This time, apart from the national record transaction at Margaret Drive, a Design, Build and Sell (DBSS) flat in The Peak @ Toa Payoh has crossed the S$1.5 million barrier that dominated sales throughout 2024, making it Singapore’s first S$1.6M transaction.
Table of contents
- The first S$1.6M HDB resale transaction
- The most expensive HDB resale still stands strong at S$1.73M
- The last HDB resale record within S$1.5M stood at S$1.588M
- There were more than 20 S$1.5M HDB resale transactions in 2024
- Is it really that far out for The Peak @ Toa Payoh to make a S$1.6M sale?
- Could this record sustain through the year, or will another sale break through?
The first S$1.6M HDB resale transaction
The transaction in question involved a property at The Peak @ Toa Payoh, specifically Block 138A, located at Lorong 1A. The unit sold was situated between the 19th and 21st floors. While there are higher floors available, this mid-range elevation offers a decent view. The unit spans 1,259 square feet (sqft), selling for a price of S$1.6M. This translates to S$1,270 per square foot (psf).
At the time of sale, the project had 86 years and 6 months remaining on its 99-year lease, which is considered quite generous.
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The most expensive HDB resale still stands strong at S$1.73M
Back in June last year, an eye-popping HDB resale transaction caught everyone’s attention when a flat sold for a staggering S$1.73 million. The sale sparked plenty of buzz among market watchers and netizens alike.
Let’s revisit the details: this record-breaking transaction involved a unit on Margaret Drive, spanning 1,195 sqft and fetching S$1,444 psf. It dethroned the previous national high of S$1.588 million.
Located on the 45th floor, the flat stood out for its modern features and prime location near Queenstown MRT station and Queenstown Primary School. Despite an initial asking price of S$1.838 million, it was snapped up within a month, demonstrating the strong demand for well-located, high-quality properties.
At the time, the S$1.73 million sale raised questions about whether it was a one-off anomaly or a sign of shifting market dynamics. The lack of subsequent transactions matching or exceeding this record suggests the former. While this sale remains a milestone, it may be better understood as an exceptional case rather than a harbinger of new market trends.
Read more: New HDB ATH record set: S$1.73M for a 5-room SkyOasis @ Dawson unit
The last HDB resale record within S$1.5M stood at S$1.588M
Since the S$1.73M sale on Margaret Drive was somewhat of an outlier, let’s focus on a more consistent benchmark: the S$1.588M high and the broader trend of S$1.5M transactions that defined much of last year.The S$1.588M record was set by two Bukit Merah transactions in June 2024, both involving 5-room units. The first unit was from Tiong Bahru View, located on a high floor of a 40-storey building. This transaction involved a unit measuring 1,206 sqft, selling for S$1,317.93 psf.
The second unit hailed from Block 96A in City Vue @ Henderson. Positioned among the highest floors (46th to 48th), the 1,216 sqft flat fetched S$1,305.56 psf.
Read more about these two transactions here:
At S$1.588M, this 5R HDB in Bukit Merah is Singapore’s most expensive resale flat
Bukit Merah matches yet another national high as City Vue @ Henderson hits S$1.588M
So, what stands out here is that The Peak @ Toa Payoh’s sale is only S$12,000 (or 0.755%) higher than the previous record. This begs the question: why did it take so long for a sale to surpass the S$1.6M mark, especially even with the S$1.73M sale already paving the pathway?
There were more than 20 S$1.5M HDB resale transactions in 2024
One of the more intriguing trends in 2024 was the number of sales crossing the S$1.5M threshold. By the end of the year, there were over 20 such transactions:
| Date | Address | Block | Floor | Size (sqft) | Price | Price (psf) | Type |
|---|---|---|---|---|---|---|---|
| 01/2025 | Lorong 1A Toa Payoh | 138A | 19 – 21 | 1,259 | S$1.6 M | S$1,270 | 5-room |
| 06/2024 | Boon Tiong Road | 9B | 34 – 36 | 1,206 | S$1.588 M | S$1,316 | 5-room |
| 06/2024 | Henderson Road | 96A | 46 – 48 | 1,216 | S$1.588 M | S$1,305 | 5-room |
| 10/2024 | Kim Tian Road | 126A | 40 – 42 | 1,216 | S$1.58 M | S$1,299.34 | 5-room |
| 01/2024 | Lorong 1A Toa Payoh | 139A | 40 – 42 | 1,259 | S$1.569 M | S$1,246 | 5-room |
| 07/2024 | Jalan Ma’mor | 53 | 1 – 3 | 3,950 | S$1.568 M | S$396 | 3-room |
| 07/2024 | Bishan Street 24 | 275A | 37-39 | 1,292 | S$1.568 M | S$1,213 | 5-room |
| 11/2024 | Dover Crescent | 28A | 37 – 39 | 1,335 | S$1.55 M | S$1,161 | 5-room |
| 11/2024 | Cantonment Road | 1D | 43 – 45 | 1,130 | S$1.543 M | S$1,365 | 5-room |
| 01/2024 | Lorong 1A Toa Payoh | 138C | 31 – 33 | 1,259 | S$1.54 M | S$1,223 | 5-room |
| 06/2024 | Lorong 1A Toa Payoh | 139A | 31 – 33 | 1,259 | S$1.54 M | S$1,223 | 5-room |
| 10/2024 | Cantonment Road | 1F | 43 – 45 | 1,152 | S$1.54 M | S$1,336 | 5-room |
| 12/2024 | Bishan Street 24 | 275A | 31 – 33 | 1,292 | S$1.539 M | S$1,191 | 5-room |
| 06/2024 | Bishan Street 24 | 275A | 28 – 30 | 1,292 | S$1.538 M | S$1,190 | 5-room |
| 09/2024 | Cantonment Road | 1D | 37 – 39 | 1,152 | S$1.515 M | S$1,315 | 5-room |
| 05/2024 | Cantonment Road | 1C | 37 – 39 | 1,141 | S$1.515 M | S$1,327 | 5-room |
| 06/2024 | Lorong 1A Toa Payoh | 138C | 34 – 36 | 1,227 | S$1.504 M | S$1,225 | 5-room |
| 05/2024 | Bishan Street 24 | 286 | 22 – 24 | 1,851 | S$1.5 M | S$810 | Executive |
| 06/2024 | Henderson Road | 95C | 40 – 42 | 1,216 | S$1.5 M | S$1,233 | 5-room |
| 12/2024 | Lorong 1A Toa Payoh | 139A | 31 – 33 | 1,227 | S$1.5 M | S$1,222 | 5-room |
| 10/2024 | Lorong 1A Toa Payoh | 138B | 31 – 33 | 1,227 | S$1.5 M | S$1,222 | 5-room |
| 11/2024 | Cantonment Road | 1G | 40 – 42 | 1,141 | S$1.5 M | S$1,314 | 5-room |
| 05/2024 | Bishan Street 24 | 275A | 22 – 24 | 1,292 | S$1.5 M | S$1,160 | 5-room |
Interestingly, the S$1.5M milestone didn’t creep in slowly; it entered with a bang. January 2024 saw two standout sales right at the start: one at S$1.569M and another at S$1.54M. This quick climb set the tone for what seemed like an unstoppable rise, yet the S$1.6M barrier remained untouched throughout the year, never even breaching the S$1.59M mark.
So, why didn’t the market enter the S$1.6M milestone sooner? While there’s no clear answer, it’s possible that buyers saw this figure as somewhat of a psychological barrier. Perhaps the turn of the year brought a shift in sentiment – new year, new barrier?
Is it really that far out for The Peak @ Toa Payoh to make a S$1.6M sale?
In short, no.
The Peak @ Toa Payoh has consistently been a top performer in the high-value resale market. Out of the 23 S$1.5M transactions recorded last year, 7 originated from this development, the highest count for any single project. Close competitors include Pinnacle @ Duxton with 5 transactions, Natura Loft with 4, and City Vue @ Henderson with 2. Given this track record, it’s no surprise that The Peak was the one to break the record.
Additionally, The Peak’s status as a DBSS project enhances its appeal. These flats, no longer produced, are known for their modern layouts, larger sizes, and upgraded aesthetics. With their exclusivity and better amenities, DBSS units often attract buyers willing to pay a premium, whether for personal use or investment.
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Location is another crucial factor. The Peak @ Toa Payoh, situated in the Core Central Region (CCR), offers proximity to schools and convenient access to MRT stations via Braddell and Toa Payoh MRT stations, making it highly accessible for residents to commute across Singapore.
Finally, the project has a history of high expectations. In April last year, a unit at The Peak @ Toa Payoh was listed for a staggering S$2M, sparking public debate. While the listing was eventually withdrawn due to its unrealistic price, the fact that such a price was even attempted speaks volumes about the perceived value of this development.
Read more: The S$2M HDB listing in The Peak@Toa Payoh – ambitious or inevitable?
However, the buyers may have paid a significant amount in Cash Over Valuation (COV). According to 99.co’s Researcher and Property Valuation Tool, the average price for 5-room units at The Peak @ Toa Payoh is around S$1.3M. This suggests that the buyer of this S$1.6M unit may have paid a COV of approximately S$300,000.
For those unfamiliar, COV arises when the resale price exceeds HDB’s valuation of the flat. Buyers must pay this difference in cash upfront, as it cannot be covered by grants, CPF, or housing loans.
When purchasing a resale HDB flat, buyers must submit a valuation request to HDB after agreeing on the price with the seller and paying the option fee. If the valuation comes in lower than the agreed price, as in this case, the buyer has to cover the shortfall with COV. In this instance, if the unit sold for S$1.6M but was valued at S$1.3M, the buyer would have had to pay the S$300,000 difference upfront.
Could this record sustain through the year, or will another sale break through?
Will the S$1.6M milestone hold steady throughout 2025, or could we see more sales crossing S$1.7M? Honestly, given that this transaction occurred at the year’s start, it seems unlikely that we won’t see more records being set as the year progresses.
Last year alone saw several high-value sales. However, as mentioned in our Year-End Review, if condominiums regain favour due to decreasing SORA rates and improved affordability, the million-dollar HDB market may experience a slowdown. Buyers may begin to reassess the appeal of older HDB flats against the amenities and investment potential of private properties.
Read more: Singapore Property Market Year-End Review 2024 And 2025 Outlook
What do you think? Will we see more S$1.7M record this year? Share your thoughts in the comments section below or on our Facebook page.
The post The Peak @ Toa Payoh DBSS sells at S$1.6M, Singapore’s first HDB sale at this price point appeared first on .
