A Mid-Year Round-Up Of The Most Expensive HDBs Sold In 2023

26 July 2023 | BY

If you’ve missed all the action, here’s a recap of the most expensive HDBs sold in Singapore this year, and an analysis of why.

Most expensive HDBs sold in 2023

If you’ve been keeping tabs on the most expensive HDBs sold in the past few months, you’d probably have come to the conclusion that 2023 is shaping up to be yet another record year for resale HDBs, eclipsing the records that were broken in 2022. 

Interestingly, these high-value transactions have not been limited to mature estates and highly-coveted flat types, but have extended to unexpected estates and regular flats as well Suffice to say, despite the implementation of cooling measures and some recessionary fears at the start of the year, the property market has been pretty resilient.

Let’s do a recap of some of the most high-profile HDB sales that make headlines this year:

Blk 50 Moh Guan Terrace – $1.5M

Most Expensive HDB List - Blk 50 Moh Guan TerraceImage adapted from: Google Maps

If we’re going through the most expensive HDBs sold so far in 2023, what better way than to start at the very top? Enter Blk 50 Moh Guan Terrace, which has recently claimed the title as the most expensive HDB ever sold in history.

Most Expensive HDB List - Bukit Merah unitsImage adapted from: HDB

The flat is a 176sqm 4-room unit located at Moh Guan Terrace, in Tiong Bahru. This flat sold for a record-breaking $1.5M, taking the title of most expensive HDB from last year’s $1.418M Premium Loft flat at SkyTerrace@Dawson.

Natura Loft 5-room DBSS – $1.4M

Most Expensive HDB List - Natura Loft 5-room DBSSImage adapted from: Google Maps

Another record-breaking HDB sale that happened this year involved a DBSS flat at Natura Loft in Bishan. Sold for $1.4M just last month, the flat is a 120sqm DBSS unit located on the higher floors, with a remaining lease of 87 years.

Most Expensive HDB List - Bishan flatsImage adapted from: HDB

A significant factor contributing to its premium price is the DBSS nature of the flat. Unlike ordinary flats, DBSS flats are crafted by private developers, and usually have built-in fixtures similar to that of condos. Since the discontinuation of the DBSS scheme in 2011, these flats have garnered higher value, making Natura Loft a sought-after project with several million-dollar transactions in recent years.

According to online reports, the original owners were a young couple who bought the unit 7 years ago after the first owner sold it upon hitting its MOP. The flat was listed for $1.488M, and eventually sold for $1.4M. 

The Peak @ Toa Payoh 5-room DBSS – $1.42M

Most Expensive HDB List - The Peak @ Toa Payoh 5-room DBSSImage adapted from: Google Maps

Another notable DBSS sale on the list is this 5-room unit located somewhere between the 40th to the 42nd floor of The Peak @ Toa Payoh. The unit has a remaining lease of over 87 years and sold for a cool $1.42M.

Most Expensive HDB List - Toa Payoh FlatsImage adapted from: HDB

Apart from being part of a DBSS project, convenience is another plus for this project with Braddel MRT a convenient 8-min walk away. In addition, there are some pretty well-known schools within a 2km radius, such as Catholic High School, CHIJ Primary, Kheng Cheng School, and Marymount Convent School.

Blk 22 Ghim Moh Link – $1.22M

Most Expensive HDB List - Blk 22 Ghim Moh LinkImage adapted from: Google Maps

Moving away from DBSS flats, another noteworthy HDB flat that made headlines this year is a 5-room flat at Blk 22 Ghim Moh Link. This 113sqm flat was sold in March for $1.22M, approximately $1,005 psf.

Most Expensive HDB List - Ghim Moh Link flatsImage adapted from: HDB

The flat is located in the District 10 region of Singapore, which is commonly associated with atas and affluent crowds. The property is also not too far away from Star Vista Shopping Mall, Buona Vista MRT and Holland Village, giving you easy access to amenities and also public transport options to other parts of Singapore. 

In addition, demand and supply had a part to play in the high valuation. The fact that it is a 5-room flat makes it a bit of a gem; within the estate, there are only a total of 225 5-room flats among the newer blocks. 

The neighbouring Ghim Moh Edge has no 5-room flats, and the new BTO projects at Ghim Moh and Dover won’t have 5-room flats either. Because of this, large 5-room units such as this Blk 22 one is sure to be a whole lot more attractive, especially for larger families who require the living space.

It was also reported that the seller first bought the flat as part of an SBF exercise over 10 years ago at its original launch price of around $400K-$500K. If this is true, then that’s a pretty handsome profit of $700K!

Blk 832 Woodlands St 83  EA – $1.15M

Most Expensive HDB List - Blk 832 Woodlands St 83Image adapted from: Google Maps

Last May, an executive apartment at Blk 832 Woodlands St 83 gained attention for setting a record price of $1.04M for a 189sqm flat, becoming Woodlands’ first-ever million-dollar HDB transaction.
Since then, the estate has seen more million-dollar transactions, which is fairly remarkable given how many perceive Woodlands to be ulu.

Most Expensive HDB List - Woodlands flatsImage adapted from: HDB

One of the main reasons for its high valuation can probably be attributed to the fact that it’s an executive apartment, which is basically a larger version of the ordinary HDB flat. Because these flats were phased out in 2005, this scarcity contributes significantly to its high price tag.

4-room & 5-room Pinnacle@Duxton flats – $1.4M each

Most Expensive HDB List - Pinnacle@Duxton flatsImage credit: Wikimedia Commons

When you talk about the most expensive HDBs in Singapore, it’s hard to not include Pinnacle@Duxton. The project is well known both locally and internationally for its design and build, as well as for its fantastic location and breathtaking views of Singapore’s cityscape.

Most Expensive HDB List - Cantonment roadImage adapted from: HDB

Setting a new record at $1.4M, this 106sqm flat achieves an average selling price of $1,227 psf, surpassing the previous record holder at SkyTerrace@Dawson ($1.418M, $1,079 psf). Interestingly, Pinnacle@Duxton boasts another record holder – a 95 sqm 4-room flat sold for $1.4M around the same time, commanding a cool $1,369 psf on a slightly higher floor (46th-48th).

Most Expensive HDB List - 4-room flats at Pinnacle@DuxtonImage adapted from: HDB

Since the start of the year, there have been 20 transactions of a million dollars and above for 4-room flats at Pinnacle@Duxton, and the highest is this $1.4M one at Blk 1C. Because of its popularity, Pinnacle@Duxton will probably see quite a few more record-breaking transactions down the road, especially for its 4-room variant. 

Most expensive HDBs sold in 2023

From the many headlines that we’ve read about new records being set in the HDB resale market, it seems that homebuyers seem to be undeterred and are actively seeking good deals and unique unit types like DBSS and executive apartments.
As 2023 continues to unfold, we’re on the edge of our seats waiting to see what other HDB flats set new record highs. 

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