SINGAPORE: Housing and Development Board (HDB) resale flats continue to fetch top prices, with the latest record-breaking transaction being a four-room unit in Queenstown that fetched S$1,238,000.
“This sale not only establishes a new standard but also underscores the constant demand for prime residential locations in Singapore,” said property portal 99.co on Tuesday (April 16).
The 109 sqm flat changed hands earlier this month. It is located between the 19th and 21st floors of 90 Dawson Road, where units carry an average price of S$800,000.
99.co further noted that the S$1.238 million price tag is the highest ever for four-room flats in the area, largely due to its location, which is close to many amenities and has good connectivity, with the Queenstown MRT within walking distance.
A number of schools, groceries, clinics, and local parks are also conveniently located nearby.
Early last year, Dollars & Sense rated Queenstown as the number one most expensive HDB estate for 4-room resale flats, followed by Kallang/Whampoa, Toa Payoh, Bukit Merah, and Bishan, in that order.
One of Singapore’s most expensive resale flats, located in Queenstown, was sold in July 2022 for $1,418,000. It was a five-room premier apartment loft unit at SkyTerrace @ Dawson.
“Over time, Queenstown has consistently experienced an increase in real estate values.
The fact that a 4-room flat in this area has previously achieved an all-time high emphasises the sustained appeal of the neighbourhood, with prices reflecting the strong demand.
This latest transaction further affirms the trend, indicating a thriving local market that supports elevated property values,” added 99.co.
While the SkyTerrace @ Dawson flat held the record as the priciest HDB resale flat for a while, it has been surpassed with the sale of a 4-room HDB resale flat at Tiong Bahru. The buyer paid an eye-watering S$1.5 million last year.
The flat, located on the fourth floor of Blk 50 Moh Guan Terrace, captured attention for its price and age. Builed in 1973, the block the unit within has already completed 50 years out of its 99-year lease.
The price of HDB resale flats has risen for 16 consecutive quarters, and some in the industry expect it to increase by around five per cent this year.
“Taking various factors into consideration, it is expected that resale prices may rise moderately by up to 5 per cent in 2024. This increase is comparable to, or slightly lower than, the 4.9 per cent growth observed in 2023,” reads real estate company OrangeTee’s HDB Resale Trends Q1 2024. /TISG
Read also: Analysts expect HDB flats resale rise up to 5% this year