Unique Features and Prime Location Drive Demand for Resale Units
The competition among HDB flats to achieve the highest resale prices has reached new heights, with a unit near Dawson Place recently sold for a record S$1.4 million. This five-room flat at SkyTerrace @ Dawson, boasting 93 years remaining on its lease, fetched an impressive S$1,418,000 this month, quickly earning the nickname “the $1.4 million HDB flat” in real estate circles.
According to real estate website 99.co, several factors contributed to the unit’s remarkable sale price of approximately S$1,080 per square foot. First, this is no ordinary five-room flat; it is a unique HDB loft penthouse, featuring 5.4-meter floor-to-ceiling windows that fill the space with natural light and offer breathtaking views.
Additionally, there are only 26 of these exclusive units in SkyTerrace @ Dawson. “Whenever one becomes available, buyers are eager to snatch it up, often willing to pay a premium,” noted 99.co.
To date, 18 of these units have been sold for over a million dollars, further emphasizing their desirability. Located in Singapore’s central region, the property is conveniently situated within walking distance of the East-West Line stations at Queenstown and Redhill, and is also close to Orchard Road.
The Queenstown area is a well-established neighborhood, boasting numerous schools and amenities that enhance its appeal. Notably, SkyTerrace @ Dawson is not bound by the Prime Location Housing regulations, allowing sellers to list their units on the open market after completing the mandatory five-year minimum occupancy period.
“The unit is around seven years old, meaning it has minimal lease decay and retains strong resale value,” added 99.co. Despite a decline in the number of transactions, HDB flat prices continue to climb steadily. Prices increased by 1.2% in June 2022, a rise from the previous month’s 0.5%.
In June, a total of 31 HDB resale flats were sold for at least S$1 million, following another 30 units sold in May. Just last week, a 1,765 sq ft executive apartment HDB ground-floor flat in Block 608 Yishun Street 61 was sold for S$1 million, reflecting the robust demand in the HDB market.
