Toa Payoh 5-room DBSS flat listed for astonishing S$2 million

SINGAPORE: The Singaporean community was stunned to discover a 5-room Design, Build and Sell Scheme (DBSS) flat at block 138B Lorong 1A Toa Payoh listed for an astonishing S$2 million on popular property platforms like PropertyGuru and 99.co.

Should this property sell at such an exorbitant price, it would set yet another remarkable milestone in HDB resale flat sales, eclipsing all prior records and propelling Singapore to a staggering S$2 million benchmark.

In Singapore, the record for the priciest resale flat in Singapore is held by a five-room DBSS flat in Toa Payoh, which was sold for S$1,568,888  in January 2024.

According to its listing on 99.co, the 1,258 sq ft unit at The Peak @ Toa Payoh boasts “rare”, “high ceiling”, and “high floor with million dollar view”.

The unit comprises three bedrooms, a study room, and a utility room.

Moreover, its convenient location offers easy access to various amenities including shopping malls, supermarkets, and the Toa Payoh MRT station, all within walking distance.

HDB records indicate that over the past year, around 19 5-room flats on Lorong 1A Toa Payoh have been transacted for sums exceeding a million dollars, with the aforementioned S$1.57 million DBSS flat at The Peak among the notable sales.

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

Completed in 2012, The Peak @ Toa Payoh comprises 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.

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 March, a total of 61 flats exchanged ownership for at least a million dollars, constituting three percent of the overall resale transactions for that month.

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. ”