Every now and then, we hear of some pretty remarkable sales transactions that take place in the HDB resale market. Resale flats being sold for over a million in mature and non-mature estates alike, as well as the record for the most expensive flat ever being broken multiple times within the same year.
This time, we’re zooming in on a 3-room flat in the Toa Payoh estate that sold for an eye-watering $785K back in April this year.
Lor 1 Toa Payoh 3-room flat sold for $785K
Image credit: HDB
The flat in question is a 68sqm (731sqft) 3-room flat located at Block 131B Toa Payoh Lorong 1, which is called Toa Payoh Crest. Sold for $785K back in April this year, the flat is situated between the 40th and 42nd storeys, which is basically the highest floors for the block. It also has a remaining lease of just over 94 years. This means that it was freshly MOPed at the time of its sale.
Toa Payoh Crest was launched by the HDB as a BTO way back in 2012. The indicative pricing for a 3-room flat back then was around $289,000-$364,000, and there has been a relatively healthy price appreciation over the years.
Image adapted from: Google Maps
Something interesting we observed is that this $785K certainly stands out from the crowd of other 3-room flats sold in Toa Payoh over the past few months. As you can see from the list below on the latest transactions for 3-room flats in Toa Payoh, most hover between the $300K – $400K range.
The new kid on the old block
Image credit: HDB
Of course, one likely reason for this is because all of them are quite old, with remaining leases of just over 42 years, which is in stark contrast to the 94 years that our $785K flat has. There was also one other 3-room flat at the neighbouring block 131A that was sold for $742K, also with a remaining lease of 94 years.
Being the new kid on the block has proven to be quite beneficial in terms of its value in the market. In the case of Toa Payoh Crest, it’s a newly MOP-ed HDB block amidst all the old-timers in an old estate like Toa Payoh, and so it’ll naturally attract a higher price.
After all, you’re getting a very “young” flat which more or less means being in good condition – and we mean both the flat and the block as a whole, and certainly a plus considering you’re living in a very developed and central estate.
Trend of $700K for 3-room flats
Image credit: HDB
If we zoom in on just the flats sold at Toa Payoh Crest alone (Block 131A and 131B), you can see that the recently transacted prices do reflect its “premium status”. A snapshot of the past few months’ transactions show that similar 3-room flags are transacting for well over $700K for most instances, varying due to probable factors like its floor, and its orientation.
Where is Toa Payoh Crest?
Image adapted from: Google Maps
Part of the reason for this project’s high valuation is also because of the appeal of its location. Toa Payoh Crest is just a 5- to 10-min walk to the nearest MRT which is Caldecott, with Braddell MRT just slightly down the road. It’s also conveniently located near major roads like Thomson Road and also the PIE highway, a pull factor for drivers.
Toa Payoh Crest is also right next to The Peak @ Toa Payoh, which is a DBSS project. Flats here have been sold for record high prices in recent times, and so by association properties in the immediate vicinity can benefit from the prestige that The Peak brings.
The future of HDB flat prices in Toa Payoh
Now that 3-room flats seem to be trending upwards, it is only a matter of time before we start to see some record high prices for flats in the estate. Will the price of Toa Payoh Crest flats continue to climb upwards? Quite likely. And as the new kids on the old block, these flats will likely spearhead a new wave of newsworthy property transactions in the near future.
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Cover image adapted from: Google Maps
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