5-room flat in Toa Payoh sold for record-breaking $1.6 million

SINGAPORE: A five-room Design, Build, and Sell Scheme (DBSS) flat in Toa Payoh has been sold for $1.6 million, setting a new record for resale prices in the area.

The sale marks a significant milestone for HDB (Housing and Development Board) flats in Singapore, with this being the first instance of such a flat reaching the $1.6 million mark, aside from the $1.73 million sale of a five-room unit in Queenstown last year.

The unit, located at The Peak @ Toa Payoh on Lane 1A, spans 117 square meters and is situated between the 19th and 21st floors. The remaining lease on the property stands at 86 years and six months. The flat was sold earlier this month, according to the HDB’s official website.

The Peak @ Toa Payoh has gained a reputation for fetching high prices on the resale market. Real estate platform 99.co reported that the development is among the top performers in terms of resale prices. In 2024, seven out of 23 five-room flats in the area that were resold for $1.5 million or more came from The Peak @ Toa Payoh.

However, the highest resale price for an HDB flat in Singapore remains the $1.73 million sale of a five-room unit at SkyOasis@Dawson in Queenstown, which took place in July 2024.

The record-setting transaction in Toa Payoh highlights the continued demand for high-end HDB flats, particularly in sought-after developments like The Peak @ Toa Payoh, signaling robust market interest in premium public housing options.