13-year-old Toa Payoh DBSS flat sold for record S$1.6 million

A Housing and Development Board (HDB) Design, Build, and Sell (DBSS) flat at Block 138A Lorong 1A Toa Payoh was sold for a record-breaking S$1.6 million in January 2025.

The flat, which is situated between the 19th and 21st floor of the 42-storey HDB block, spans 1,259 sq ft, according to 99.co.

This means that the unit was sold for S$1,270 per sq ft.

As the HDB block was completed recently in 2012, the flat has around 86 years and 6 months remaining on its lease.

Details of the flat

According to 99.co, the record-breaking transaction did not come as a surprise, as The Peak @ Toa Payoh has already been ranked as "a top performer" consistently in the high-value resale market.

In 2024, the property portal recorded seven of 23 transactions where the HDB flat was sold for more than S$1.5 million in this estate alone.

One factor that might have driven up the demand was its accessibility, as it lies in close proximity to Toa Payoh and Braddell MRT stations.

Additionally, the estate's status as a DBSS project, which is "known for modern layouts, larger sizes, and upgraded aesthetics", might also make it more appealing to prospective buyers.

As HDB discontinued the scheme in 2011, there are only 13 areas in Singapore with DBSS flats, making such units limited in supply, according to The New Paper.

In May 2024, a five-room DBSS flat in Block 275A Bishan Street 24 was similarly sold at a whopping S$1.5 million.

HDB flats with very high resale prices ‘a minority’

At a media briefing on Aug. 20, 2024, Minister for National Development Desmond Lee shared that while record HDB resale prices have frequently made headlines recently, flats with very high resale prices make up “a very small proportion of all transactions”.

Lee further stated that 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.

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”.

He said:

“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.”

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

Top image via Google Maps