Earlier in the year, we wrote about how 3-room resale flats are now being sold for as high as $900K, which is undoubtedly an astonishing price tag. After all, 3-room flats are commonly seen as the more affordable entry-level choice for young families, and usually flats with high price tags are associated with the larger 4 and 5-room unit types or even maisonettes.
Well, as they say, records are meant to be broken, and another one has just been broken in Queenstown by a 3-room flat in the SkyParc @ Dawson project. Previously held by another 3-room flat located at Block 115C Alkaff Crescent which is in the Bidadari estate (which sold for $900K in December 2024), our record holder is now a 3-room flat in Queenstown that was just sold for $935K.
SkyParc @ Dawson 3-room flat sold for $935K
Image credit: HDB
According to the HDB’s Resale Price Portal, the flat in question is a 66sqm (710sqft) 3-room unit located between the 34th and 36th floor at Blk 95 Dawson Road, which belongs to the Skyparc @ Dawson project. This translates to a price of around $1,317 psf, which is certainly on the higher end of the price spectrum for resale 3-room HDB flats. And as you can see, its remaining lease is 95 years and 7 months at the point of sale.
Unlike regular MOPs, SkyParc @ Dawson was actually designated as a site for replacement flats for Tanglin Halt residents under the Selective En bloc Redevelopment Scheme. Back in 2014, residents were offered 2- to 5-room flats in 5 replacement sites in Dawson estate, of which one of them was SkyParc @ Dawson.
As such, the MOP is calculated from either 7 years from the date of selection of the replacement flat or 5 years from the date of occupation, whichever is earlier.
Oh, and just to reiterate, this recent 3-room flat sale is not just the most expensive in its 3-room category, but the most expensive 3-room flat in Singapore!
Image credit: HDB
How does this compare to other similar-sized units in the area? As you can see, prices for similar 3-room flats around Dawson Road are priced pretty high, ranging from $780K right up to $825K. Our flat in the spotlight is the first to cross over the $900K mark, though that may be because it is a relatively newer flat compared to its other counterparts which are at least 10 years old.
Nonetheless, it’s pretty telling that people are paying such prices for 3-room flats. In fact, these prices would probably have been the case for 4-room flats in the same estate a couple of years back, or even for 5-room flats in other estates!
A check on PropertyGuru shows there are currently 2 3-room flats at SkyParc @ Dawson available for sale, listed at $888K and $718K. Both are notably below the $1,317 psf that our flat above transacted at, but undeniably still pretty expensive for a 3-room HDB.
Image credit: PropertyGuru
Popularity of Dawson Road & Queenstown Estate
It probably goes without saying that the Dawson Road precinct is quite a popular area to live in. As part of the Queenstown estate, it is set in District 3, which is classified as the Rest of Central Region (RCR) along with other upscale neighbourhoods like Alexandra and Tiong Bahru. Along with its status comes higher property prices; HDB projects here hold a higher value compared to their counterparts in other regions.
Image credit: Google Maps
The Dawson area is also no stranger to record-breaking prices. Back in July last year, a 5-room flat at the neighbouring SkyOasis @ Dawson, sold for $1.73M, set the record for the most expensive HDB resale flat ever, at an average price of $1,444 psf. And earlier in February this year, we wrote about how another 5-room flat at the same project was being listed for $1.908M, translating to a price tag of $1,598 psf.
Of course, 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).
Image credit: Google Maps
Located at the intersection between Margaret Drive and Dawson Road, SkyParc @ Dawson is actually not that close to the nearest MRT station (Queenstown), which is a 15-minute walk away. It is part of a cluster of similarly-named projects, such as SkyTerrace, SkyVille, and SkyOasis. Interestingly, they are all SERS replacement projects, and as their name suggests, offer a range of amenities including sky gardens and rooftop facilities.
Despite the distance to the nearest MRT, the good news is that there is a bus stop right at the project’s doorstep, which has two services: 32, which connects Buona Vista and Bedok, and 122, which connects Outram Park and Commonwealth. Both services do stop by other MRT stations such as Tiong Bahru, Outram Park interchange, Great World, and City Hall, and so commuting to the nearest MRT station won’t be too inconvenient.
Of course, if you drive, then that unlocks a whole new world of accessibility and convenience. Being located near central Singapore, you can easily pop over to places like Orchard, the CBD, West Coast, or even the East, in no time.
Factors contributing to high price tags of Dawson Road HDBs
Image credit: Council on Tall Buildings and Urban Habitat
Apart from its location and the convenience of accessibility, there are other possible factors that contribute to its popularity.
For instance, the presence of schools in the nearby vicinity definitely plays a part, especially in the eyes of families with young children. We’ve all heard of families who go as far as moving house to be close to the school of their choice just to gain an edge in the P1 Registration Exercise, and so this is no different.
There are 5 primary schools within the 2km radius: Queenstown Primary, New Town Primary, Gan Eng Seng Primary, Alexandra Primary, and Zhangde Primary. Of course, for those with younger children, there are a handful of childcare centres and infant care centres around the estate.
Otherwise, buyers may also be drawn to its central location, as well as the amazing unblocked views of the surroundings that the flat has. And unlike other estates outside of the central region, the general perception is that flats in the central and rest of central region tend to hold their value better in the long run, which helps when one is considering to eventually sell the flat in the future for a profit.
It’s no surprise that all these factors have led to a general rise in 3-room flats in Queenstown. According to 99.com, the trend has increased by quite a bit quarter-on-quarter since this time last year, except for a very marginal dip in Q2 2024. In fact, it seems that 3-room flats in general across the board have seen a price appreciation in recent months.
Image credit: 99.co
Several other estates have set their own price records for 3-room flats in the last few weeks. While their prices are nowhere near as high as those in Queenstown or Bidadari, it’s probably worth noting that they have nonetheless experienced the same steady climb, which is evident of general rising HDB prices…and smaller 3-room flats are not spared.
For example, in Choa Chua Kang, a 3-room flat was sold for $510K, another one in Woodlands was sold at $588K, and in Bukit Panjang, a similar 3-room flat went for $548K.
3-room HDB flats nearing the million-dollar mark
Source: Jayne
We have just witnessed another record being broken in our property market, where a 3-room flat in Queenstown was just sold for $935K. While previously unheard of, 3-room flats are now going for as high as $700K and $800K in the central region, it seems like every other month we are seeing new records being set in the market.
Will we ever see a $1M 3-room flat? One year ago, that prospect would have been ludicrous. But now with this $935K transaction, it’s becoming more and more of a probability, especially with popular estates like Queenstown and Bidadari where the remaining leases are still above 90 years.
Read more about record high prices of resale HDB flats:
- Are Alkaff Crescent 3-Room Flats Really Worth Their Record-Breaking Price Tags?
- SkyOasis @ Dawson Review: Should You Pay More Than $1.5M For Unblocked Views On The Fringe Of Orchard?
- After Record-Breaking $1.3M Clementi Ave 3 Sale, Another 5-Room Flat in Same Block Goes on Sale for $1.56M
Cover image adapted from: Council on Tall Buildings and Urban Habitat, The Interior Lab
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