Keeping up with the most expensive HDB flat ever sold is proving to be a challenge, as flats all over Singapore keep fighting valiantly for the title.
As of July 2022, we have a new record – a 5-room HDB flat at SkyTerrace @ Dawson has just topped the charts at a selling price of S$1,418,000.
New record holder for Most Expensive HDB resale flat
The flat that notched the new high is a premium loft apartment on the high floor of 37 to 39. It spans 1,313 sq ft, which works out to be around S$1,080 psf.
Built in 2016, the HDB unit has a remaining lease of 92 years and 10 months.
The average price psf of 5-room units in the development has risen by a whopping 43.10% since Q4 2019. In contrast, the entire development as a whole has had a price appreciation of 29.25%.
Why the high price?
1. No average 5-room flat
Typically only found in private condos, HDB loft penthouse units are a rare breed. 5.4-metre floor-to-ceiling windows flood the apartment with abundant natural light and give the homeowner spectacular views.
Only 26 5-room loft penthouse units out of 758 units were built in SkyTerrace @ Dawson, making these houses even more exclusive and covetable. As soon as one hits the market, buyers fall over themselves to snap it up, and they don’t mind paying a premium.
So far, there have been 18 flats that exchanged hands for over a million dollars in the development.
2. Central location
Getting to Orchard Road is incredibly convenient, with the shopping belt just a 10-minute drive away.
3. Mature estate
Queenstown is a well-established town, with schools and amenities aplenty.
Queenstown Primary School, Queenstown Secondary School, Queensway Secondary School and Crescent Girls’ School are all within a 10-minute walking distance.
For daily grocery shopping, there are ten supermarkets all within 1km, including Sheng Siong, Giant, FairPrice and Cold Storage.
This makes it an attractive option for parents looking to settle down in an estate that can cater to all their needs.
4. Relatively new
SkyTerrace @ Dawson isn’t locked down under the Prime Location Housing (PLH) rules, which means the sellers can put it on the open market immediately after completing the 5-year Minimum Occupancy Period.
The unit is around seven years old, which means there’s minimal lease decay and thus still holds excellent resale value.
Climbing HDB resale prices
Even as fewer units were sold, the prices of HDB flats keep steadily climbing to new heights. It rose 1.2% in June 2022, which was a jump from the 0.5% in May.
Just last month, 31 HDB resale flats were sold for at least S$1 million, one up from the 30 flats in May. Six were in Bishan and Bukit Merah, five were in the Central area, and four each in Ang Mo Kio and Kallang/Whampoa.
Properties for sale at SkyTerrace @ Dawson
When do you think a new record for an HDB resale flat will be set? Let us know in the comments section below.
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Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.
Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
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