5-room Ang Mo Kio DBSS flat sold for record S$1.48 million

A five-room Housing and Development Board (HDB) flat in Ang Mo Kio recently changed hands for a jaw-dropping S$1.48 million.

According to analysts Shin Min Daily News (Shin Min) spoke to, this transaction is an exception as it is rare to have a buyer pay this amount for an HDB flat.

The sale

Sold in February 2025, the high-floor unit is situated at 588D Ang Mo Kio St 52, in the Park Central@AMK Design Build and Sell Scheme (DBSS) estate.

It has 85 years and seven months left on its lease, according to HDB's resale statistics.

The unit has a floor area of 119 sqm (1280 feet), which works out to about S$1,156 psf.

This beats out the previous record of S$1.268 million for a five-room HDB flat sold in Ang Mo Kio in March 2024.

In February, another five-room Ang Mo Kio flat in the same Park Central@AMK estate was sold for more than S$1 million.

It was a middle-floor unit located in a neighbouring block, 588B, that sold for S$1.12 million.

Expensive sales in estate

According to StackedHomes, Park Central@AMK was completed in July 2011.

It comprises four 30-storey blocks with 578 units in total.

Of these, more than 400 were five-room flats, and the rest were four-room flats.

10 of the 11 five-room flat transactions from the estate in the past year have been made for more than S$1 million.

Great location

A possible reason for the high prices in the estate is its enviable location.

StackedHomes noted that the estate enjoys close proximity to amenities such as the Cheng San Market and Food Centre, a supermarket and eateries. It's also just an eight-minute walk via a sheltered walkway to AMK Hub .

The mall is connected to Ang Mo Kio bus interchange and Ang Mo Kio MRT station.

The estate is also a short walk from Ang Mo Kio Town Garden East — a draw for nature lovers.

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, 2024.

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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