5-room DBSS in Natura Loft Bishan sold for S$1.5M, new record for the estate

SINGAPORE: The sale of a 5-room DBSS flat in Natura Loft, Bishan, for S$1.5 million (approximately US$1.11 million) has set a new record for the estate, underscoring the increasing value of prime HDB flats in Singapore.

Situated on the 22nd to 24th floors of Block 275A, the flat spans 1,292 square feet and commands a price per square foot (psf) of S$1,160, according to property portal 99.co.

Despite starting its lease in 2011, this unit still boasts a generous remaining lease of 86 years and 4 months, a testament to its longevity.

Last month, a five-room flat at 9B Boon Tiong Road was sold for S$1.588 million, setting a new record for the highest-priced HDB resale unit in Singapore.

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

This isn’t the first time Natura Loft has achieved such a milestone; it has consistently ranked as one of the most expensive sales in Bishan and occasionally across all of Singapore.

A check on the HDB portal, between June 2023 and May of this year, at least nine DBSS flats or maisonette units in Bishan St 24 sold for over S$1 million, with the recent transaction reaching S$1.5M.

Five of these were resale flats from Natura Loft.

In September 2023, a 5-room HDB flat at Natura Loft 273B fetched a staggering S$1.43 million, further highlighting the desirability of properties in this development.

The impressive sale of these 5-room flats can be attributed, in part, to the unique attributes of the DBSS scheme.

99.co highlighted several advantages of Natura Loft for potential homebuyers.

Firstly, its location along Bishan Street 24 offers a tranquil living environment, as it is nestled in a dead-end with no other residential developments nearby.

Secondly, the convenience of nearby amenities adds to its appeal, with Bishan MRT station just 797 meters away and several bus stops within walking distance.

For families, the abundance of nearby schools, including Catholic High School, Whitley Secondary School, and many others, is a major draw, making it an ideal location for families with school-going children.

In February this year, a Bishan HDB executive maisonette, situated at Block 286, Bishan Street 24 sold at S$1.48 million (approximately US$1.1 million)

In October 2023, another maisonette unit located at 278 Bishan Street 24 changed hands at S$1.45 million (approximately US$1.05 million).

Authorities flagged two S$2M HDB flats listings as misleading, unrealistic asking price

Earlier this month, Singapore authorities flagged two HDB flats priced at S$2 million as misleading with ‘unrealistic asking price.’

One listing, marketed as a jumbo flat, comprised two adjacent five-room flats in Sengkang. The other, located in Toa Payoh, had an “unrealistic asking price.”

The listing on the PropertyGuru platform, claiming to be for a 2,400 sq ft jumbo flat in Block 314C Anchorvale Link with six bedrooms and four bathrooms, was deemed “misleading” by the authorities, as there are no such flats in the block.

HDB, along with the Ministry of National Development (MND) and the Council for Estate Agencies (CEA) further addressed the recent listing of a 5-room Design, Build and Sell Scheme (DBSS) flat at block 138B Lorong 1A Toa Payoh.

Priced at S$2 million, the listing stands nearly half a million dollars above the highest transacted price in the area.

The joint statement acknowledged that the agent who listed the flat had promoted it as a value-for-money proposition.

Nonetheless, despite the unit’s attractive attributes, the three government bodies highlighted that many property experts deem this assertion unrealistic.

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 per cent of the overall resale transactions for that month.

In April, 68 HDB resale flats were sold for at least $1 million each, surpassing March’s 61 transactions.

Among these, 24 were four-room units, 22 were five-room flats, and 22 were executive apartments.

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.