5-room Queenstown flat sold for S$1.73M, becomes S’pore’s most expensive HDB resale unit

HDB flat in Skyoasis @ Dawson in Queenstown beats previous most expensive resale unit

As HDB resale flat prices continue to escalate with no end in sight, another record has been set for most expensive resale flat in Singapore.

The five-room flat in Queenstown was sold for the eye-watering sum of S$1.73 million.

S’pore’s most expensive resale flat in Queenstown has 96 years’ lease left

The record-breaking flat is located in Block 39 Margaret Drive, according to an ERA Realty press release quoted by EdgeProp.

It’s a corner unit on the 45th floor of a block that has a lengthy 96 years left on its 99-year lease.

The flat could be resold after just 3.5 years as it was a replacement flat under the Selective En bloc Redevelopment Scheme (SERS), which allowed the owners to sell it after seven years from registration, or five years from the date of key collection, whichever is earlier.

As the flat is a five-room unit, it has a floor area of 1,195 square feet (sq ft).

That works out to a per square foot (psf) price of about S$1,444 psf.

Queenstown flat part of Skyoasis @ Dawson BTO project

The flat is part of the Skyoasis @ Dawson Build-To-Order (BTO) project, which comprises six blocks of up to 45 floors each.

Besides being a five-minute walk from Queenstown MRT station, the blocks are a short drive away from the town area.

It’s also about 700m away from Dawson Place shopping mall, which has a FairPrice supermarket and food court, among other amenities. Margaret Drive Hawker Centre is also a stone’s throw away.

Additionally, Queenstown Primary School is just next door.

Buyers are S’porean family with young children

A photo of the flat shared by ERA showed that it’s spacious and has high ceilings.

That was part of its appeal to the buyers, who are a Singaporean family with young children, said Ms Faith Wong, the agent who brokered the deal.

They also admired the unit’s strategic location, with modern amenities nearby.

She added that a private property in this area, and of this size and age, would cost about S$3 million.

Flat was on sale for less than a month

It’s no wonder that there was a bit of a bidding war among two interested parties, Ms Wong said.

While the seller, who is also local, initially asked for S$1.838 million, the unit eventually changed hands on 26 June for S$1,725,888.

It had been on the market for less than a month before it was snapped up.

Previous most expensive resale flat sold for S$1.588M

The previous most expensive HDB resale flat was a five-roomer in CityVue @ Henderson, Bukit Merah, which was sold for S$1.588 million just weeks before.

That flat’s price matched another one also in Bukit Merah, specifically Boon Tiong Road, that was sold for S$1.588 million in April.

Prices have moved fast — in February 2023, a five-room flat in SkyOasis @ Dawson was put up for sale at the asking price of S$1.5 million.

That now seems like a steal considering how the prices in this development have risen.

Also read: Queenstown HDB Flat Listed For Sale At S$1.5M, High-Floor Unit Has Unblocked Views

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Featured image adapted from ERA Realty via EdgeProp and Google Maps.