GE2025: Housing affordability, availability hot button issues for younger voters
HDB resale flat prices and availability are shaping up as top priorities for voters as the General Election approaches, according to analysts. They say these could turn out to be hot button issues, especially for younger voters and families. Claudia Lim reports. HDB resale flat prices and availability are shaping up as top priorities for voters as the General Election approaches, according to analysts. They say these could turn out to be hot button issues, especially for younger voters and families. Claudia Lim reports.
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Independent Singapore
8 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
13 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 .
Business Times
13 hours ago
- Business Times
Income Insurance chairman Ronald Ong to retire from role after seven years at helm
[SINGAPORE] Income Insurance chairman Ronald Ong will retire from his role after seven years at the helm, the company announced on Monday (Jun 9). The board has begun a succession process to appoint a new chairman and further details will be shared at the upcoming annual general meeting on Jun 24, the company said in a statement. Lim Boon Heng, chairman of Income's parent NTUC Enterprise, expressed his appreciation for Ong's leadership over the past seven years at Income. 'Ronald remains on the NTUC Enterprise board and will be steering the private investment portfolio within NTUC Enterprise going forward, leveraging his deep expertise, wide network, and strong commitment to create value for customers and shareholders,' Lim added. Ong has been serving on the board since 2018 and was appointed chairman in 2019. He led the corporatisation of NTUC Income Insurance Co-operative to Income Insurance in 2022. He had also led Income Insurance through the Covid-19 pandemic and has helped to enhance its digital capabilities. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up It was previously reported that Ong had recused himself when Morgan Stanley was appointed as the financial adviser for the proposed sale of Income to German insurer Allianz. At the time of his appointment as Income chairman, Ong had been working at Morgan Stanley for 20 years. In February 2023, he was appointed chairman of the bank's South-east Asia business. The 1.5 billion euro (S$2.2 billion) sale, announced a year ago, was cancelled months later in October 2024 when the government amended the Insurance Act to facilitate cancelling of the deal. In calling off the sale, it said it was 'not in the public interest' for the transaction to proceed in its current form. Culture, Community and Youth Minister Edwin Tong added that the government was still open to any new arrangement which Income may wish to pursue, whether with Allianz or other partners, as long as the concerns were fully addressed. The decision came after much public disquiet over the deal, which also became a major talking point during the 2025 General Election campaigning. NTUC secretary-general Ng Chee Meng, who stood as a candidate for Jalan Kayu SMC, said the deal was done in 'good faith' and complied with legal regulations. 'In NTUC, we will do our best, and sometimes I'm sorry that it's not good enough. But we will learn the right lessons and we will do better,' he said. Ng won the Jalan Kayu seat by a slim 51.47 per cent of the vote.
