4-room Toa Payoh flat sold for record S$1.2 million

A four-room Housing and Development Board (HDB) flat in Toa Payoh has changed hands for a record S$1.201 million.

Record price

The 1,000 sq ft resale flat at Block 130A Lorong 1 Toa Payoh has 93 years left on its lease and is situated between the 37th to 39th storey.

It is part of the Toa Payoh Crest estate, which was completed in 2018.

The flat was sold in September for S$1,200,888, making it the most expensive four-room flat to be sold in the area.

The record was previously held by a four-room flat in the neighbouring Block 131B, which was sold for S$1.2 million in June.

Good location

Toa Payoh Crest appears to be a highly-sought after estate for homebuyers.

Comprising four 40-storey blocks with a total of 1,007 units, the estate accounted for 16 million-dollar-flat transactions this year alone.

Based on Google Maps, Toa Payoh Crest is located in proximity to three MRT stations, Caldecott MRT, Braddell MRT and Toa Payoh MRT.

Currently, the plot of land next to the estate is undeveloped, providing an unblocked view of the city skyline.

It is also across the road from the Toa Payoh West Market and Food Centre, and two bus stops away from Toa Payoh Central.

HDB flats with very high resale prices 'a minority'

While record HDB resale prices frequently appear in headlines, units with very high resale prices make up "a very small proportion of all transactions", said Minister for National Development Desmond Lee on Aug. 20.

Such transactions make up only 0.5 per cent of all four-room or smaller flats transacted in the last two years, are very central, and are well served by transport connectivity and comprehensive amenities, he added.

Lee noted that more than half are also located on very high floors, above 30 storeys, and have good views.

However, they have caused Singaporeans to be concerned about "the affordability of resale flats as a whole":

"Flat sellers who are reading such news raise their expectations about how much the flat could bring, while flat buyers become anxious to secure flats before prices get higher.

If we are not careful, such market dynamics can cause the resale market to run out of line with economic fundamentals and cause a bubble."

Flats that cross the million-dollar mark make up about 2 per cent of all resale transactions over the last 1.5 years.

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Top image from Google Street View