New HDB resale high S$1.57 million in Toa Payoh in 2023
In 2023, 470 apartments were sold at a price of S$1,000,000 or higher, which is 27.4% more than in 2022. These figures only represent 1.8 percent of all transactions in 2023.
On Jan. 26, HDB flats worth 56 million dollars were sold.
Private developers build flats under the DBSS program for public housing. There are 13 projects of this type in Singapore.
The project consists of three blocks, each 40 stories high, and two blocks, each 42 floors tall. There are 1,203 apartments, from 3-room to 5-room flats.
The size of a five-room apartment at this development can range from 1,184 sq ft to 1,259 square ft.
The previous record was a four-room HDB jumbo flat at Moh Guan terrace, which sold for S$1.5million.
In January, a five-room Design, Build and Sell Scheme public housing flat located at 139A Lorong 1 Toa Payoh sold for S$1,568,888, breaking the record of the most expensive resale apartment in Singapore. The unit is located on levels 40 to 42.
According to an earlier press announcement in November 2023 the deal was brokered by ERA Realty Network. The unit is located in The Peak @ Toa Payoh which was completed in 2012.
This unit is located in Tiong Bahru on the 4th floor with a strata of 1,894.5 sq. ft. The lease is for 99 years, starting in 1973.
When owners see that their neighbors have sold their apartment for more than a million dollars, they are encouraged to raise their expectations. Many owners will not lower their asking price as they are aware that the new flat classifications, which come into effect later this year, do not have resale restrictions.
