Toa Payoh HDB flat sets new record at $1.57m

A five-room Design, Build and Sell Scheme, or DBSS, public housing apartment at 139A Lorong 1 Toa Payoh, was transacted in January for S$1,568,888, which broke the record for the highest resale price in Singapore.

According to data, it is believed that the unit is located at levels 40-42.

The deal, according to a press release from November 2023, was arranged by ERA Realty Network. The property, located at The Peak @ Toapayoh in 2012, was completed.

Private developers are responsible for the construction of flats that fall under the DBSS. Singapore has 13 such projects.

The development comprises two blocks each with 42 storeys. Three blocks each have 40 storeys. A total of 1,203 apartment units are available, ranging from 3 to 5 room flats.

The five-room units at the project range in size between 1,184 sq. feet (sq. ft.) and 1,259 sq. ft.

This transaction exceeded the previous high of S$1.5million for a four bedroom jumbo HDB flat located at Moh Guan Terrance.

This unit in Tiong bahru, Singapore is located on floor four. It has a strata surface of 1,894.5 ft2. The 99-year lease began in 1973.

Owners are surprised when their neighbours sell their apartment for more than a million dollar. In addition, he noted that with the new flat classifications coming into effect later in the year, many owners will be sticking with their asking prices since they don’t have any restrictions on resale.

Huttons data showed that there were 470 units sold for S$1,000,000 and more in 2023. That’s a 27.4% increase over 2022. This figure only represents 1.8 percent (or 470 flats) of all the transactions that took place in 2023.

As of 26 January, HDB flats sold for more than 56 million dollars.

Read up more on : Tembusu Grand