Toa Payoh HDB Flat reaches new high of $1.57m
A 5-room Design, Build and Sell Scheme Public Housing flat at 139A Lorong 1 Toa Payoh, sold for S$1,568,888, broke the record as the most expensive resale property in Singapore.
According to data the unit is located between 40 and 42 levels.
The property is located within The Peak at Toapayoh. The project was completed by 2012.
The DBSS scheme is a public housing program that is developed by private developers. Currently there are 13 of these projects in Singapore.
The development is made up of two 42-storey blocks and three 40-storey blocks. There are 1,203 units in total, from flats with three rooms to those with five.
A five room unit in the development can be found between 1,184 square foot (sq ft), and 1,259 sq ft.
This transaction broke the previous record of a four room jumbo Housing and Development Board flat at Mohguan Terrace that changed hands for S$1.5million.
The fourth-floor unit in TiongBahru has a total strata area measuring 1,894.5 sq.ft. This unit has a 99 year lease that began in 1973.
Owners become more optimistic when they find out that their neighbours recently sold their flats for over a million dollars. The new flat classification that is set to take effect in the second half of this year has led to many owners holding firm to asking prices, because they do not have resale restrictions.
Huttons’ data showed that 470 condos sold at S$1 million and above in 2023 were 27,4 percent more than those sold in the year 2022. The figures represent only 1.8% of the total.
As of January 26, HDB flats were worth 56 millions dollars.
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