The prices of HDB flats in Singapore have soared over the years. Recently, more and more million-dollar HDB flats have cropped up raising the eyebrows of Singaporeans.
One particular five-room HDB flat, located on Margaret Drive, has set a new HDB resale record.
“Premium” Five-room HDB Flat
The “premium” five-room HDB flat located at Skyoasis @ Dawson was sold for S$1.73 million on June 26. The 1,195 sq ft unit was sold at S$1,444 psf.
The sellers were a local family and the unit was sold after being in the market for under a month.
The 45th-floor corner unit also boasts high ceilings, which might explain why it fetched such a high price, among other reasons.
The initial asking price of the property was S$1.838 million. Two buyers offered bids before the unit closed at S$1,725,888.
The buyers are a family with young children who were attracted to the modern amenities nearby and its strategic location.
It is noted that a private property of similar size and age in this area would be priced at around S$3 million.
The Property
The 3.5-year-old unit still had 96 years remaining on its lease. The owners could sell the unit either seven years from registration, or five years from the date of key collection (whichever is earlier) as it is a replacement flat under the Selective En Bloc Redevelopment Scheme (SERS).
Skyoasis @ Dawson is a 1,192-unit HDB estate in District 3. It has six residential blocks ranging from 26 to 45 storeys, with two to five-room flats. It is a walking distance from Queenstown MRT and is located adjacent to Queenstown Primary School on Margaret Drive.
Surpasses Previous Record
This sale surpasses the previous record price in the HDB resale market: a 1,235 sq ft fiver-room unit at City Vue @ Henderson which was resold for S$1.588 million or S$1,285 psf.
Prior to that, a five-room flat at Tiong Bahru View at 9B Boon Tiong Road was sold for S$1.588 million or S$1,317 psf.
Million Dollar Flats Make Up The Minority
If you’re scratching your head and wondering how you or your children and their children are going to afford a house in the future, do not fret.
Minister for National Development Desmond Lee has assured us that million-dollar flats make up about 1 per cent of all resale transactions.
A Facebook post by the Ministry of National Development also pointed out that seven in 10 five-room and smaller resale flats transacted at below S$600,000 in 2023.
It added that there is a range of flats both in the resale and BTO market to suit different budgets and needs.
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