Queenstown 5-room loft breaks national HDB record at S$1,658,888

If you’ve been following the HDB resale market, you’ll know that new all-time highs (ATHs) have been popping up quite frequently. But when it comes to national ATHs, it’s a much rarer sight. That’s why this S$1,658,888 sale in Queenstown is turning heads – it has just set a new national record.

A loft at SkyTerrace @ Dawson just sold for S$1,658,888

This record-setting deal was for a 5-room loft unit at SkyTerrace @ Dawson, located at Block 92 Dawson Road. Sitting on a mid-floor between levels 22 to 24, the flat spans a generous 1,313 square feet, which puts the price per square foot at S$1,263.

SkyTerrace @ Dawson is still relatively new – the lease officially began in 2016, so there’s still about 89 years and 11 months left, making it a long-term option for buyers looking for a well-located home in Queenstown.

A potential 100% profit for the seller

Back when SkyTerrace @ Dawson was first launched as a BTO project in December 2009, 5-room flats were going for around S$532,000. Fast forward about nine years, and one of those units just changed hands for S$1,658,888. 

That’s a massive increase of roughly S$1,126,888, which works out to a capital gain of about 102.87% – not counting agent commissions, legal fees, or any subsidies the original owner may have received under various HDB schemes.

Since the development only hit its Minimum Occupation Period (MOP) recently, it’s likely that this unit was sold by the original owner. If that’s the case, the seller could have walked away with over S$1 million in profit from this single sale.

On the flip side, the buyer may have had to fork out a sizeable Cash Over Valuation (COV). Based on 99.co’s X-Value Tool, the estimated market value of the unit is S$1,430,000 – which means the buyer could have paid around S$228,888 above that valuation just to secure the unit.

Don’t guess your selling price – know it. Use 99.co’s X-Value Tool. for a fast, reliable estimate in under a minute, with up to 98% accuracy.

Why are buyers paying top dollar at SkyTerrace @ Dawson

Located just an 8-minute walk from Queenstown MRT via the Park Connector, the project is well-connected. If you drive, key work hubs like Mapletree Business City, Mediapolis, and the CBD are only a short ride away.

Daily essentials are well within reach. Dawson Place, a small neighbourhood mall, is just 3 to 4 minutes away on foot, while SkyParc @ Dawson adds to the mix with a two-storey hawker centre featuring 40 stalls. 

If you’re up for a longer walk, Zion Riverside Food Centre and the revamped Great World City offer even more dining and shopping choices via the Park Connector. And 14 minutes away on foot, Anchorpoint Shopping Centre brings yet more retail and F&B options.

If you’re raising a family, you’ll find multiple childcare centres and kindergartens within 500m, including:

• E-Bridge Pre-School
• My First Skool
• MindChamps Preschool @ Tanglin
• PCF Sparkletots
• Queenstown Good Shepherd Kindergarten

As for primary schools, Queenstown Primary School is the only one within 1km, but Queenstown Secondary School is also within an 11-minute walk.

If you’re open to schools within a 1 to 2km range, you’ll find:

1. Alexandra Primary School
2. Blangah Rise Primary School
3. Gan Eng Seng Primary School
4. New Town Primary School
5. Zhangde Primary School

And for those who enjoy greenery, the estate features the Dawson Community Eco-Corridor (DCE) – a 200-metre-long eco-space built on a former 10-metre-wide stretch of Margaret Drive, right in front of blocks 89 to 91.

Is it the most expensive HDB flat in Singapore?

Not quite.

While this is now the most expensive 5-room HDB resale on record, it’s still not the priciest HDB flat ever sold in Singapore. That title belongs to a unit at SkyOasis @ Dawson, which sold for S$1.73 million in June 2024. SkyOasis is just a 9-minute walk away from SkyTerrace.

It’s worth noting, though, that the S$1.73M deal isn’t listed on HDB’s official transaction data. Meanwhile, the S$1,658,888 sale from SkyTerrace is currently the highest publicly recorded 5-room HDB resale transaction on HDB’s books.

Could the S$1.73M benchmark be surpassed soon?

It might happen sooner than you think.

Here’s a look at the top 10 most expensive HDB resale transactions so far:

Date	Address	Floor	Size (sqft)	Price	PSF	Type	TOP
06/2024	39 Margaret Drive	45	1,195	S$1.73M	S$1,444	5-Room	2021
06/2025	92 Dawson Road	22–24	1,313	S$1.659M	S$1,263	5-Room (Loft)	2016
01/2025	138A Lor 1A Toa Payoh	19–21	1,259	S$1.6M	S$1,270	5-Room (DBSS)	2012
06/2024	9B Boon Tiong Road	34–36	1,206	S$1.588M	S$1,316	5-Room	2016
06/2024	96A Henderson Road	46–48	1,216	S$1.588M	S$1,305	5-Room	2019
10/2024	126A Kim Tian Road	40–42	1,216	S$1.58M	S$1,299	5-Room	2013
01/2024	139A Lor 1A Toa Payoh	40–42	1,259	S$1.569M	S$1,246	5-Room (DBSS)	2012
05/2025	1G Cantonment Road	37–39	1,152	S$1.568M	S$1,361	5-Room	2011
07/2024	53 Jalan Ma’Mor	1–3	3,950	S$1.568M	S$396	HDB Terrace	N/A
07/2024	275A Bishan Street 24	37–39	1,292	S$1.568M	S$1,213	5-Room	2011

When this record-breaking deal at Margaret Drive first made the rounds, it stood out for good reason – the price gap was massive. 

At S$1.73 million, it was a full S$142,000 higher than the previous national all-time high of S$1.588 million, set by a 5-room flat in Tiong Bahru View. The spike was so significant that many brushed it off as a one-off case and assumed it wouldn’t happen again anytime soon.

For most of the past year, that assumption held up. 

Resale prices came close to the S$1.588 million mark, but none surpassed it – until January 2025, when a 5-room DBSS unit at The Peak @ Toa Payoh was sold for S$1.6 million. And now just five months later, SkyTerrace @ Dawson clocked a resale at S$1.659 million for a 5-room loft unit. That’s just about S$71,000 shy of the current record, or only a 4.29% difference.

So yes – the price gap is narrowing fast, and at this pace, a S$1.7 million sale might not be too far off.

That said, not every unit at SkyTerrace @ Dawson is commanding million-dollar prices. 

If this sounds way out of budget, don’t worry just yet.

If you’re still eyeing this development, you can find units for as low as S$698,000. And if you’re open to other projects in Queenstown, you’ll be glad to know that there are resale flats in the area starting from just S$350,000 – giving you the chance to live in a prime location without paying sky-high prices.

Interested in more All-Time High (ATH) covers? Head on over here!