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Someone in Singapore dropped S$1.42 million on a five-room HDB resale flat in Toa Payoh in end-June 2023.
Singapore's most expensive five-room resale
This tops the S$1.418 million five-room HDB resale flat at SkyTerrace@Dawson sold in 2022, making it the most expensive five-room resale flat sold in Singapore.
It is also the most expensive HDB resale flat in Toa Payoh, and the second most expensive HDB resale flat islandwide after a flat in Tiong Bahru that was sold around a week ago for S$1.5 million.
High floor unit
According to property websites SRX and 99.co, the Toa Payoh HDB resale is located on the top few floors of Blk 139B Lorong 1A Toa Payoh, between the 40th to 42nd storey.
Blk 139B is part of The Peak @ Toa Payoh development, which consists of five 40 to 42 storeys blocks and a total of 1203 HDB units, ranging from three- to five-rooms.
88 years left
The development was completed in 2012, hit the Minimum Occupation Period in 2017, and has about 88 years left in its 99-year lease.
According to SRX, the unit is 117 square metres, or around 1,259 square feet, which means it costs around S$1,128 per square foot.
Rare DBSS HDB
Additionally, the unit is known as a "premium HDB" as it is part of the Design, Build and Sell Scheme (DBSS) project.
Launched in 2005, DBSS units were sold by HDB but were developed and built by private developers.
These units are mostly in mature estates and were supposedly built with better and more high-quality designs to resemble condominium units.
The scheme was suspended in 2012, making DBSS units a rarity.
According to HDB, there are a total of 13 DBSS sites in Singapore.
HDB resale prices on the rise, albeit at a slower rate
The five-room HDB resale flat in Toa Payoh is but one of the many million-dollar HDBs in The Peak @ Toa Payoh, or in Toa Payoh for that matter.
According to 99.co, 10 units at The Peak have sold for over S$1 million in 2023 so far.
This accounts for almost one-third of the 32 million-dollar flats sold in Toa Payoh in the first half of 2023.
According to SRX, 174 HDB resale flats were sold for over S$1 million as of May 2023.
According to HDB's flash estimates published on Jul. 3, the prices of HDB resale flats rose by 1.4 per cent in the second quarter of 2023.
This is faster than the 1 per cent in the first quarter of 2023 but lower than the average quarterly growth of 2.5 per cent in 2022.
On the whole, HDB resale flat prices have increased for 13 consecutive quarters since the second quarter of 2020.
Million-dollar flats
Top image by Pei Lun and Daniel Sin from Google Maps