A five-room Housing & Development Board (HDB) flat in Toa Payoh recently changed hands for a whopping S$1,568,888.

This transaction tops all the charts, making it the most expensive HDB resale flat in Singapore and the most expensive five-room resale flat ever sold.

"Highly sought after" DBSS

The ERA Realty Network Pte Ltd (ERA) announced this in a press release on Nov. 9, 2023.

It said it was "proud to announce an extraordinary feat in the property market with the successful sale of a top-floor unit at The Peak, a highly sought-after Design, Build and Sell Scheme (DBSS) development in Toa Payoh."

What is DBSS?

The government launched DBSS units in 2005 but axed it a few years later after receiving complaints, particularly when a series of five-room DBSS flats at Centrale 8 in Tampines were opened for sale at S$880,000 in 2011.

Other complaints included poor design, workmanship and units riddled with defects.

As such, DBSS units are a rarity and there are only 13 DBSS projects, totalling 8,533 DBSS units available in Singapore.

Known as a "premium HDB flat", DBSS units are supposedly built with better and more high-quality designs to resemble condominium units and are mostly situated in mature estates.

The Peak, for instance, is located in Toa Payoh, a "highly sought-after address" with "comprehensive amenities", ERA said.

The premium associated with DBSS unit is reflected in the prices of its units; they are typically more expensive than HDB flats, but cheaper than condominiums.

Unit on top floor

According to ERA, the unit sold is located on the top floor.

The Peak @ Toa Payoh consists of five 40-to-42-storey blocks and a total of 1,203 HDB units, ranging from three- to five-rooms.

Responding to Mothership's queries, an ERA spokesperson clarified that the recently transacted unit was on the 40th floor.

More details about the unit

The Peak was completed in 2012, hit the Minimum Occupation Period in 2017, and has about 88 years left in its 99-year lease.

The size of the recently transacted unit spans between 114sqm and 117sqm, or between 1,227sqft and 1,259 sqft, according to The Peak's brochure.

More details about the transaction

Kingsley Zheng, the ERA agent who closed the sale, said:

"The sale of the top-floor unit at The Peak not only reflects the changing aspirations of homeowners but also establishes a new standard in the HDB property market."

ERA revealed that the sellers were a self-employed middle-aged couple who "decided to take their next step on the property ladder by upgrading to a private residence" whereas the buyers were upgrading from a four-room to a five-room flat.

The agency said that the sale "highlights the continual upward mobility and aspirations prevalent in Singapore's real estate landscape".

Other million-dollar resale HDBs

The second-highest transaction record for an HDB resale flat belongs to a unit at Block 50 Moh Guan Terrace.

The unit is a 1,894 sqft jumbo four-bedroom HDB on the highest floor of the four-storey block.

Another unit at The Peak holds the rank of third most expensive HDB resale flat.

This unit is also located on the top few floors, between the 40th to 42nd storey, and has five rooms.

Who's buying million-dollar resale HDBs

The Ministry of National Development (MND) previously revealed in a written parliamentary reply on Sep. 18, 2023 that the median age of the individuals buying million-dollar HDB resale flats was 40 years old in the last eight years.

94 per cent of buyers were Singaporeans while about 6 per cent were Permanent Residents.

These million-dollar HDB resale flat buyers over the last few years were also paying more cash upfront and in turn, taking smaller loans.

This was revealed in a written parliamentary reply on Nov. 7, 2023, where MND released data showing these buyers taking out smaller HDB loans over the last three years on average.

Million-dollar HDB club

Top image from JPG-Group website