As we come to the end of the whirlwind year that is 2022, one perennial topic that’s been on everyone’s mind – and headlined news on various occasions – is the flourishing property market. In particular, how property prices have seen record highs this past year.
In the first 9 months of 2022 alone, the market saw around 277 resale HDB flats being sold for over a million dollars, which beat the previous record of 259 set in 2021. And the year isn’t even over yet!
Bearing in mind that a flat isn’t just a home to stay in but also an investment vehicle that can potentially net you a serious amount of cash, it’s perhaps no surprise that such crazy expensive HDBs have been the talk of the town. Join us as we take a look back at the most expensive HDBs sold in 2022, and how the market might shape up in 2023.
1. SkyTerrace@Dawson – $1.41M loft unit
Image credit: Jayne Lim
When we’re talking about the most expensive HDBs sold in the past year, where else to start but right at the very top?
The current record holder for the most expensive HDB ever transacted in the resale market in 2022 – in fact, of all time – belongs to a 122sqm (1,313sqft) Premium Loft Apartment which was sold for $1.41M back in July 2022. The unit is located at SkyTerrace@Dawson which is along Dawson Road at Queenstown, and has a remaining lease of over 92 years.
Image adapted from: HDB
Those who know about the ins and outs of the property market will recognise Queenstown as a neighbourhood belonging to the highly coveted District 3 in the Rest of Central Region (RCR) locale, which speaks volumes about its high price.
Of course, it certainly helps that you’re located not too far away from places like Holland Village and Orchard, with plenty of amenities and food options in the vicinity.
Location aside, another reason for its high price tag is because of its unit type. Loft Apartments are not that easy to come by, and coupled with the high ceiling and double floors, more than justifies its popularity amongst homebuyers.
2.Pinnacle @ Duxton – $1.37M 4-room flat
Image credit: ArcStudios
Another notable HDB resale transaction in 2022 involved a 4-room unit at arguably the most famous HDB project in Singapore, Pinnacle@Duxton. The sale was completed in October, for a whopping $1.37M. Considering that 4-room flats at Pinnacle@Duxton were sold at between $289,200-$380,900 back in 2004, most if not all of the original buyers of a Pinnacle@Duxton flat are now sitting on a very decent profit.
One of 13 projects under the now-defunct HDB DBSS model, Pinnacle@Duxton is understandably one of most highly sought-after places to stay in. Aside from its fantastic location near the Central Business District and other estates like Tanjong Pagar and Chinatown, the development offers jaw-dropping views of the city skyline, and has proven to be a popular location to catch the National Day and New Year fireworks.
Interior-wise, each unit has a generous amount of floor area for the family to enjoy, and its award-winning overall design has definitely earned its reputation amongst the upper echelons of popular and revered residential developments here in Singapore.
3. Woodlands St 83 – $1.1M 2,034sqft Executive Apartment
Image adapted from: Google Maps
If 2022 has shown us anything, it’s that these record-high HDB prices are not confined to the Central region alone, but even prevalent in more far-flung estates such as Woodlands. In fact, these neighbourhoods aren’t as ulu as you might think, and there are homebuyers who are willing to drop some serious cash to snag a home here.
One such example is an Executive Apartment (EA) that was just sold for $1.1M just in the past month. The unit stands at a very attractive 189sqm (2,034sqft), and is located at Block 834 Woodlands Street 83. Location-wise, it’s just a short bus ride away from the Woodlands Central area and the main Woodlands MRT/Integrated Transport Hub, which makes accessibility a breeze.
What perhaps is the main selling point of this flat is its size, and unique unit type. After all, at 2,034sqft, the unit is easily almost double the usual size of BTOs you can get these days. Given that such jumbo flats are also no longer in production, getting such a listing is not all that common. So this short supply coupled with strong demand has led to such high prices in the resale market, notwithstanding the lower than usual years of remaining lease.
4. Pasir Ris St 13 – $1.138M Executive Maisonette
Image adapted from: Google Maps
Speaking of far-flung estates, another estate that recently joined the million-dollar HDB club in 2022 is Pasir Ris. Earlier in May, yet another luxuriously large 189sqm (2,034sqft) Executive Maisonette was sold in Pasir Ris for $1.138M, making it the most expensive HDB flat ever in Pasir Ris and earning the estate its first foray into the million-dollar club.
Just like its Woodlands counterpart, the unit’s square footage and the fact that maisonettes are increasingly sought-after is one of the main reasons behind its hefty price tag.
We also know about the Government’s plans to redevelop and transform Pasir Ris to inject more vibrancy and bring about more amenities and highlights. All of this would indeed lend much credence to Pasir Ris being one of the top choices of estates to live in outside of the Central region, and so an overall appreciation of property prices in the vicinity.
5. Blk 101 Bishan St 12 – $1.288M Executive Maisonette
Image adapted from: Google Maps
Of course, if estates in further-out estates like Woodlands and Pasir Ris have seen million-dollar HDBs being sold, then naturally you’d expect central heartland towns like Ang Mo Kio, Serangoon and Bishan to have their fair share of expensive HDBs sold as well.
Speaking of the latter, one of the most expensive homes sold in Bishan this year was a decently-sized 163sqm (1,754sqft) maisonette located at Blk 101 Bishan Street 12 that went for a cool $1.288M. The high-floor unit has a remaining lease of just under 64 years.
With maisonettes being in high demand in the resale market, a high-floor unit like in a very central estate like Bishan naturally demands that price premium.
6. Natura Loft @ Bishan – $1.338M
Image credit: Google Maps
Staying in Bishan, the current record holder for the most expensive HDB flat ever transacted in the estate has to be the 5-room unit sold in January this year for $1.338M. It’s located at Block 273A Bishan St 24, and is part of yet another DBSS project called Natura Loft.
Even though the entire DBSS model has had its fair share of issues such as some projects being riddled with build and design faults, developments like Natura Loft seem to have escaped these issues, and thus seen as one of the more preferred DBSS projects in the market.
The proof in the pudding? 5-room flats in Natura Loft had a launch price of between $590K-$739K, which translates to a profit of up to 120%.
7. Blk 132 Geylang East – $1.02M Executive Maisonette
Image adapted from: Google Maps
Another recent resale flat transaction in just this past month that crossed the million-dollar mark is a maisonette in Block 132 Geylang East Ave 1 that sold for $1.02M. The unit is essentially Geylang’s first entrant into the million-dollar club, and goes to show that even though it’s a significantly older flat with just over 63 years of remaining lease to go, homebuyers are willing to look beyond that if price and location are just right.
Speaking of location, we would say that Geylang is perhaps one of the less popular estates in the minds of prospective buyers. Well, at least compared to the likes of Queenstown, Kallang/Whampoa or Toa Payoh. Maybe it’s because of Geylang’s association to certain…proclivities, but we’d say that this negative association is definitely misplaced!
In the case of Block 132, it’s actually located quite a distance away from the more seedy lanes in Geylang. In fact, it has quite an appealing location – just a stone’s throw away from the nearby Aljunied MRT, a myriad of famous food options in the vicinity, and also conveniently located close to both the city as well as East Coast Park.
8. Punggol Sapphire – $1.198M
Image adapted from: Google Maps
When you think of expensive HDBs, you would more or less think of mature, well-established estates like Ang Mo Kio, Bedok, and even places like Woodlands and Yishun. You certainly wouldn’t think of young estates like Tengah, Bukit Panjang or Punggol!
Well, all that’s set to change, because now even the likes of Punggol has joined the list of the most expensive HDBs sold in 2022. One sale in particular, stands out quite starkly: a 149sqm (1,603sqft) Premium Loft Apartment in Block 268C Punggol Field, which sold for $1.198M in September.
Image of a loft HDB unit in Punggol Drive for illustration only.
Image credit: Superhome Design
According to reports, the buyer paid close to $200K in cash over valuation (COV), which basically means that they paid $200K more than what the flat is valued at. The unit is also Punggol’s first-ever million-dollar HDB flat.
There are quite a few things to love about the unit. For starters, it isn’t just any ordinary HDB flat; being a Premium Loft apartment located at the top floor, its owners enjoy the luxury of space, afforded by the flat’s high ceiling and also floor-to-ceiling windows. Because Punggol is still considered to be a relatively young non-mature estate, there is also potential for property prices to climb even higher in the future, and more so for such ‘special’ HDB unit types which are lower in supply.
What’s next for the HDB resale market?
Once thought of as an elusive threshold that few will breach, the one million dollar mark seems to be nothing more than a bygone era, with almost every estate having at least one HDB flat on that list.
What can we expect in 2023?
Will we see a lowering of resale volume? Perhaps. With the implementation of property cooling measures just a couple of months back, we can expect to see a slowing down of demand in the resale market. With the normalisation of a post-pandemic world, we will also most likely see people returning to the BTO market in time to come, now that there’s greater certainty on BTO wait times. All this should theoretically lead to a dip in overall sales volumes of HDB resale flats.
Will we see prices continue to climb to astronomical levels? Most likely. Despite all the measures implemented as well as the uncertainty of the economy as we head into 2023, 2022 has taught us that if the stars are aligned – such as a property’s location, price, and other appealing factors – then homebuyers wouldn’t be too swayed in committing serious cash to secure said property.
As more and more people are drawn to the likes of limited quantity jumbo flats, or perhaps just attracted to a flat’s location in general, we can expect to see more and more of such million-dollar HDBs in 2023.
Read our other articles here:
- Potong Pasir Executive Maisonette sells for $1.05M
- 5-Room Canberra Walk HDB makes $400K profit from MOP sale
- Million-dollar Multi-Gen HDB flat in Yishun
Cover image adapted from: ArcStudios, Google Maps, Jayne Lim
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