FoundOnEdgeProp: HDB flats with record-breaking asking prices

By Elizabeth Choong

/ EdgeProp Singapore |

September 22, 2023 2:19 PM SGT

Tiong Bahru Estate has listings of HDB flats with asking prices of above $1.6 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Singapore (EDGEPROP) – The number of HDB flats that have fetched at least $1 million has seen an increase in recent years. Prior to 2021, the number of such sale transactions numbered less than 100 but surged to 316 and 394 transactions in 2021 and 2022, respectively. At the time of writing, 328 HDB flats were sold for at least $1 million this year.

Source: EdgeProp Shortlist Projects & Transactions

A four-room flat at 50 Moh Guan Terrace in Bukit Merah HDB town fetched the highest price of $1.5 million ($792 psf) among all HDB transactions that have taken place this year. The flat was built in 1973 and is a short walk away from the historic Tiong Bahru Estate, Tiong Bahru Market and Food Centre, as well as Tiong Bahru MRT Station.

Source: EdgeProp LandLens (as at 21 September 2023)

In this article, we combed through our sales listings and identified several HDB flats with asking prices above $1.5 million, and hence have the potential to set the next price ceiling for HDB flats.

Read also: First million-dollar resale flat in Sengkang sold

Charming Tiong Bahru Estate

At the time of writing, Tiong Bahru Estate, which is near Moh Guan Terrace, had two listings with asking prices that may potentially break records. A listing for a flat along Seng Poh Road had an asking price of $2.25 million ($1,286 psf), and another listing for a flat along Tiong Poh Road had an asking price of $1.68 million ($1,755 psf). Both flats have three bedrooms and tenures of 99 years that started in the 1960s.

The flat at Seng Poh Road with an asking price of $2.25 million (Photo: EdgeProp Singapore)

Flats in the historic Tiong Bahru Estate tend to fetch eye-watering prices because of the bohemian charm of the area and its proximity to numerous amenities, such as Tiong Bahru, Havelock, and Outram MRT Stations, Zhangde Primary School, Tiong Bahru Plaza, and Tiong Bahru Market.

Source: EdgeProp LandLens (as at 20 September 2023)

Five-room flats in Bukit Merah HDB town have the highest current average price of $724 psf compared to their counterparts in the Central Region ($708 psf) and islandwide ($540 psf). However, average prices for five-room HDB flats in Bukit Merah (16%) and the Central Region (19%) are growing more slowly than their islandwide counterparts (21%).

Source: EdgeProp Market Trends (as at 21 September 2023)

Rare large flats in Central Region

At the time of writing, there were two unique listings for executive maisonettes or apartments with asking prices above $1.5 million. Both listings are for flats in different HDB towns in the central region.

One listing is for a 1,582-sq ft executive maisonette at 261 Bishan Street 22 with an asking price of $1.98 million ($1,252 psf). The flat is on the top floor and has four bedrooms.

The executive maisonette at 261 Bishan Street 22 with an asking price of $1.98 million (Photo: EdgeProp Singapore)

The flat is conveniently located within walking distance of Bishan-Ang Mo Kio Park, Catholic High School, Whitley Secondary School, and Eunoia Junior College. The main drawback is the absence of a mall or an operational MRT station within walking distance.

Junction 8 is the closest mall, but it is a short drive away. The nearest MRT station is Teck Ghee MRT Station on the Cross Island Line, which is expected to be completed by 2030. However, the upcoming MRT station will not be within walking distance.

Source: EdgeProp LandLens (as at 22 September 2023)

On the flip side, the listing for a flat at 99C Lorong 2 Toa Payoh is located beside Braddell MRT Station. The 1,604-sq ft executive apartment had an asking price of $1.55 million ($966 psf) at the time of writing. The high-floor unit has four bedrooms.

The executive apartment at 99C Lorong 2 Toa Payoh with an asking price of $1.55 million (Photo: EdgeProp Singapore)

Parents will appreciate the presence of numerous reputable nearby schools within a 1km radius, including Raffles Institution, Marymount Convent School, Raffles Girls’ School (Secondary), and CHIJ Primary and Secondary (Toa Payoh). Other nearby amenities include Jackson Square as well as Toa Payoh West Market and Food Centre.

Source: EdgeProp LandLens (as at 22 September 2023)

The average price of executive HDB flats in the Central Region has increased by 25% since 2013, outperforming their counterparts in Toa Payoh (21%) but growing slightly slower than similar flats in Bishan (30%). Executive HDB flats in Bishan have the highest current average price at $679 psf, compared to similar flats in Toa Payoh ($632 psf) and the Central Region ($654 psf).