HDB is synonymous with affordable housing in Singapore. However, these modest dwellings have also achieved some remarkable feats. Apart from being a go-to for budget-friendly housing, HDB has also made waves for breaking several records. Below, we’ll take a closer look at the fascinating world of HDBs and delve into some of the highest records set over the years.
Table of contents:
- Highest Transaction
- Highest Per Square Foot (PSF)
- Highest Rental Price
- Largest BTO Project (Number of Units)
- Highest Priced BTO at Launch
In May 2023, a four-room HDB flat, situated at 50 Moh Guan Terrace within Tiong Bahru, made headlines by selling for a staggering $1.5 million, marking a new pinnacle in the property market. This sale outperformed the previous record set in June 2022, when a 5-room premium loft at SkyTerrace@Dawson transacted for $1.418 million.
The featured unit is a jumbo four-room flat, offering a generous 1,894 square feet of living space and is positioned on the fourth floor. This transaction has caused quite a stir with the fact that the flat was constructed in 1973 and now possesses a lease with less than 49 years remaining.
Perhaps, this could be attributed to its central location at Tiong Bahru, coupled with the rarity of jumbo flats in the area. Tiong Bahru is one of Singapore’s highly desirable neighbourhoods and the area enjoys superb connectivity, lying conveniently close to the central business district (CBD). The rarity of such spacious flats in prime locations naturally commands a premium on their price. As Singapore’s available land continues to diminish, the allure of these jumbo flats may only grow stronger.
Highest Per Square Foot (PSF)
Just last month, there was another remarkable sale in the Pinnacle@Duxton development, where a 5-room flat sold for an unprecedented $1.48 million, setting a new record for the highest price ever achieved in that development. In 2023, Pinnacle@Duxton witnessed a total of six million-dollar sales.
Although this sale did not reach the highest price per square foot ever seen, that distinction still belongs to Pinnacle@Duxton. Earlier in April of this year, a 1,022 sq ft 4-room flat at Block 1C in Pinnacle@Duxton was sold for an impressive $1.4 million. Notably, its price per square foot reached a historic high of $1,369, which is now the highest ever recorded in Singapore.
These impressive sales come as no surprise, considering Pinnacle@Duxton’s reputation as one of the most renowned and record-breaking HDB developments in Singapore. With its prime location near to the central business district (CBD), the panoramic views that encompass the city’s skyline and elevated gardens, play areas, and jogging tracks, we can expect to see more million-dollar sales in the future.
Highest Rental Price
Just last month, a 5-room HDB flat in Ang Mo Kio, which was formed by merging two units, was rented out at a record-breaking rate of S$6,500. This rental price has set a new benchmark for the public housing market in Singapore.
The rental price has caused concern as it is much higher than the regular rental rates for similar flats in the vicinity. This news sparked a debate about the increasing rental rates for public housing in Singapore. Some people have expressed concern about the affordability of housing for the average Singaporean, while others have argued that the market should dictate the rental rates based on supply and demand.
Nonetheless, the landlord has defended the high rate by pointing out the distinctive characteristics and excellent location of the flat, which appeals to tenants willing to pay more for their living accommodations.
Largest BTO Project (Number of Units)
Kay Lim’s Tampines GreenVerge is a Build-To-Order (BTO) project located in Tampines, Singapore. It is the largest BTO project to date, with a total of 2,022 units in 20 blocks. The project was launched in November 2020 and is expected to be completed in 2026. The project also includes a massive sheltered car park, a community plaza, and a range of communal facilities such as a childcare centre, a supermarket, and a hawker centre.
The development is also located near a range of amenities, including the Tampines Hub, Our Tampines Hub, and Tampines Eco Green.
Highest Priced BTO at Launch
In August 2022, the launch of Central Weave @ Ang Mo Kio BTO saw prices for a five-room flat going as high as S$877,000, almost reaching S$900,000. Surprisingly, with an overwhelming 5,907 applicants vying for the 372 five-room and three-generation flats in the project, potential buyers were apparently undeterred by the flat types’ price range of S$713,000 to S$877,000.
According to the article, despite the rising prices, the demand for BTOs has remained robust. This may be due to various factors, such as the scarcity of larger HDB flats in the market and a preference for newer developments with more modern amenities.
Additionally, the article points out that the exorbitant prices of new BTOs may be pushing up resale prices of flats in the vicinity, as buyers who cannot afford new units or who cannot land one, turn to the resale market instead. The article also sparked a discussion on whether we will witness the emergence of the first million-dollar BTO. Experts believe that although the Government cannot indefinitely prevent BTO prices from increasing, there will be strong opposition from various quarters to prevent flats from reaching the S$1 million mark.
Want to break another HDB record transaction? Sell your home with us!
Ohmyhome Super Agents are in the Top 1% of the 3,000+ agents here in Singapore, with record-breaking transactions of their own. The Instagram post below is just one of many. We are dedicated to helping you meet your property goals and needs.
We encourage you to check our agents’ records for yourself, though. We did a whole guide on this — you can read it here.
If you liked this article, we recommend Ohmyhome’s Choice: Top 4 Picks For 5-Room HDBs Under $900k For Sale (April Update) for all our recent listings, specially curated in terms of size and price! You can get market insights like this delivered straight to your inbox: Join our newsletter here.