5-room Toa Payoh flat listed for S$2M sparks debate online

5-bedroom HDB unit in Toa Payoh listed for S$2M

A 5-room HDB flat in Toa Payoh was listed on PropertyGuru for S$2 million on Tuesday (16 April), sparking online discussions.

Located at Block 138B, The Peak @ Toa Payoh, it is within walking distance of schools, shopping malls, and an MRT station.

The unit, which sits on a high floor, also has an area of 1,258 sqft and supposedly “unparalleled city views”.

The Peak @ Toa Payoh was a private HDB project completed in 2012. The remaining lease on the unit is 87 years.

Toa Payoh flat listed at record-breaking price

Million-dollar flats have become increasingly common in this area in recent years.

8world News reported that 25 units — 19 of which are five-room flats — have changed hands for more than S$1 million.

In January, a flat in Toa Payoh was sold for S$1.56 million, which then set a new record for resale HDB units. Now, the latest listing of S$2 million is nearly 30% higher.

Due to its sky-high price, the sale has sparked debate on TikTok, where netizens shared their opinions about the listing.

The Peak @ Toa Payoh flat

Source: PropertyGuru

According to 8world, some netizens said they would rather buy an apartment at this price. Meanwhile, others voiced concern that other listings in the area may follow suit and increase their prices.

However, some argued that the price is justified for reasons such as the unit:

  • Being part of a private HDB housing project
  • Resembling an apartment
  • Being located in a prime area

Seller believes unit is worth the price

Real estate agent Joyce Lim told Shin Min Daily News that the seller is in his 40s and a first-generation homeowner.

Seeing the recent resale prices in the area, he decided on the S$2 million price tag, believing his unit is worth the price.

Ms Lim believes that the seller is not in a rush to sell their property and is willing to see if anyone would pay S$2 million for it.

However, Ms Lim herself thinks that no reasonable buyer would pay 50% higher than the market price to purchase the unit.

Also read: Huat Bedok HDB sold for S$888,888, translates to S$888 psf

Huat Bedok HDB sold for S$888,888, translates to S$888 psf

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Featured image adapted from Google Maps and PropertyGuru.

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