14-year-old Kallang DBSS flat sold for S$1.49 million

A Housing and Development Board (HDB) Design, Build, and Sell Scheme (DBSS) flat at Block 9 Boon Keng Road was sold for S$1.49 million in May 2025.

According to 99.co, the transaction set a new record for HDB resale flats in the estate.

The DBSS flat, a five-room unit situated between the 22nd and 24th floors of the 40-storey HDB block, spans 1,281 sq ft.

This comes up to around S$1,163 psf.

As the block was completed in 2011, the flat has around 85 years left on its lease.

Why the price?

According to 99.co, the transaction price of the DBSS flat did not come as a surprise, as the HDB estate, City View @ Boon Keng, has recorded a total of 93 transactions above S$1 million as of May 2025.

One factor that might have driven up demand for the block is its accessibility, as it lies within walking distance to both Boon Keng and Bendemeer 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.

DBSS projects are also limited in supply, as HDB discontinued the scheme in 2011, leaving only 13 areas in Singapore with such flats.

Over the last two years, several DBSS flats made headlines after they were sold above the million-dollar mark.

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

Similarly, a DBSS flat at Block 138A Lorong 1A Toa Payoh was sold for a record-breaking S$1.6 million in January 2025.

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, HDB flats with very high resale prices make up "a very small proportion of all transactions".

Lee added 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.

He noted that more than half of them 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."

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