5-room flat in Toa Payoh resold for over $1.56M, setting new HDB resale record

SINGAPORE: A five-bedroom top-floor unit in Toa Payoh has been sold for an impressive $1,568,888, breaking the record for the highest HDB resale price. The sale was confirmed by ERA Properties in a press release, highlighting the sustained demand and soaring prices in the HDB resale market.

The unit is at The Peak @ Toa Payoh, a design and build housing project located at Toa Payoh Lorong 1A. The Peak @ Toa Payoh project, completed in 2012, consists of five blocks ranging from 40 to 42 storeys, housing 1,203 three- to five-bedroom units. The specific unit that exchanged hands is located within one of the 40-storey HDB blocks, offering a panoramic view of the surrounding area.

ERA Properties said that the sellers, a self-employed middle-aged couple, decided to part with their spacious unit to make the leap to private housing while the buyers, currently residing in a four-room HDB flat, sought to upgrade to a more expansive five-room flat.

Kingsley, the agent overseeing the sale, found the buyers in less than two weeks, highlighting the swift pace of the HDB resale market.

The sale breaks the record for the highest HDB resale price, held for the past five months by a 50-year-old flat at Moh Guan Terrace. Despite lease decay concerns, several HDB properties islandwide are being resold for more than a million dollars, including older flats like the one at Moh Guan Terrace.

With approximately 88 years remaining on its property lease, the Toa Payoh unit is now a symbol of the red-hot HDB resale market, raising questions about the sustainability of these escalating prices and the broader implications for Singapore’s real estate landscape. The sale underscores the robust demand for housing in Singapore and the persistent surge in resale flat prices despite government cooling measures.