Toa Payoh HDB Flat marks new resale high at $1.57m

A five-room Design, Build and Sell Scheme flat (DBSS), located in Toa Payoh at 139A Lorong 1, was sold in January for S$1,568,888, shattering the previous record for most expensive resale condo in Singapore.

According to data, the unit is said be located on levels 40 to 42.

The deal was brokered in November 2023 by ERA Realty Network. The apartment is located at The Peak@ Toa Payoh and was completed in 2012.

The DBSS is a private developer-led scheme that builds flats for public housing. There are 13 projects of this type in Singapore.

The building consists two blocks with 42-storeys and three blocks with 40-storeys, totaling 1,203 flats, ranging in size from three-rooms to five-rooms.

A five-room home at the development is available in sizes ranging from 1,184 square feet to 1,259 sq. ft.

This transaction was higher than the previous highest achieved by a 4-room HDB flat in Moh Gwan Terrace, which was sold for S$1.5million.

The unit in Tiongbahru is on the fourth-floor, and has a strata space of 1,894.5 square feet. It is leased for 99 years starting from 1973.

Owners expect more when they hear that neighbours sold their apartments for $1 million or higher. With the recent changes to flat classifications that will kick in later this summer, “many homeowners are holding fast to their asking prices because their flats come without resale limitations”, he said.

Huttons’ data shows that, in 2023, 470 flats were sold for S$1million or more. This is 27,4% higher than what was sold in 2022. But these figures only made up 1.8 per cent in total 2023 transactions.

As of Jan. 26, HDB flats have sold for 56 million dollars.

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