SINGAPORE: A flat in Toa Payoh has made history by being sold for a record resale price of SGD$1.42 million for five-room Housing and Development Board (HDB) flats.
According to property portal 99.co, the unit, located at Block 139B, The Peak @ Toa Payoh, is part of an HDB Design, Build and Sell Scheme (DBSS) project completed in 2012 and has about 88 years left on its lease.
The unit spans the 40th to 42nd floors and has a floor area of 1,259 square feet, costing $1,128 per square foot.
In May this year, a five-room unit at Block 138A of The Peak @ Toa Payoh was sold for SGD$1.37 million, making it the most expensive resale flat for that month. The recent transaction price of the unit in Block 139B has now surpassed this figure.
This sale has also exceeded the previous record of SGD$1.418 million held by a 5-room HDB resale flat at SkyTerrace @ Dawson.
Despite the impressive price tag, the sale of a four-room HDB resale flat in Tiong Bahru for SGD$1.5 million in June still holds the record for the highest-priced HDB resale flat.
This flat is located on the fourth floor of Blk 50 Moh Guan Terrace, built in 1973 and has already completed 50 years out of its 99-year lease. The flat now has 48 years and eight months left on its lease, according to HDB’s resale price portal.
The sale of the 50-year-old flat in Tiong Bahru has caused a stir among property buyers and real estate experts alike, as properties with shorter remaining leases typically have lower demand and prices. This is especially true given the limited financing options available for older flats.
The record-breaking sale of the HDB flat in Toa Payoh, on the other hand, has been seen as a reflection of the strong demand for HDB resale flats in prime locations, despite the cooling measures implemented by the government to curb rising property prices.
4-room flat in Tiong Bahru fetches record breaking $1.5M price, despite being 50 years old