It appears that HDB flats are engaged in competition to fetch the highest resale price, with a new record set at S$1.4 million for a unit not far from Dawson Place. A five-room Housing and Development Board flat at SkyTerrace @ Dawson, with 93 years left on its lease, was sold for S$1,418,000 this month. The flat, now often referred to as the $1.4 million HDB flat, is causing quite a stir in the real estate community.
Real estate website 99.co reported that the $1.4 million HDB flat had at least four reasons it was sold for about S$1,080 per square foot.
The property is “no average five-room flat” as an HDB loft penthouse unit is a “rare breed.” It has 5.4-metre floor-to-ceiling windows giving the homeowners abundant natural light and spectacular views.
There are also only 26 of these units at the SkyTerrace @ Dawson. “As soon as one hits the market, buyers fall over themselves to snap it up, and they don’t mind paying a premium,” said 99.co.
To date, 18 of the units have exchanged ownership for over a million dollars.
The property not far from Dawson Place is located in the central region of Singapore and is within walking distance from the East-West Line stations of Queenstown and Redhill. It’s also accessible to Orchard Road.
The Queenstown area is a well-established town with multiple schools and amenities, making the location more attractive.
Lastly, SkyTerrace @ Dawson isn’t locked down under the Prime Location Housing rules, meaning sellers can put it on the open market after completing the five-year minimum occupancy period.
“The unit is around seven years old, which means there’s minimal lease decay and thus still holds excellent resale value,” said 99.co.
Even as fewer units were sold, the prices of HDB flats keep steadily climbing to new heights. It rose 1.2 per cent in June 2022, which was a jump from the 0.5% in May, noted 99.co.
A total of 31 HDB resale flats were sold for at least S$1 million last month, and another 30 units were sold in May.
Just last week, it was reported that a 1,765 sq ft executive apartment HDB ground-floor flat in Block 608 Yishun Street 61 was recently sold for S$1 million./TISG
Ground floor Yishun flat sold for S$1 million, netizens question buyer’s decision