Queenstown 5-room loft breaks national HDB record at $1.65m, Money News
If you've been following the HDB resale market, you'll know that new all-time highs (ATHs) have been popping up quite frequently.
But when it comes to national ATHs, it's a much rarer sight. That's why this $1,658,888 sale in Queenstown is turning heads — it has just set a new national record. A loft at SkyTerrace @ Dawson just sold for $1,658,888
This record-setting deal was for a 5-room loft unit at SkyTerrace @ Dawson, located at Block 92 Dawson Road. Sitting on a mid-floor between levels 22 to 24, the flat spans a generous 1,313 sq ft, which puts the price per square foot at $1,263.
SkyTerrace @ Dawson is still relatively new — the lease officially began in 2016, so there's still about 89 years and 11 months left, making it a long-term option for buyers looking for a well-located home in Queenstown. A potential 100% profit for the seller
Back when SkyTerrace @ Dawson was first launched as a BTO project in December 2009, 5-room flats were going for around $532,000. Fast forward about nine years, and one of those units just changed hands for $1,658,888.
That's a massive increase of roughly $1,126,888, which works out to a capital gain of about 102.87 per cent — not counting agent commissions, legal fees, or any subsidies the original owner may have received under various HDB schemes.
Since the development only hit its Minimum Occupation Period (MOP) recently, it's likely that this unit was sold by the original owner. If that's the case, the seller could have walked away with over $1 million in profit from this single sale.
On the flip side, the buyer may have had to fork out a sizeable Cash Over Valuation (COV). Based on 99.co's Property Value Tool, the estimated market value of the unit is $1,430,000 — which means the buyer could have paid around $228,888 above that valuation just to secure the unit. Why are buyers paying top dollar at SkyTerrace @ Dawson
Located just an 8-minute walk from Queenstown MRT via the Park Connector, the project is well-connected. If you drive, key work hubs like Mapletree Business City, Mediapolis, and the CBD are only a short ride away.
Daily essentials are well within reach. Dawson Place, a small neighbourhood mall, is just three to four minutes away on foot, while SkyParc @ Dawson adds to the mix with a two-storey hawker centre featuring 40 stalls.
If you're up for a longer walk, Zion Riverside Food Centre and the revamped Great World City offer even more dining and shopping choices via the Park Connector. And 14 minutes away on foot, Anchorpoint Shopping Centre brings yet more retail and F&B options.
If you're raising a family, you'll find multiple childcare centres and kindergartens within 500m, including: E-Bridge Pre-School
My First Skool
MindChamps Preschool @ Tanglin
PCF Sparkletots
Queenstown Good Shepherd Kindergarten
As for primary schools, Queenstown Primary School is the only one within 1km, but Queenstown Secondary School is also within an 11-minute walk.
If you're open to schools within a 1 to 2km range, you'll find: Alexandra Primary School Blangah Rise Primary School Gan Eng Seng Primary School New Town Primary School Zhangde Primary School
And for those who enjoy greenery, the estate features the Dawson Community Eco-Corridor (DCE) — a 200-metre-long eco-space built on a former 10-metre-wide stretch of Margaret Drive, right in front of blocks 89 to 91. Is it the most expensive HDB flat in Singapore?
Not quite.
While this is now the most expensive 5-room HDB resale on record, it's still not the priciest HDB flat ever sold in Singapore. That title belongs to a unit at SkyOasis @ Dawson, which sold for $1.73 million in June 2024. SkyOasis is just a 9-minute walk away from SkyTerrace.
It's worth noting, though, that the $1.73 million deal isn't listed on HDB's official transaction data. Meanwhile, the $1,658,888 sale from SkyTerrace is currently the highest publicly recorded 5-room HDB resale transaction on HDB's books. Could the $1.73m benchmark be surpassed soon?
It might happen sooner than you think.
Here's a look at the top 10 most expensive HDB resale transactions so far: Date Address Floor Size (sqft) Price PSF Type TOP 06/2024 39 Margaret Drive 45 1,195 $1.73m $1,444 5-Room 2021 06/2025 92 Dawson Road 22–24 1,313 $1.659m $1,263 5-Room (Loft) 2016 01/2025 138A Lor 1A Toa Payoh 19–21 1,259 $1.6m $1,270 5-Room (DBSS) 2012 06/2024 9B Boon Tiong Road 34–36 1,206 $1.588m $1,316 5-Room 2016 06/2024 96A Henderson Road 46–48 1,216 $1.588m $1,305 5-Room 2019 10/2024 126A Kim Tian Road 40–42 1,216 $1.58m $1,299 5-Room 2013 01/2024 139A Lor 1A Toa Payoh 40–42 1,259 $1.569m $1,246 5-Room (DBSS) 2012 05/2025 1G Cantonment Road 37–39 1,152 $1.568m $1,361 5-Room 2011 07/2024 53 Jalan Ma'Mor 1–3 3,950 $1.568m $396 HDB Terrace N/A 07/2024 275A Bishan Street 24 37–39 1,292 $1.568m $1,213 5-Room 2011
When this record-breaking deal at Margaret Drive first made the rounds, it stood out for good reason — the price gap was massive.
At $1.73 million, it was a full $142,000 higher than the previous national all-time high of $1.588 million, set by a 5-room flat in Tiong Bahru View. The spike was so significant that many brushed it off as a one-off case and assumed it wouldn't happen again anytime soon.
For most of the past year, that assumption held up.
Resale prices came close to the $1.588 million mark, but none surpassed it — until January 2025, when a 5-room DBSS unit at The Peak @ Toa Payoh was sold for $1.6 million.
And now just five months later, SkyTerrace @ Dawson clocked a resale at $1.659 million for a 5-room loft unit. That's just about $71,000 shy of the current record, or only a 4.29 per cent difference.
So yes — the price gap is narrowing fast, and at this pace, a $1.7 million sale might not be too far off. That said, not every unit at SkyTerrace @ Dawson is commanding million-dollar prices.
If this sounds way out of budget, don't worry just yet.
If you're still eyeing this development, you can find units for as low as $698,000. And if you're open to other projects in Queenstown, you'll be glad to know that there are resale flats in the area starting from just $350,000 — giving you the chance to live in a prime location without paying sky-high prices.
[[nid:718518]]
This article was first published in 99.co .
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Independent Singapore
11 hours ago
- Independent Singapore
Queenstown 5-room flat resold for S$1.66 million, setting new record
SINGAPORE: A five-room loft unit at SkyTerrace@Dawson has fetched a staggering S$1,658,888, setting a new record for the highest resale price of a five-room HDB flat according to official data released by the Housing and Development Board (HDB). The premium loft apartment, located on the 22nd to 24th floors of Block 92 Dawson Road, spans 122 square metres and is part of the highly sought-after SkyTerrace@Dawson development in Queenstown. The sale was completed earlier this month. Built under HDB's Build-To-Order (BTO) scheme as part of its efforts to rejuvenate mature estates, SkyTerrace@Dawson is known for its award-winning architecture, greenery-lined sky terraces, and proximity to amenities such as Queenstown MRT and Dawson Place. The unit is approximately nine years old and still has 89 years and 11 months left on its 99-year lease. While the sale marks a new high in HDB's public resale transaction records for five-room flats, it falls just shy of an even higher-profile transaction from last year. In July last year, a five-room flat at SkyOasis@Dawson was reportedly sold for nearly S$1.73 million, drawing attention for being the priciest HDB resale flat on record. However, that sale doesn't show up in HDB's official transaction database. Such high resale prices have sparked ongoing debate. As more million-dollar flats hit the market, questions about the affordability of HDB flats persist.
AsiaOne
16 hours ago
- AsiaOne
Queenstown 5-room loft breaks national HDB record at $1.65m, Money News
If you've been following the HDB resale market, you'll know that new all-time highs (ATHs) have been popping up quite frequently. But when it comes to national ATHs, it's a much rarer sight. That's why this $1,658,888 sale in Queenstown is turning heads — it has just set a new national record. A loft at SkyTerrace @ Dawson just sold for $1,658,888 This record-setting deal was for a 5-room loft unit at SkyTerrace @ Dawson, located at Block 92 Dawson Road. Sitting on a mid-floor between levels 22 to 24, the flat spans a generous 1,313 sq ft, which puts the price per square foot at $1,263. SkyTerrace @ Dawson is still relatively new — the lease officially began in 2016, so there's still about 89 years and 11 months left, making it a long-term option for buyers looking for a well-located home in Queenstown. A potential 100% profit for the seller Back when SkyTerrace @ Dawson was first launched as a BTO project in December 2009, 5-room flats were going for around $532,000. Fast forward about nine years, and one of those units just changed hands for $1,658,888. That's a massive increase of roughly $1,126,888, which works out to a capital gain of about 102.87 per cent — not counting agent commissions, legal fees, or any subsidies the original owner may have received under various HDB schemes. Since the development only hit its Minimum Occupation Period (MOP) recently, it's likely that this unit was sold by the original owner. If that's the case, the seller could have walked away with over $1 million in profit from this single sale. On the flip side, the buyer may have had to fork out a sizeable Cash Over Valuation (COV). Based on Property Value Tool, the estimated market value of the unit is $1,430,000 — which means the buyer could have paid around $228,888 above that valuation just to secure the unit. Why are buyers paying top dollar at SkyTerrace @ Dawson Located just an 8-minute walk from Queenstown MRT via the Park Connector, the project is well-connected. If you drive, key work hubs like Mapletree Business City, Mediapolis, and the CBD are only a short ride away. Daily essentials are well within reach. Dawson Place, a small neighbourhood mall, is just three to four minutes away on foot, while SkyParc @ Dawson adds to the mix with a two-storey hawker centre featuring 40 stalls. If you're up for a longer walk, Zion Riverside Food Centre and the revamped Great World City offer even more dining and shopping choices via the Park Connector. And 14 minutes away on foot, Anchorpoint Shopping Centre brings yet more retail and F&B options. If you're raising a family, you'll find multiple childcare centres and kindergartens within 500m, including: E-Bridge Pre-School My First Skool MindChamps Preschool @ Tanglin PCF Sparkletots Queenstown Good Shepherd Kindergarten As for primary schools, Queenstown Primary School is the only one within 1km, but Queenstown Secondary School is also within an 11-minute walk. If you're open to schools within a 1 to 2km range, you'll find: Alexandra Primary School Blangah Rise Primary School Gan Eng Seng Primary School New Town Primary School Zhangde Primary School And for those who enjoy greenery, the estate features the Dawson Community Eco-Corridor (DCE) — a 200-metre-long eco-space built on a former 10-metre-wide stretch of Margaret Drive, right in front of blocks 89 to 91. Is it the most expensive HDB flat in Singapore? Not quite. While this is now the most expensive 5-room HDB resale on record, it's still not the priciest HDB flat ever sold in Singapore. That title belongs to a unit at SkyOasis @ Dawson, which sold for $1.73 million in June 2024. SkyOasis is just a 9-minute walk away from SkyTerrace. It's worth noting, though, that the $1.73 million deal isn't listed on HDB's official transaction data. Meanwhile, the $1,658,888 sale from SkyTerrace is currently the highest publicly recorded 5-room HDB resale transaction on HDB's books. Could the $1.73m benchmark be surpassed soon? It might happen sooner than you think. Here's a look at the top 10 most expensive HDB resale transactions so far: Date Address Floor Size (sqft) Price PSF Type TOP 06/2024 39 Margaret Drive 45 1,195 $1.73m $1,444 5-Room 2021 06/2025 92 Dawson Road 22–24 1,313 $1.659m $1,263 5-Room (Loft) 2016 01/2025 138A Lor 1A Toa Payoh 19–21 1,259 $1.6m $1,270 5-Room (DBSS) 2012 06/2024 9B Boon Tiong Road 34–36 1,206 $1.588m $1,316 5-Room 2016 06/2024 96A Henderson Road 46–48 1,216 $1.588m $1,305 5-Room 2019 10/2024 126A Kim Tian Road 40–42 1,216 $1.58m $1,299 5-Room 2013 01/2024 139A Lor 1A Toa Payoh 40–42 1,259 $1.569m $1,246 5-Room (DBSS) 2012 05/2025 1G Cantonment Road 37–39 1,152 $1.568m $1,361 5-Room 2011 07/2024 53 Jalan Ma'Mor 1–3 3,950 $1.568m $396 HDB Terrace N/A 07/2024 275A Bishan Street 24 37–39 1,292 $1.568m $1,213 5-Room 2011 When this record-breaking deal at Margaret Drive first made the rounds, it stood out for good reason — the price gap was massive. At $1.73 million, it was a full $142,000 higher than the previous national all-time high of $1.588 million, set by a 5-room flat in Tiong Bahru View. The spike was so significant that many brushed it off as a one-off case and assumed it wouldn't happen again anytime soon. For most of the past year, that assumption held up. Resale prices came close to the $1.588 million mark, but none surpassed it — until January 2025, when a 5-room DBSS unit at The Peak @ Toa Payoh was sold for $1.6 million. And now just five months later, SkyTerrace @ Dawson clocked a resale at $1.659 million for a 5-room loft unit. That's just about $71,000 shy of the current record, or only a 4.29 per cent difference. So yes — the price gap is narrowing fast, and at this pace, a $1.7 million sale might not be too far off. That said, not every unit at SkyTerrace @ Dawson is commanding million-dollar prices. If this sounds way out of budget, don't worry just yet. If you're still eyeing this development, you can find units for as low as $698,000. And if you're open to other projects in Queenstown, you'll be glad to know that there are resale flats in the area starting from just $350,000 — giving you the chance to live in a prime location without paying sky-high prices. [[nid:718518]] This article was first published in .
AsiaOne
a day ago
- AsiaOne
The biggest misconceptions about buying property in Singapore's CCR in 2025, Money News
Singapore's Core Central Region (CCR) is as straightforward as HDB eligibility rules. Everyone thinks they have a good idea of how it works, until questions are asked and they look deeper. Then suddenly there are 50 exceptions to every rule, a dozen gaps in the online information, and a stunning realisation that you've been wrong all your life about something. This is pretty much how it works with CCR properties: on the surface, you think you know the region: it's that place with all the rich expats, tech moguls, and one old uncle who has holes in his singlet but owns a GCB in Tanglin. But with the Singapore property market pivoting more toward this mysterious region (and I assure you, the CCR is a mystery,) it's time to take a more nuanced look; and to realise that quite often, much of the "property knowledge" you've been told about the CCR is wrong, or grossly oversimplified: For those not in the know: What is the CCR? The CCR is the region that houses Singapore's most expensive real estate options, like The Sail, Marina One, Ardmore Park, and various other condos that are basically a property agent's retirement fund. Historically, this is an area favoured by high-net-worth individuals, foreign buyers, and investors, and it's not necessarily about money either. Investors may also buy "cultural capital" or clout, by owning prestige properties here. Projects here are usually freehold or 999-year leasehold. Districts include: District 1: Raffles Place, Marina Bay, Cecil District 2: Chinatown, Tanjong Pagar District 6: City Hall, Clarke Quay District 9: Orchard, Cairnhill, River Valley District 10: Tanglin, Holland, Bukit Timah District 11: Newton, Novena Sentosa: Not geographically central, but it's lumped into the CCR due to its high-end positioning. Why should we regular folks be paying attention to the CCR in 2025? I've linked the relevant article in the intro, but to quickly recap: around 22 launches remain for the year of 2025, and of these, around 14 will be in the CCR. If you missed out on the non-central launches like Parktown Residence, Emerald of Katong, ELTA, etc., then consider me the bearer of luxury news: your next new launch option is likely going to be in Singapore's high-end CCR. Even before this happened, back in 2023, I'd pointed out that Rest of Central Region (RCR) prices were narrowing with CCR prices. This was partly due to the 60 per cent Additional Buyers Stamp Duty (ABSD), which removed a good number of wealthy foreign buyers from the CCR market. Moving forward to today, the price gap between the CCR and RCR is at an all-time low of 4.5 per cent. Given that over half the upcoming new launches are going to be in the CCR, consider this early preparation of the sales pitch: we're going to hear, over and over again, that this is a "big opportunity" to own a CCR property; especially if you already have a Rest of Central Region (RCR) property to upgrade from. So here are the oversimplified beliefs to address about the CCR, before we're neck-deep in it this year: The CCR is the most prime region, you won't go wrong here CCR properties are all top luxury properties Freehold status makes CCR properties better The best amenities are in the CCR 1. The CCR is the most prime region, you won't go wrong here This has the same energy as "WeWork is so huge it can't fail at this point." The glamour and high quantum properties packed into the CCR do give the impression that everything there is infallible, but in reality, it's quite the opposite. I feel it's the cheaper Outside of Central Region (OCR) where it's often harder to make a mistake, as you're starting with lower initial costs. The CCR isn't just high quantum, it's possibly the most volatile of the three regions — and you need to be more careful when buying here, not less. The CCR isn't rock-solid and infallible: we saw this just last year. At year-end 2024, I pointed out that the CCR saw an 11.8 per cent price decline, as opposed to a 9.8 per cent increase in the OCR. And yes, this was due to the ABSD hike as mentioned above, but that demonstrates the point: Why didn't other regions see a big stumble from the ABSD hike? Because the OCR — and to a smaller extent the RCR — have their values tied to everyday Singaporean homeowners. The CCR is packed with investors, wealthy foreigners, and a more exotic demographic. Buyer and seller behaviours here are not as predictable as those of regular HDB upgraders. This also goes for rental: as of Q1 2025, the vacancy rate for completed private residential units in the CCR stood at 10.3 per cent, higher than the RCR's 6.6 per cent and the OCR's 4.7 per cent. For the first nine months of last year (2024), median rent for condos in the CCR declined by a chunky 3.5 per cent, unlike a small 1.4 per cent in the OCR, and a 0.4 per cent increase in the RCR. Why? Because when the wider economy is in turmoil, companies like to trim the number of pricey expats they hire, or shrink housing allowances. In the OCR, where expats or landlords are fewer in number, the effect is more muted. The RCR may even see a small boost, as expats move from the CCR into the city fringe as the next alternative. It's the CCR that's most subject to fluctuations in the wider economy. This doesn't mean the CCR isn't investment-worthy, but it does mean that you need to pick your properties with even greater care than elsewhere. So the opposite of the saying is true: a low-cost OCR property is usually where you can afford to make a mistake, but still recover. The CCR is much more punishing toward bad choices, and you absolutely can go wrong. 2. CCR properties are all top luxury properties For the newer properties in the CCR, sure. But for resale… Look, I say this with all respect, and I don't want to disparage any properties, but let's accept that age and time have somewhat changed the definition of "top luxury." How many of you have seen, say, The Claymore, Orchard Court, Lien Towers, or any one of the many older properties in the CCR? Even the ones near highly prestigious areas like Orchard Road? These projects can still be expensive because of their location, freehold status, and large floor plates. But if you were to compare facilities, there are 10-year-old condos in the OCR that make some of these "prime freehold" properties look like budget office buildings. This is a real problem that parts of the CCR — especially Districts 9 and 10 — will face over the coming years. At some point, buyers are going to look at the peeling walls of 1980s squash courts, then back at the price, and start wondering why Treasure at Tampines or some OCR mega-development won't be better. Simply put, "CCR = luxury" is a misconception. You might find mass-market, OCR projects today that are both cheaper and better for your lifestyle. 3. Freehold status makes CCR properties better Let's put it this way: no one on a pro-basketball team talks about their height much. Because when everyone else has that quality, it's far less special. In the same vein, freehold status can matter when it's rare in an area, such as one freehold condo amidst leasehold counterparts. But freehold is the norm in the CCR, and a freehold condo surrounded by others is little more than the baseline. So this shouldn't be a particularly big selling point, even on the brochures. 4. The best amenities are in the CCR A bit of personal opinion here: from the 1980s when I was growing up, through to around the mid-2000s, the CCR was truly the centre of Singapore. The malls here had brands you couldn't find in heartland malls, there were restaurants and eateries we'd travel all the way just to visit, and HMV was a big deal because we needed to fill half our room with physical CDs. This died around 2009, when Uniqlo opened its flagship store in Tampines instead of somewhere in Orchard. URA's aggressive decentralisation has created multiple hubs of amenities, and the CCR is no longer the centre of our universe. Ask around: most Singaporeans will tell you that whatever they can find in Orchard, they can find in their neighbourhood mall, be it NEX, Clementi Mall, JEM, etc. Now, there are parts of the CCR which are still arguably unique, like the Holland V identity node. But as Singapore decentralises further, we may one day reach a point where "superior amenities" are no longer a defining trait of many CCR neighbourhoods. It's worth thinking about, for long-term investors. So if you're looking at CCR properties in 2025, remember: prestige doesn't pay your mortgage, and clout doesn't cover vacancy. The only thing worse than overpaying for a "prime" unit is realising too late that you were buying into the idea more than an actual, viable asset. Again, this isn't to shut down the CCR as an investment prospect or a home; it's worked for many people. My intent is just to point out that, thanks to years of conditioning and sales pitches, we may have dangerously oversimplified a very complex region, going through some very big changes. [[nid:718515]] This article was first published in Stackedhomes .
