sold in Singapore.
The unit is located at levels 40 to 42, said Lee Sze Teck, Huttons Asia’s senior director for data analytics.
Based on an earlier press release in November 2023, the deal was brokered by ERA Realty Network and the unit is located at The Peak @ Toa Payoh, which was completed in 2012.
Flats built under the DBSS scheme are meant for public housing and developed by private developers. There are currently 13 such projects in Singapore.
The development consists of two blocks of 42 storeys each and three blocks of 40 storeys each, with a total of 1,203 units, ranging from three-room to five-room flats.
A five-room unit at the development has sizes that range from 1,184 square feet (sq ft) to 1,259 sq ft.
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Lee said that the transaction topped the previous high achieved by a four-room jumbo Housing and Development Board (HDB) flat at 50 Moh Guan Terrace which changed hands for S$1.5 million.
That unit in Tiong Bahru is located on the fourth floor, with a strata area of 1,894.5 sq ft. It has a 99-year lease, commencing from 1973.
“Owners’ expectations are raised when they see that their neighbours have sold their flat for a million dollars or more,” noted Lee. And, with recent changes to new flat classification kicking in later this year, “many owners are holding firm to their asking prices as their flats do not come with resale restrictions”, he added.
Huttons’ data showed that for 2023, there were a total of 470 flats that were sold for S$1 million or more, which was 27.4 per cent higher than the number sold in 2022. However, these figures only accounted for 1.8 per cent of the total transactions in 2023, said Lee.
As at Jan 26, there have been 56 million-dollar HDB flat transactions, said Huttons.
