SINGAPORE: A nine-year-old five-room loft unit at SkyTerrace @ Dawson in Queenstown has been sold for S$1,658,888 — setting a new record for a Housing and Development Board (HDB) resale flat in Singapore. That is more than the price of some executive condominiums (ECs), which are usually more expensive than HDB flats.
A search on PropertyGuru shows a three-bedroom unit at Whitewater, an executive condominium in Pasir Ris completed in 2005, on sale for S$1.3 million. Other ECs priced below S$1.65 million can be found in Tampines, Yishun, Sembawang, Sengkang, Punggol, Choa Chu Kang, and other areas.
ECs are designed for middle-income Singaporeans who earn too much to qualify for a Build-To-Order (BTO) flat but find private condominiums unaffordable.
By design, ECs are priced higher than HDB flats, though exceptions are emerging as resale prices climb. A growing number of HDB resale flats are crossing the S$1 million threshold, encroaching on EC territory in terms of pricing.
Resale prices up
The million-dollar transactions crest a surge in resale prices.
According to real estate agency PropNex, the average resale price of HDB units rose by 0.8% in May 2025 to nearly S$658,000.
Earlier, in February 2025, SmartWealth reported the following averages:
- HDB resale flats: S$612,497
- Condominiums: S$1,989,082
- Landed properties: S$5,336,871
The median prices were:
- HDB flats: S$590,000
- Condos: S$1,780,000
- Landed: S$4,200,000
In terms of price per square foot:
- HDB: S$596.81
- Condos: S$1,972.40
- Landed: S$1,808.30
SmartWealth did not distinguish between ECs and more expensive private condominiums. But a report by the real estate agency Propnex carried by Yahoo News in February 2025 said the median price of an EC unit measuring 900 to 1,000 sq ft was about S$1.48 million.
A DBS report in November 2024 pointed out that HDB resale flats had a bigger market because there was no income ceiling for buyers, while ECs were only for those with a monthly household income of up to $16,000.
SmartWealth also noted a growing trend of million-dollar public housing transactions. In 2024 alone, 1,035 resale flats were sold for at least S$1 million, raising the total number of million-dollar HDB flats to 2,435.
Why are buyers willing to pay so much for HDB flats?
The record-setting loft unit at Block 92 Dawson Road has its attractions. Situated between the 22nd and 24th floors, the 1,313 sq ft apartment was sold at S$1,263 psf. Completed in 2016, the flat sits on a 99-year lease with nearly 90 years remaining. Its loft design is rare — even loft units in less central areas like Punggol can sell for S$1.2 million. Queenstown’s central location and abundant amenities add to the appeal.
SkyTerrace @ Dawson was launched as a BTO project in December 2009, with five-room flats originally selling for about S$532,000. The recent resale fetched over a million dollars more than its initial price.
There have been other million-dollar resales in the area. A unit at Dover Crescent was sold for S$1.55 million, while an executive maisonette on Mei Ling Street fetched S$1.51 million. Another unit at SkyOasis @ Dawson reportedly changed hands for S$1.73 million in June 2024. However, that transaction does not appear in HDB’s official records, making the SkyTerrace loft unit the highest officially recorded HDB resale to date.
Million-dollar HDB transactions are becoming more common. According to Property Lim Brothers Insights, 143 flats were sold for over S$1 million in April alone — an all-time high.
Five-room flats are highly sought after in mature estates like Queenstown because they are spacious and have all the amenities nearby.
This latest S$1.65 million transaction underscores the investment value of public housing in prime locations. At the same time, it blurs the price line between public and private housing.
Featured image by Depositphotos (for illustration purposes only)
