Record $1.56 mil for Toa Payoh DBSS flat 470 HDB sales in 2023

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SINGAPORE (EDGEPROP) – Less than a month into the new year, a new record price for a resale HDB flat has been set. A five-room design, build and sell scheme (DBSS) flat at 139A Lorong 1A Toa Payoh was sold for a record-breaking $1,568,888, based on caveats lodged as at Jan 26. It spans 1,259 sq ft, which translates to $1,246 psf on the floor area. Generally, these units have long remaining leases of 87 to 95 years.One unit is at 138B Lorong 1A Toa Payoh, just two blocks away from the record million-dollar flat. It is also a DBSS flat within The Peak @ Toa Payoh. The 1,216 sq ft flat was sold for $1.25 million ($1,028 psf) on Jan 22. He adds: “The flat was on the market for about a month and received many inquiries before it was sold.”While the group of buyers willing to fork out million-dollar sums to secure their choice flats has gradually increased over the past few years, overall, price growth in the HDB market largely moderated in 2023. The market saw resale flat prices increase by 4.9% in 2023, compared to the breakneck growth of 10.4% recorded in 2022. “The elevated interest rate situation and higher cost of replacement homes may have delayed some HDB owners’ upgrading plans.” — With additional reporting by Timothy Tay The Toa Payoh flat is located at The Peak @ Toa Payoh in District 12. According to ERA Singapore agent Kingsley Zheng who closed the sale, the flat’s high storey was a strong pull factor for the buyer. Speaking to EdgeProp Singapore, Zheng says that the buyers are locals in their mid-40s, who were looking to upgrade into a bigger property now that their two teenage children have grown up. Eight million-dollar flats sold in Toa Payoh this year Based on caveats lodged as at Jan 26, Toa Payoh has seen eight HDB resale deals exceed the million-dollar threshold so far this year. These involve DBSS and maisonette flats of 1,001 sq ft to 1,690 sq ft. The sellers had renovated the unit for more than $100,000 when they purchased the flat in 2018, says Zheng. He adds that in 2023, most milliondollar flat transactions were within mature estates such as Bukit Merah (62 units), Toa Payoh (57 units) and Kallang/Whampoa (54 units). Read also: HDB flash estimates show resale prices up 1% q-o-q in 4Q2023, and 4.8% y-o-y for the whole year Advertisement These three towns saw the greatest number of million-dollar HDB transactions, according to Lee Sze Teck, senior director of data analytics at Huttons Asia. He expects more than 500 million-dollar flats in 2024. As of Jan 26, there have been 56 million-dollar units lodged this year. “With the reclassification of flats from October this year, many owners are holding firm to their asking prices as their flats do not come with resale restrictions,” he says. According to the latest statistics published by HDB last month, there were 134 million-dollar resale HDB transactions in 4Q2023, a quarterly increase of 4.7% from the 128 million-dollar HDB resales lodged in 3Q2023. The market can expect to see this trend of million-dollar HDB resales continue in 2024, says Thomas Tan, CEO of Singapore Realtors Inc. He adds that the new record price for a resale HDB flat might spur some buyers and sellers to pursue more high-value transactions this year. “Given the estimated higher number of flats in Sengkang and Sembawang reaching their Minimum Occupation Period this year, and the growing number of transactions exceeding $900,000 in those estates, it is likely we may see our first million-dollar transaction there this year,” says Tan. COV occurs when a buyer agrees to a purchase price that is higher than HDB’s valuation of the unit. Housing statistics from the Ministry of National Development indicate that only 15% of flat buyers last quarter opted to pay COV on their property purchase, which is a 30% y-o-y decline. The increased supply of Build-To-Order (BTO) flats launched over the past three years and the strong pipeline of resale flats available in the market this year give buyers more options, says Lee.

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