5-room unit at The Peak @ Toa Payoh sells for $1.57m, making it the most expensive resale flat in Singapore

A landmark event in Singapore's real estate market occurred with a five-room flat at 139A Lorong 1A Toa Payoh, The Peak @ Toa Payoh. The property was sold in November 2023, with the resale registration officially recorded on Jan 1, 2024.

This sale set a new all-time high (ATH) transaction price at S$1,568,888, marking it as the most expensive resale flat in Toa Payoh and across Singapore.

Transaction details

Overview of the sale

The property at 139A Lorong 1A Toa Payoh achieved a landmark transaction on Jan 1, 2024, with its official resale registration, although the sale was concluded in November 2023.

This transaction set a new benchmark for HDB resale prices in Singapore, with a record price of S$1,568,888. This event is not just a transaction but a significant marker of the evolving real estate landscape in Singapore.

Buyer and seller dynamics

The high sale price of this unit reflects the changing dynamics between buyers and sellers in the Singapore property market.

Buyers are increasingly seeking premium residential units in well-established areas, and sellers with properties that match these criteria can command higher prices. This particular sale is a testament to the high demand for quality housing in sought-after locations.

Property overview

The property in question is part of The Peak @ Toa Payoh, a prestigious DBSS development. Completed in 2012 by the Housing Development Board, this project is known for its high-quality construction and design, setting it apart from standard HDB offerings. The development includes a total of 237 units, comprising a mix of three-room, four-room, and five-room flats.

As a DBSS project, The Peak @ Toa Payoh was developed under a scheme that aimed to provide HDB buyers with condominium-style designs and amenities. The flats in this development are known for their modern layouts, quality finishings, and additional features that elevate them above typical HDB units.

The five-room flat in this record-breaking transaction, being on the top floor, likely offers additional perks like enhanced views and a sense of exclusivity.

Location and accessibility

Toa Payoh, where The Peak @ Toa Payoh is located, is one of Singapore's oldest and most well-established residential towns. Its central location in the heart of Singapore makes it a highly desirable place to live, offering residents easy access to various parts of the city. The area is known for its blend of historical charm and modern amenities, making it attractive to a wide range of residents.

The town is well-served by public transportation, with several MRT stations like Woodleigh, Caldecott, and Braddell nearby. This ensures excellent connectivity for residents to other parts of Singapore.

Additionally, Toa Payoh boasts a variety of amenities including shopping centres, schools, and recreational facilities, making it a convenient and attractive location for families and professionals alike.

Future outlook

This ATH transaction indicates a continuing upward trend in the HDB resale market, especially for premium flats. Toa Payoh's ongoing development and enhancement in infrastructure are likely to further boost property values in the area. This presents both opportunities and challenges for homeowners and investors, suggesting a continued appreciation of the value of prime HDB properties.

Conclusion

The record sale at The Peak @ Toa Payoh is a significant milestone, highlighting the dynamic nature of Singapore's real estate market. It underscores a shift in homeowner priorities and a growing appreciation for high-quality public housing. As the market evolves, such high-value transactions may become more frequent, reshaping perceptions of public housing in Singapore.

ALSO READ: $1.36m maisonette in Bukit Timah records estate's highest transaction

This article was first published in 99.co.