5-room DBSS flat in Kallang sets town's new all-time-high record at $1.49m

We have seen an all-time high (ATH) of 141 million-dollar HDB flats resold in April, and it is no surprise that Kallang is once again making the headlines with a Design, Build and Sell Scheme (DBSS) flat reaching a new high. In early May 2025, another 5-room flat changed hands for $1.49 million, setting a new HDB record for the town.

Why is there an increasing interest in DBSS flats, and why do these flats keep hitting the million-dollar mark? Let's dive into it!

Kallang DBSS flat sets new town ATH record at $1.49M

Spanning 1,281 sqft, this record-breaking resale flat works out to about $1,163 psf. The 5-room flat is a mid-floor unit, located between the 22nd and 24th floors of City View @ Boon Keng. With its lease commencing in 2011, the flat still has 84 years and 10 months remaining. This transaction surpassed the previous record by around $400K, which was set by a similar unit just six months earlier in November 2024.

City View @ Boon Keng has long been known as a top-performing DBSS development. Comprising 714 units spread across three 40-storey blocks, it gained attention as early as 2016 when its 5-room units first breached the million-dollar mark. That was shortly after the project's 5-year Minimum Occupation Period (MOP) ended - at a time when the overall resale market was relatively subdued.

This Kallang DBSS project has been making record-breaking sales ever since. In fact, all five of the most expensive HDB resale transactions ever recorded in Kallang/Whampoa have come from this project alone.

5 most expensive HDB flats in Kallang/Whampoa

While none have breached the $1.5 million mark yet, City View @ Boon Keng has recorded a total of 93 transactions above $1 million as of May 2025. It's among the HDB projects in Kallang where million-dollar flat units become concerningly common, with more and more sales popping up every other day.

Toa Payoh DBSS project still leads the market with a $1.6M resale flat

While City View @ Boon Keng leads in Kallang, The Peak @ Toa Payoh still holds the record for the most expensive DBSS flat in Singapore. A 5-room flat in Block 138A changed hands for $1.6 million in January 2025, working out to $1,270 psf.

That 1,259 sqft unit is located between the 19th and 21st floors. Although it's not at the very top, it still enjoys decent elevation and views. With a lease that began in 2012, the unit had 86 years and 6 months left when sold.

Interestingly, the $1.6 million sale actually fetched the second-highest price for HDB flats ever sold in Singapore. Back in June last year, a 5-room flat at SkyOasis @ Dawson sold for a staggering $1.73 million. This sale is considered a one-off anomaly by HDB, and thus should not be treated as a new benchmark in the market.

The Peak @ Toa Payoh itself has consistently been a top performer in the high-value resale market. Last year, 7 out of 23 transactions above the $1.5 million mark came from this development - the highest count from any single project in Singapore.

Are DBSS flats leading the HDB resale market?

Between 2005 and 2011, 13 DBSS projects were built under a short-lived scheme. High prices and workmanship problems led to public criticism and the scheme's eventual discontinuation. Despite the controversy, DBSS flats remain desirable. Their larger layouts, city-fringe locations, and condo-like designs continue to attract buyers willing to pay a premium.

Given the record-breaking headlines, we took a closer look at how DBSS projects are actually performing compared to the overall resale HDB market.

HDB DBSS resale price in 2025

According to resale transaction data from 2020 to 2025, DBSS flat prices have climbed across the board, but the extent of appreciation varies.

For more context, the overall growth in HDB resale prices across Singapore within the last 5 years is around 40 per cent. That said, only 4 out of the 13 DBSS projects outperformed the broader market: Natura Loft @ Bishan, Park Central @ Ang Mo Kio, Centrale 8 @ Tampines, and Pasir Ris One.

Properties with higher entry points, such as The Peak @ Toa Payoh and City View @ Boon Keng, typically show a softer pace of price appreciation. However, Natura Loft @ Bishan seems to defy this trend.

Natura Loft @ Bishan's strong resale performance

Natura Loft features some of the largest DBSS flats, with 5-room units reaching 1,292 sqft. Despite the high entry, this Bishan DBSS recorded the most significant resale price growth among all DBSS developments in Singapore.

In 2020, its average resale price of $978K was already the highest among all DBSS projects. But over just 5 years, the average price has jumped by nearly half of its previous rate to $1.445 million in 2025. This is more than double the current national average HDB resale price of $644K.

Pasir Ris DBSS: Lower priced yet promising

Among the standout performers, Pasir Ris One might offer the most potential. It is the last DBSS project ever launched, with around 89 years of lease remaining in 2025. Despite its rocky start - over 500 complaints were lodged after key collection in 2015 - Pasir Ris One has been showing a promising trend.

From 2020 to 2025, Pasir Ris One saw a 47.17 per cent increase in average resale prices, climbing from $613K to $902K. Its average price still sits below the million-dollar mark, offering a more accessible entry point for buyers. This also gives it greater potential for future appreciation, especially as more resale buyers turn to mature estates with newer lease tenures.

In context, the average resale price for HDB flats in Pasir Ris is currently about $703K, slightly above the national average. While Pasir Ris One posted nearly 20 per cent higher, it has also outpaced the town's average price growth by about 5 per cent. In essence, the DBSS project in Pasir Ris performs well both in the regional and the overall HDB resale market. It offers a compelling case for long-term value.

While DBSS developments were once criticised for pricing out their intended market segment, they have inevitably evolved into some of the most desirable HDB flats in Singapore. With more and more DBSS resale flats reaching new price highs today, particularly in high-demand towns like Kallang and Toa Payoh, they have proven to be favoured assets among Singaporeans.

This article was first published in 99.co.