5-room loft at SkyTerrace @ Dawson sold for S$1.69 million

A nine-year-old 5-room loft unit at SkyTerrace @ Dawson in Queenstown was sold for S$1,658,888.

The unit is located at Block 92 Dawson Road and is situated between the 22nd and 24th floor, according to 99.co.

The 5-room loft unit spans 1,313 sq ft and was sold at S$1,263 psf.

As tenancy officially began in 2016, the flat has around 89 years and 11 months left on its lease.

Seller might have received over S$1 million in profit

SkyTerrace @ Dawson was launched as a BTO project in December 2009, with 5-room units selling for around S$532,000.

This means that the unit was sold with about S$1,126,888 in profit, which works out to a capital gain of about 102.87 per cent, excluding agent fees, legal costs, or any subsidies the original owner may have obtained through various Housing & Development Board (HDB) schemes.

Given that the development has only recently reached its Minimum Occupation Period (MOP), the unit was likely sold by its original owner.

If that was the case, the seller could have received over S$1 million in profit from this transaction.

However, this also means that the buyer might have to pay a considerable Cash Over Valuation (COV).

According to 99.co's Property Value Tool, the unit's estimated market value is around S$1,430,000.

This means the buyer may have paid around S$222,888 above that valuation just to secure the unit.

Another Dawson unit sold for S$1.73 million

While the 5-room loft unit at SkyTerrace @ Dawson is currently the highest 5-room HDB resale transaction on public records, it is still not the most expensive HDB flat ever sold in Singapore.

The record is held by a unit at SkyOasis @ Dawson, which was sold for S$1.73 million in June 2024.

However, the S$1.73 million transaction isn't listed in HDB's official transaction data, according to 99.co.

SkyOasis is just a nine-minute walk from SkyTerrace.

Top image via Google Maps