A few months back, an HDB flat in Bishan made news headlines for becoming Singapore’s most expensive 5-room resale flat, after it changed hands for $1.43 million.
Certainly not a small figure.
Yet, it seems that less than four months down the road, this particular record has already been shattered in its entirety.
A 5-Room HDB DBSS Flat in Toa Payoh Has Just Broken the Record as the Most Expensive HDB Resale Flat in Singapore
You read that right; a 5-room HDB DBSS flat in Toa Payoh has become the most expensive 5-room resale flat in Singapore, and the most expensive HDB resale flat here.
On 9 November 2023, the ERA Realty Network Pte Ltd (ERA) unveiled the staggering notion in a press release, revealing that a record transfer was made with the sale of a top-floor unit at The Peak.
The unit was reportedly sold for a monstrous S$1,568,888, making it the most expensive HDB resale flat on local soil. The previous record holder, a 4-room HDB flat at Tiong Bahru, was sold for S$1.5 million.
Facilitated by ERA agent Kingsley Zheng, the unit is located at The Peak, a DBSS development in Toa Payoh.
The recently transacted unit has been clarified to be on the 40th floor. The Peak boasts five 40-42-storey blocks and 1,203 units.
The sellers were apparently a self-employed middle-aged couple who had decided to upgrade to a private residence, while the buyers were formerly the owners of a four-room flat.
Lest you’re wondering about the incredibly steep price, you’ve to first recall that it’s not just a routine HDB flat, but an HDB DBSS flat.
Constructed by private property developers, these units were built in mature estates and are presumably of better quality and designs, which resemble condominium units.
First launched in 2005, the project was unfortunately axed years later.
As such, there are only 13 DBSS sites in Singapore. Apart from Toa Payoh, there are also DBSS blocks at Tampines, Boon Keng, Simei, Ang Mo Kio, Bishan, Yishun, Bedok, Yuan Ching, Hougang, Clementi and Pasir Ris.
In total, there are just 8,533 DBSS units available here.
Though more expensive than usual HDB flats, they’re still cheaper than condominiums.
This isn’t the first time a unit at The Peak has attracted attention either.
Before this latest development, and Bishan’s triumph before that, the record holder for the most expensive 5-room HDB resale flat in Singapore had been another top-floor unit at The Peak.
Small wonder, considering how The Peak has a modern design, is located in a relatively convenient spot and boasts comprehensive amenities.
Completed in 2012, The Peak achieved its Minimum Occupation Period in 2017. It currently has around 88 years left in its lease.