Keeping up with the most expensive HDB flat ever sold is proving to be a challenge, as flats all over Singapore keep fighting valiantly for the title.

As of July 2022, we have a new record – a 5-room HDB flat at SkyTerrace @ Dawson has just topped the charts at a selling price of S$1,418,000.

This news comes just two months off the back of the sale of a 1,216 sq ft, 5-room flat located in City Vue @ Henderson. It sold for S$1.4 million in May 2022.

New record holder for Most Expensive HDB resale flat

The flat that notched the new high is a premium loft apartment on the high floor of 37 to 39. It spans 1,313 sq ft, which works out to be around S$1,080 psf.

Built in 2016, the HDB unit has a remaining lease of 92 years and 10 months.

The average price psf of 5-room units in the development has risen by a whopping 43.10% since Q4 2019. In contrast, the entire development as a whole has had a price appreciation of 29.25%.

Why the high price?

1. No average 5-room flat

Typically only found in private condos, HDB loft penthouse units are a rare breed. 5.4-metre floor-to-ceiling windows flood the apartment with abundant natural light and give the homeowner spectacular views.

Only 26 5-room loft penthouse units out of 758 units were built in SkyTerrace @ Dawson, making these houses even more exclusive and covetable. As soon as one hits the market, buyers fall over themselves to snap it up, and they don’t mind paying a premium.

So far, there have been 18 flats that exchanged hands for over a million dollars in the development.

2. Central location

Located in the Central region of Singapore, SkyTerrace @ Dawson is within walking distance to the East-West Line stations of Queenstown MRT and Redhill MRT.

Getting to Orchard Road is incredibly convenient, with the shopping belt just a 10-minute drive away.

3. Mature estate

Queenstown is a well-established town, with schools and amenities aplenty.

Queenstown Primary School, Queenstown Secondary School, Queensway Secondary School and Crescent Girls’ School are all within a 10-minute walking distance.

For daily grocery shopping, there are ten supermarkets all within 1km, including Sheng Siong, Giant, FairPrice and Cold Storage.

This makes it an attractive option for parents looking to settle down in an estate that can cater to all their needs.

4. Relatively new

SkyTerrace @ Dawson isn’t locked down under the Prime Location Housing (PLH) rules, which means the sellers can put it on the open market immediately after completing the 5-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.

Climbing HDB resale prices

Even as fewer units were sold, the prices of HDB flats keep steadily climbing to new heights. It rose 1.2% in June 2022, which was a jump from the 0.5% in May.

Just last month, 31 HDB resale flats were sold for at least S$1 million, one up from the 30 flats in May. Six were in Bishan and Bukit Merah, five were in the Central area, and four each in Ang Mo Kio and Kallang/Whampoa.

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