Over the past year, there have been many headlines about million dollar HDBs, and how the record for most expensive HDBs seemingly reaches new highs almost every other month. Unsurprisingly, these record-breakers initially started in highly-coveted central locations like Queenstown, but soon moved on to areas outside of the central region like Toa Payoh, Bishan, and even Punggol!
Where are these properties, and what makes them so valuable to justify their high asking prices? And perhaps more importantly, are they worth it? We take a look at 3 current listings and dive deeper.
$1.908M SkyOasis @ Dawson flat
Image credit: PropertyGuru
First up on our list is a 5A HDB flat that is currently being listed for $1.908M. At 1,194sqft, its average price is around $1,598 psf, and it was just listed on 11th Feb 2025.
Same block as record-breaking $1.73M unit sale in July 2024
If you’ve been keeping tabs on record-breaking HDB prices in the past year, you might recognise the address—yes, it is one of 6 blocks belonging to the famous SkyOasis @ Dawson BTO project, which is home to many million-dollar HDBs and have set headlines in the past.
For instance, a similar-sized 1,195sqft 5-room flat was sold back in July 2024 for $1.73M which set the record then for being the most expensive HDB ever sold. Ever since then, there have been a handful of 4-room and 5-room flats that have been sold for over a million according to property listing website PropertyGuru, but none of them have really come close to the $1.73M price tag.
There aren’t a lot of details about this particular unit listed online, but we do know that it sits on a high floor, and comes with a balcony. You might have also noticed that it TOPed in 2021; yes, that isn’t a mistake. New BTO projects have a Minimum Occupation Period (MOP) of 5 years, but 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.
Image credit: Google Maps
While we can’t quite tell which floor exactly the unit sits on, based on the photos listed it seems that it is on a fairly high floor with unblocked views of the surrounding areas. That means a strong breeze flowing through the unit throughout the day, as well as great views of the city skyline, perfect for catching the fireworks during National Day or New Year’s Eve.
Image credit: Google Maps
Location wise, SkyOasis @ Dawson sits on a very favourable location within the Rest of Central Region (RCR) area of Singapore. It is a 10 min walk away from the closest MRT station (Queenstown), and also a short drive away from popular places in Singapore like Holland Village, Orchard Road, and the CBD.
What can we make of these prices?
So, is this $1.908M worth it? Of course, what goes into the assessment of the price of a property varies from person to person, and so what may seem like a good deal for some may not necessarily be the case for others.
What we can say is this—for SkyOasis @ Dawson, even though the asking prices of units are on the high side, it is quite likely that they will hold a decent resale value in the market, though the ceiling for profit may not be as high for second owners and beyond. Given that the project is quite young with more than 90 years of remaining lease left, issues like maintenance and wear and tear won’t be too much of a concern. Plus, estates like Queenstown are always associated with the more affluent, and so that comes with a “premium” status that some homebuyers are going for.
It is also worth noting that the previous $1.73M flat was initially listed at $1.838M, before settling down to its eventual price. Based on this, it seems that the market is perhaps not ready for a $1.9X price tag just yet. And so, is this flat worth purchasing at $1.908M? There is reason to justify it, but we suspect that it’ll likely be lowered to $1.8X million instead.
$1.85M The Peak @ Toa Payoh
Image credit: PropertyGuru
Moving away from Queenstown, another highly-priced HDB listing is a DBSS 5-room HDB unit, located at Blk 139A Lorong 1A Toa Payoh. Sized at 1,255sqft, it is a partially-furnished Premium Apartment HDB located on a high floor and complete with a balcony, with an average asking price of $1,474 psf.
Having TOPed in 2012, the block belongs to The Peak @ Toa Payoh. Not all DBSS flats perform well in the resale market, but The Peak is certainly one of them; just last month, a similar 1,255sqft flat was sold for $1.6M. Unlike normal flats, DBSS projects are developments that are built by private developers. This sets them apart from regular HDB flats in aspects like external aesthetics, better overall build quality and interior furnishing, and probably the reason for its high price tag.
Image credit: Google Maps
Located along Lorong 1A Toa Payoh, you have quite a decent amount of public transport options at your fingertips, such as Braddell and Toa Payoh MRT being a short walk away, and also plenty of bus services that ply routes in and around the estate. Families with young children will also be attracted to its location due to the availability of schools across various age groups in close proximity.
Close proximity to The Orie, a new condo in Toa Payoh
Image credit: Google Maps
It’s probably also worth pointing out that The Orie, a newly launched condo and the first in Toa Payoh in over 8 years, will be just across the road from The Peak. This will undoubtedly have an effect on its long term price.
How so? Well for starters, the high entry price of The Orie will be a factor for long term price trends of The Peak, especially since many closely associate DBSS projects with condos. With the increased competition for similar-styled apartments in a similar location, the competition effect could result in a dampening of The Peak’s potential price appreciation ceiling in the long term. In addition, because The Peak is an older development by over 10 years, there is a possibility that its prices will be tempered down by the entry of The Orie, partially due to the “lease decay” effect.
Is it worth the price?
So the question remains: is this $1.85M DBSS flat worth its price tag? Because new properties in a fairly mature estate like Toa Payoh are rare, any new-ish property or “unique” property such as a DBSS development is certainly worth considering. With its large 1,255sqft space and quality build, units such as this one don’t come by very often, and the scarcity is a contributing factor to its high asking price. That said, our take is that the $1,474 might be a bit too high of an asking price given the most expensive unit sold at The Peak was just $1,270 psf. While high income families wouldn’t be too fazed by this, greater value for money would be somewhere around the high $1,3xx psf instead.
$1.7M Pinnacle @ Duxton (1G Cantonment Road)
Image credit: PropertyGuru
The last unit in our list of the top 3 most expensive HDB listings in Singapore is a 1,130sqft unit that is listed at $1.7M, which translates to an average price of around $1,504 psf. The unit is a 5-room top-floor unit.
As expected, the unit’s name should already be easily recognisable: Pinnacle @ Duxton, which is arguably Singapore’s most popular HDB project. Apart from having a fantastic and highly desirable location, the development has won plenty of design awards, along with very stellar profits for its original owners as well. Many of its flats have transacted for a minimum of a million dollars in the resale market, and it’s practically a tourist attraction in Singapore as well.
Image credit: Google Maps
One of its key selling points is its location. It sits just along the city fringe, perfect for those looking for a short commute to work in the CBD. You are also located in central Singapore, and so zipping around to other parts of Singapore isn’t too much of a hassle. Of course, this has its drawbacks—there aren’t a lot of schools to choose from in the immediate vicinity.
Another interesting point to note is that the development has 35 different floor plan variations, with units comprising large full-length windows and planters in the bedrooms as well. This is certainly out of the norm for HDB developments, and so its uniqueness is another contributing factor to the high demand for its units.
Image credit: Google Maps
According to property listing platform PropertyGuru, many of the recent transactions involving similar-sized 5-room flats have traded hands for around the $1,2xx – $1,3xx psf region. Given that this unit is being listed for around $1,504 psf, if it does sell at this price it would probably make it the most expensive HDB flat sold in Singapore, not only in terms of absolute price but also in psf.
Is it worth the price?
In short, we would have to say yes, but $1,504 psf is a little high considering all past units have not even sold for $1,4xx psf yet. Even though there are many desirable traits about the unit—such as its large floor space, being the top unit, and fantastic location – one will have to bear in mind that the potential for a decent profit drops off significantly past the second owner, especially if you take into account things like lease decay and other newer properties that sprout up in comparable locations in other city fringe locations.
Regardless, there is still a lot of value in living in Pinnacle @ Duxton, especially considering there aren’t a lot of new properties that come about in the Tanjong Pagar estate. In the case of this flat in question, being on the top floor is an additional plus point because there are only so many units available in the market, and so if you have the financial buying power, then this might be a worthy pick among the lot.
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