A resale five-room flat in Boon Tiong Road in Tiong Bahru has been resold for S$1,588,000.

It is the highest price ever paid for a Housing and Development Board (HDB) flat that was resold in Singapore.

The transaction was reported by The Business Times, citing data from PropNex Realty, which announced on Apr. 30 that one of its property agents oversaw the unit’s transaction on Apr. 28.

More than 90 years of its lease left

The 112 sq m unit, with more than 90 years of its lease left, is located at Tiong Bahru View above the 35th floor of Block 9B Boon Tiong Road.

It is a stone's throw from Tiong Bahru Plaza.

The building has 40 storeys of flats.

Its 99-year lease started from January 2016.

Tiong Bahru View comprises blocks 9A, 9B, 10A and 10B.

Replacement housing

Tiong Bahru View is the replacement housing site for blocks at 110, 111, 113 and 114 Bukit Merah View, which were demolished.

The Bukit Merah View flats fell under the selective en bloc redevelopment scheme.

Flats sought after

PropNex added that 43 HDB flats in Tiong Bahru View have sold for at least S$1 million since July 2018, BT reported.

Excluding the latest deal, Block 9B Boon Tiong Road alone saw 13 million-dollar resale flats sold.

These included three four-room flats and 10 five-room flats.

The previous record for the priciest flat resold was S$1,569,000, which was for a five-room Design, Build and Sell Scheme flat in Lorong 1A Toa Payoh in January 2024.

The Ministry of National Development (MND) previously revealed in a written parliamentary response on Sep. 18, 2023 that the number of resale flats sold for S$1 million or more made up less than 1 per cent of registered transactions between July 2015 and June 2023.

Top photo via Google Maps