While million-dollar HDB resale transactions are becoming more common, those crossing the S$1.5M mark remain rare. A recent sale of a 5-room unit in Queenstown managed to surpass this milestone, fetching S$1.55M. This transaction not only ranks as the most expensive HDB resale in Queenstown but also takes the 7th spot among the priciest resale flats in Singapore. Alongside this, another Queenstown executive flat (EXE) sold for S$1.35M, placing it among the top 10 transactions in the estate.
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The S$1.55M 5-room unit at Dover Gardens
This record-breaking unit is located in Dover Gardens, specifically at Block 28A, Dover Crescent. Situated on a high floor (between the 37th and 39th levels), the flat benefits from its elevated position in a project with approximately 40 stories. The unit spans 1,335 sqft, with a price per square foot (psf) of S$1,161.
Dover Gardens is a relatively young development, having its lease commence in 2012. This leaves about 86 years and 5 months on the lease.
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What did the buyer get for S$1.55M?
For families with older children, Dover Gardens offers significant advantages. The flat is a 3-minute drive from Singapore Institute of Technology (SIT) @ Dover and 6-minute drive to National University of Singapore (NUS). Additionally, Anglo-Chinese Junior College and Singapore Polytechnic are 3-5 minutes drive away.
If you’re raising younger kids, the location might feel less ideal compared to other projects with a wider range of nearby schools. Still, there are some options close by. Within 1 km, you’ll find Fairfield Methodist School (Primary). From 1–2 km, additional choices include Henry Park Primary School, New Town Primary School, and Pei Tong Primary School.
For childcare, there’s Little Seeds Preschool, located 0.162 km from Dover Gardens. The closest kindergarten is PCF Sparkletots Preschool @ Telok Blangah Blk 2, about 0.2 km away.
When it comes to primary schools, the closest is Fairfield Methodist School (Primary) within 1km. Within the 1km to 2km range, you’ll find Henry Park Primary School, New Town Primary School, and Pei Tong Primary School.
The nearest MRT station is Dover MRT, about a 3-minute drive away. While not within walking distance, cutting through the Singapore Polytechnic campus might help to mitigate this.
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Entertainment options include One Holland Village, The Star Vista and The Clementi Mall, all within a 5 to 8-minute drive. And if you’re looking for recreational activities, West Coast Park and Kent Ridge Park as part of the Southern Ridges trail are located 9-10 minutes away by car.
Another thing to note especially if you have your eye on the upcoming February BTO 2025 is that the neighbourhood will be a part of the launch. Likely classified under the Prime classification due to its location near Mei Chin Road, the upcoming BTO project will feature approximately 1,110 new flats, with a mix of 2, 3, and 4-room units. Around 450 of these will be 2-room flats, which could draw significant demand from singles working in the nearby city center due to the excellent connectivity and prime location.
All in all? The combination of established amenities and proximity to the city likely played a role in the buyer’s willingness to pay a premium S$1.55M for the 5-room unit.
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The S$1.35M Executive flat sale at Mei Ling Street is the 6th most expensive resale in Queenstown
This Queenstown EXE is located at Block 148, Mei Ling Street between the 19th and 21st levels. The unit is 1,604 sqft which translates to S$841 psf. The flat’s lease began in 1995, leaving about 70 years and 1 month on the lease – a reasonable duration for an EXE.
Interestingly, this transaction is the only EXE resale in Queenstown in the past 6 months, bringing the total number of EXE sales in 2024 for this estate to four. All were transacted within this same project but across different blocks.
Block 148, Mei Ling Street and its locale
What immediately stands out for this property is its daily convenience. The Queenstown MRT station is just a 3-minute walk from the block. For daily necessities, you’re also close to the Margaret Drive Market (5-minute walk) and Mei Ling Road Market (3-minute walk). Within 6-8 minutes drive, you can access to renowned hawker centres such as Alexandra Village Food Centre and ABC Brickworks Market and Food Centre.
Families with school-age children will find a decent selection of schools nearby, though primary school options are somewhat limited compared to other locations. Within a 1 km radius, you’ll find New Town Primary School and Queenstown Primary School. From 1 to 2 km, options expand slightly with Blangah Rise Primary School and Gan Eng Seng Primary School.
For shopping, Anchorpoint, IKEA Alexandra, and Holland Shopping Centre are within a 4 to 8-minute drive.
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Could these prices become the norm in Queenstown?
While this 5-room unit at Dover Gardens of S$1.55M now ranks as the 7th most expensive HDB resale in Singapore, the next highest sale was significantly lower – a S$1.253M transaction in April 2024. Both were 5-room units, but the S$1.253M flat was on a slightly lower floor (34th–36th), meaning the buyer of the S$1.55M unit paid S$297,000 (or 23.7%) more for a few higher floors.
Here are the top 5 sales in Dover Gardens so far:
| Date | Address | Floor | Size (sqft) | Price | Price (psf) | Type |
| 11/2024 | 28A Dover Crescent | 37-39 | 1,335 | S$1.55 M | S$1,161 | 5-room |
| 04/2024 | 28D Dover Crescent | 34-36 | 1,335 | S$1.253 M | S$938 | 5-room |
| 10/2024 | 28A Dover Crescent | 19-21 | 1,335 | S$1.24 M | S$928 | 5-room |
| 09/2024 | 28D Dover Crescent | 13-15 | 1,335 | S$1.169 M | S$875 | 5-room |
| 09/2024 | 28D Dover Crescent | 4-6 | 1,335 | S$1.168 M | S$874 | 5-room |
This dramatic price gap suggests that the S$1.55M sale may be an outlier, especially since there wasn’t a gradual price increase leading up to it. However, Singapore’s property market can be unpredictable, so it’s hard to say for sure. If you’re wondering whether such high prices will become the norm, you might find some comfort in current averages. For instance, 5-room units at Dover Gardens averaged S$1.12M in 2024, with listings on 99.co available for as low as S$880,000.
On the other hand, Mei Ling Street seems to have a more established track record when it comes to commanding high prices. The recent S$1.35M EXE wasn’t a huge leap, considering the 2024 average for EXEs in the area stands at S$1.252M. The buyer paid S$98,000, or 7.83%, above the average – a far smaller percentage increase compared to Dover Gardens.
What’s especially intriguing is how Mei Ling Street’s older EXEs continue to hold their ground, even against newer developments like SkyTerrace @ Dawson and SkyVille @ Dawson. According to Researcher, of the 26 transactions in Queenstown that exceeded S$1.25M, 6 were from Mei Ling Street. The others mostly involved premium loft apartments at SkyTerrace and SkyVille, with a few scattered exceptions. Over the past five years, EXE prices in Mei Ling Street have risen by 26.05%, demonstrating consistent demand for these larger, older units despite competition from newer properties.
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Dover Gardens price trend tells a different story. Prices for its 5-room units have surged by 49.24% over the past five years. A sharp jump occurred between 2022 and 2023, with prices climbing 27.58% in just one year. However, from 2023 to 2024, this trend showed signs of stabilising, with a more modest 9.46% increase.
What do you think about both the S$1.55M and S$1.35M sales from Queenstown? Share your thoughts in the comments section below or on our Facebook page.
About Sophiyanah David
Sophi, a seasoned copywriter specialising in Singaporean real estate and property, is one of the minds behind 99.co's informative articles. Like her colleagues at 99.co, Sophi is dedicated to keeping you informed about the ever-changing world of real estate so you can find your forever home. When off the clock, you can find her giggling and kicking her feet as she reads her romance novels, watching anime - if FMBA is not your fave, she might fight you (but you'll probably win) and looking up latest skincare trends.
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