Million-dollar HDB resales seem to be on a roll and this month, in particular, we’re seeing a rise in Executive flat (EXE) sales. Just recently, we covered the sale of an EXE in Sengkang that became the first in the estate to cross the million-dollar threshold. This sale followed an EXE unit in Ang Mo Kio recorded at S$1.32M. This time, a low-floor EXE in Toa Payoh sold for S$1,238,888, making it the second executive flat in the estate to break the S$1.2M mark. This sale also marks the highest price paid for an EXE in the estate so far.
Table of Contents:
- The S$1,238,888 has about 67 years remaining lease
- What’s nearby Toa Payoh Palm Spring?
- What are the current buying trends in Toa Payoh?
- So, what could be the decision behind the S$1.239M sale?
The S$1,238,888 has about 67 years remaining lease
Located in Block 99C on Lorong 2 Toa Payoh, the unit is situated on the 7th to 9th floor of the Toa Payoh Palm Spring. With a size of 1,593 square feet, the S$1,238,888 price equals to about S$777.54 per square foot (psf).
The property’s lease commenced in 1993, leaving around 67 years and 9 months remaining.
This is not the first time an EXE unit in Block 99C has crossed the S$1.2M mark either. Earlier this year, in April, another unit in the same block sold for S$1.212M, or S$755 psf. This means that both the S$1.2M EXE units in the estate hail from the same project and block.
The earlier sale involved a slightly larger unit (1,604 sqft) on a higher floor (13th to 15th). And despite being on a lower floor and marginally smaller, the current S$1.239M buyer paid S$26,888 more for the unit.
This might raise eyebrows, especially considering the current market trend of buyers being more price-conscious with ample new project options available. So, why would someone pay more for a smaller, older unit?
Check your affordability with 99.co’s affordability calculator!
What’s around Toa Payoh Palm Spring?
Toa Payoh Palm Spring appears to be particularly well-suited for families seeking spacious accommodation with convenient amenities. EXEs themselves are larger than the average HDB flat, and this project offers additional perks thanks to its surroundings.
Residents enjoy easy access to public transportation, with Braddell MRT station just a 4-minute walk away. A little further afield, about a 5-minute drive, are the Toa Payoh MRT and Caldecott MRT stations. Toa Payoh MRT connects to the North-South Line, and Caldecott MRT provides access to both the Circle and Thomson-East Coast Line (TEL).
Looking for a property close to an MRT station of your choice? Check out 99.co’s MRT map here.
For daily needs, residents can visit nearby hawker centres and markets, such as the Toa Payoh West Market and Food Centre, which are just a 6-minute walk away and offer around 40 stalls. The Block 75 Lorong 5 Toa Payoh Food Centre, Toa Payoh Lorong 8 Market & Hawker Centre and Kim Keat Palm Market & Food Centre are minutes drive away.
And for those seeking retail therapy, a range of shopping malls are a short drive away, including Toa Payoh Central (3 minutes), Velocity @ Novena Square (7 minutes), Junction 8 (8 minutes), NEX @ Serangoon (10 minutes) and AMK Hub (11 minutes).
But what truly sets this project apart is its proximity to educational institutions. According to the HDB website, numerous childcare centres and kindergartens surround the area, which is perfect for young families. The list includes Deerland Pre-School Pte Ltd, Carpe Diem Schoolhouse Pte Ltd, My First Skool (with two locations nearby), and Jessin Kindergarten.
For primary schools within a 1km radius, you’ll find established institutions, like CHIJ Primary (Toa Payoh), First Toa Payoh Primary School, Kheng Cheng School, Marymount Convent School, and Pei Chun Public School. A little further, there are more options, including Catholic High School, Kuo Chuan Presbyterian Primary School, and St. Gabriel’s Primary School.
Properties for you in Toa Payoh Palm Spring
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What are the current buying trends in Toa Payoh?
So far, 141 transactions for 5-room flats and 40 for 4-room flats in Toa Payoh have crossed the S$1 million mark. However, only 27 Executive Apartment (EXE) transactions have done the same, including the recent S$1.239 million sale.
Let’s break this down with some data from 99.co’s Researcher.
When looking at 5-room flats and EXEs in Toa Payoh, sorted by price in descending order, the top sale was a S$1.569 million Design, Build and Sell Scheme (DBSS) unit at The Peak @ Toa Payoh. Following this top transaction, there were 35 more sales, all DBSS units, priced between S$1.569 million and S$1.239 million. Among these 35 DBSS transactions, only one unit was larger than the EXE’s 1,593 square feet – a 1,711 square feet unit. The rest were closer to 1,200 square feet.
So, why are buyers leaning towards smaller DBSS units? It likely comes down to what matters most to them. Despite being smaller, DBSS projects like The Peak @ Toa Payoh might be more appealing due to factors like a longer remaining lease or a prime location with excellent amenities. Toa Payoh offers a wide range of desirable properties, and some buyers are willing to pay a premium for a location that perfectly meets their needs.
Looking for HDB flats that MOP-ed recently? Check out our article here: Full list of BTO projects hitting MOP in 2024/2025 & Our top picks near the MRT
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So, what could be the decision behind the S$1.239M sale?
For families, the larger space an EXE offers can be a significant draw, especially considering the higher cost of similarly sized condos. In 2024, the average condo price in Singapore is S$2,016,092, compared to S$1,781,350 in Toa Payoh.
While it’s common to think that leasehold property values decline as the lease shortens, market conditions and location often play a bigger role. In strong markets, the impact of a shorter lease can be less noticeable, and prices may still rise due to factors like economic growth and demand for desirable properties.
Recent evidence from a Business Times article supports this, as older leasehold properties have sometimes appreciated in value despite shorter leases, driven by market conditions. Between 1995 and 2006, older leasehold properties did see a decline in value, but since 2007, external factors have contributed to price increases. A study of 15 ageing condominiums found that prices had risen across the board in the last decade, even as leases shortened.
While it’s true that financing options can be limited for properties with less than 30 years left on the lease, the decision ultimately depends on the buyer’s goals. For those seeking spacious living at a more affordable price, older EXE units can be attractive. Investors might also consider these units as rental yields could potentially increase to offset future value declines, though saleability might be a concern in weaker markets.
Ultimately, the choice to buy an EXE with a shorter lease is a mix of personal preference, finances, and market awareness. The appeal of space, location, and amenities can often outweigh concerns about the remaining lease term, especially in a vibrant area like Toa Payoh.
Interested in upcoming new launches for the year? Take a look at your options here: Upcoming new launches: New Launch condos in H2 2024
Would you rather buy an older, more spacious EXE unit or a smaller, pricier DBSS with a longer lease? Share your thoughts in the comments section below or on our Facebook page.
The post This low-floor, 32 YO EXE is the second sale of its kind above S$1.2M in Toa Payoh appeared first on .
