Ask a homeowner what they’d love in a dream home, and you’re bound to get “central location”, “high floor” or “lots of floor space” as some of the responses. SkyOasis @ Dawson is one such HDB development that checkers off quite a few of the boxes on our home wishlists, but is it worth more than $1.5M?
Record holder for most expensive HDB resale flat sale
Earlier in July, SkyOasis @ Dawson made the news for a record-breaking sale: a 1,195sqft 5-room flat was sold for $1.73M, which translates to an astounding $1,444 psf. This makes it the most expensive HDB resale flat sold, beating the previous record-holder of a $1.588M 5-room unit at City Vue @ Henderson.
According to ERA Realty, who were the brokers of the sale, the initial asking price for the unit was $1.838M, and the listing attracted 2 serious bids before settling on the final price of $1.73M. ERA Realty also revealed that the unit in question is a corner unit on the 45th floor, and the buyers were a Singaporean couple with young children. The flat is also only 3.5 years into its 99-year lease.
But wait! Isn’t there a 5-year Minimum Occupation Period (MOP) for new flats? How can the flat be sold?
Well that’s true, new BTO flats have an MOP of 5 years. However, because SkyOasis @ Dawson was designated as a SERS replacement flat, owners are allowed to sell their units after 7 years from registration, or 5 years from the date of key collection—whichever is earlier. And so, even if the flat was only built in 2021 and less than 3 years into its lease, its owners were able to put it up for sale.
SkyOasis @ Dawson 4-room flats & above being listed for over $1M
Image credit: PropertyGuru
According to current listings on property platforms, it seems that that record-breaking sale has set the benchmark for price in terms of price per square foot (psf); many of the units listed range between the $1.2K – $1.5K psf.
Given the number of HDB resale flats seemingly setting a new price record every week, it seems that some homebuyers are unfazed with rising prices, and willing to part with a serious chunk of change in order to secure a property that’s too good to pass up.
Image credit: SRX
If you were looking to rent instead, you’ll find that the prices are similarly priced quite high. After all, you are paying to enjoy certain benefits that come with the home, such as having an MRT station at your doorstep and also being located not too far from the city.
SkyOasis @ Dawson: an in-depth review
Located at Margaret Drive in the Queenstown estate, SkyOasis @ Dawson is a relatively new 99-year leasehold HDB project that TOP-ed in 2021. It comprises 1,192 units spread across 6 residential blocks with varying heights from 26-45 storeys. If you are lucky enough to stay on the higher floors, you’ll get to enjoy wonderful unblocked views of the Singapore skyline, perfect for catching the fireworks during National Day or New Year’s Eve.
Image credit: Google Maps
For starters, it is set in District 3, which is classified as the Rest of Central Region (RCR) and home to many upscale neighbourhoods like Alexandra, Tiong Bahru and Queenstown. As you may know, District 3 houses plenty of mid-tier private residential properties, and even the handful of HDB projects here hold a higher value compared to their counterparts in other regions.
Being in the RCR is also highly favourable because you get to enjoy the benefits of being close to the city and central region, at slightly more affordable prices compared to those in the Core Central Region (CCR).
Here’s how long it would take you to get from SkyOasis @ Dawson to the following locations:
- Orchard Road: 3.4 km (~6-minute drive)
- Central Business District (CBD): 6 km (~10-minute drive)
- Changi Airport: 24.2 km, (~22-minute drive)
Image credit: Land Transport Guru
One highlight is that SkyOasis @ Dawson is right across the road from Queenstown MRT, which gives residents easy accessibility when commuting via public transport to other parts of Singapore.
There’s also a handful of schools nearby:
- Queenstown Primary School
- Queensway Secondary School
- M.Y World @ Dawson (Preschool)
- My First Skool
- Seedlings Montessori Alexandra
- Gan Eng Seng Primary School
- New Town Primary School
In addition to this, the famous Margaret Drive Hawker Centre is just next door. You’re also just a short bus or car ride away from places like Dempsey Hill, Anchorpoint Shopping Centre, IKEA Alexandra and Redhill—certainly no shortage of lifestyle options and amenities for residents.
Another cool fact about SkyOasis @ Dawson that not many might know is that it’s actually designated as a Selective En bloc Redevelopment Scheme (SERS) replacement flat, when the HDB blocks at Tanglin Halt were selected for SERS.
Resale value potential
Naturally, one question that would be on most homebuyers’ minds is if the property they are intending to purchase will be able to hold its resale value. After all, any property purchase is essentially an investment into an asset, and the last thing that you’d want is for it to lose value over the long term when you eventually decide to sell it in the future.
For units at SkyOasis @ Dawson, even though their prices are considerably higher than similarly-sized units in other estates, it is quite likely that they will hold a decent potential resale value. This is because the overall development is quite young – less than 5 years in fact – and so there is room for prices to creep up even higher. Given that the project is built in a highly desirable location in Singapore, there is likely a premium that’s priced in. Hence, it’s quite likely that SkyOasis @ Dawson will appreciate in value over the years, regardless of shifts in the property market.
Image credit: Qingjian South Pacific
Will this be the case for other properties that are priced similarly in the $1.5M bracket? Well, it’s hard to say, because there are a myriad of dynamic factors that influence prices in the property market. However, because these properties tend to be the larger 4 or 5-room flats and in very favourable locations, you can expect such ‘elite HDBs’ to continue commanding the highest tier of prices in the market for the foreseeable future.
Won the HDB Design Award in 2023
According to developers Surbana Jurong, SkyOasis @ Dawson is one of the many projects unveiled under the “Housing in a Park” vision, announced as part of the Remaking Our Heartland initiative for Dawson estate in 2007.
Image credit: Surbana Jurong
Nestled amidst lush greenery, residents are able to enjoy various recreational facilities such as playgrounds, fitness stations, a jogging track, rest shelters, and precinct pavilions. The project also features an eco-deck which houses a children’s playground, children’s slide terrace, and an adventure slope.
On the higher floors, there are also sky terraces located at the 14th and 35th storeys of some residential blocks, and its rooftop garden above the multi storey car park provides an additional venue where residents can relax and unwind.
Image credit: Surbana Jurong
Who is SkyOasis @ Dawson best suited for?
Young families
In case you were interested in buying a unit at SkyOasis, the good news is that there are quite a number of available listings. Our take is that SkyOasis @ Dawson is best suited for young couples intending to have children, or families with young children, and are willing to sink their roots for a significant amount of time.
Given the numerous schools in the vicinity and neighbouring estates that range from childcare all the way to university, living in Queenstown makes commuting to and from home extremely accessible and convenient—a huge value proposition for a child’s educational journey from start to end.
Young professionals
Given its proximity to the CBD and prime location right next to Queenstown MRT station, SkyOasis @ Dawson is also a good choice for young working professionals looking for a home in central Singapore. It’ll give them easy access to the Orchard strip and its surrounding areas.
Where are we going with premium HDBs?
Even though there are other similarly-priced options such as condominiums, newer HDB developments in premium locations continue to be highly regarded by homebuyers, which will likely sustain the demand for such properties.
The fact that homebuyers are willing to pay top dollar for such premium properties shows that aspects such as proximity to amenities and schools and prime locations weigh heavily in homebuyers’ assessment of properties. This will likely continue on, and so expect to see more of such record-breaking sales transactions in the coming months.
Speaking of which, such news will also likely have an impact on the supply side of the market, as more homeowners realise that there is a palpable demand coupled with willingness to pay high prices for such properties. Thus, we can expect to see more of such high-end listings hit the market, driving up competition on both the supply and demand side for premium HDBs.
Regardless of which direction the market heads, the old adage stays true when it comes to buying property – remember to do your homework! Rather than be swayed by hype or feeling fomo, property purchasing is a serious affair that will require well-informed decisions. It’s important to stay on top of the latest news and developments, and to also seek out professional expertise and opinion on the valuation of a property, before committing to a formal offer.
Read our other articles here:
- How 3-room HDBs have changed over the years
- The October 2024 BTO launch: What you need to know
- Hacks to get a BTO faster
Cover image adapted from: Google, Livspace
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