Toa Payoh 5-room DBSS flat changed hand at record high S$1.57 million

SINGAPORE: In January, a record-breaking resale flat transaction occurred for a five-room Design, Build, and Sell Scheme (DBSS) public housing unit at 139A Lorong 1 Toa Payoh, fetching a price of S$1,568,888.

This unit, situated on levels 40 to 42, holds the distinction of being the most expensive resale flat ever sold in Singapore, according to data available on the HDB official website.

Over the past three months, the data reveals that three five-room DBSS units within the same block were transacted, with prices ranging from S$1.075 million to S$1.33 million.

The Peak @ Toa Payoh, where this transaction took place, was completed in 2012, and the deal was facilitated by ERA Realty Network, as mentioned in a November 2023 press release.

As part of the DBSS scheme, this development is one of 13 projects in Singapore that combines public housing with private developer input.

The Peak @ Toa Payoh is composed of two blocks with 42 storeys each and three blocks with 40 storeys each, totalling 1,203 units ranging from three-room to five-room flats. A five-room unit in this development spans from 1,184 square feet (sq ft) to 1,259 sq ft.

Developed to offer HDB buyers condominium-style designs and amenities, The Peak @ Toa Payoh stands out for its modern layouts, quality finishings, and additional features that set it apart from typical HDB units.

The top-floor five-room flat involved in the record-breaking transaction likely provides additional perks, such as enhanced views and a sense of exclusivity.

Toa Payoh, the location of The Peak @ Toa Payoh, is one of Singapore’s oldest and most well-established residential towns, according to 99.co.

Its central location makes it highly desirable, providing residents with easy access to various parts of the city. Recognized for its blend of historical charm and modern amenities, Toa Payoh appeals to a diverse range of residents.

The town boasts excellent public transportation options, with nearby MRT stations such as Woodleigh, Caldecott, and Braddell ensuring strong connectivity to other parts of Singapore.

Furthermore, Toa Payoh offers various amenities, including shopping centres, schools, and recreational facilities, making it a convenient and attractive location for both families and professionals.

470 HDB resale flats sold for at least S$1 million in 2023

In 2023, there were 470 HDB resale flats sold for at least S$1 million, up from the 369 units sold in 2022, as disclosed by data from the Singapore Real Estate Exchange (SRX) on 7 January.

These million-dollar transactions constituted approximately 1.8% of the total resale transactions in 2023.

According to statistics released earlier by the HDB, the prices of HDB resale flats experienced a more modest increase of 4.9% in 2023, compared to the substantial 10.4% surge observed in 2022.

The HDB’s Resale Price Index (RPI) for the fourth quarter reached 180.4, reflecting a 1.1% increase over the third quarter of 202.

This growth rate is lower than the 1.3% recorded in the third quarter of 2023 and the average quarterly growth of 2.5% observed in 2022.

In terms of resale transactions, there was a 2.2% decline in the fourth quarter of 2023, with 6,547 cases compared to the 6,695 cases in the third quarter of the same year.

Additionally, when compared to the fourth quarter of 2022, resale transactions in the fourth quarter of 2023 were 0.8% lower.

This volume also represents the lowest fourth-quarter figure since 2020.

For the entire year of 2023, the total resale volume decreased by 4.2%, dropping from 27,896 cases to 26,735 cases, according to HDB.

HDB says the rate of increase in HDB resale prices has “continued to moderate”

HDB in the 26 January statement claimed that the rate of increase in HDB resale prices has continued to moderate following the Government’s implementation of a strong pipeline of housing supply, as well as cooling measures to promote a stable and sustainable property market.

“More broadly, as global economic activities are expected to ease further in 2024, and domestic mortgage interest rates remain elevated, households should continue to exercise financial prudence in their flat purchases. ”

HDB added that to meet the increased housing demand in recent years, HDB has ramped up the supply of Build-To-Order (BTO) flats and offered more than 63,000 flats in the last 3 years.

Another 19,600 BTO flats will be launched in 2024, of which 2,800 flats will have a shorter waiting time of less than 3 years.

“HDB will conduct three BTO exercises in February, June and October 2024. With three BTO launches this year instead of four, home buyers can look forward to a bigger housing supply at each launch. ”

In February 2024, HDB will offer about 4,100 BTO flats in Bedok, Queenstown, Choa Chu Kang, Hougang, Punggol and Woodlands.

About 1,500 flats will also be offered under the Sale of Balance Flats exercise across various towns/estates, to provide more options to home buyers.

“The supply is subject to review, as project details are firmed up closer to the launch date, ” added HDB in the statement.