Last year, when we discussed the projects reaching their minimum occupation period (MOP) in 2024, we highlighted how Bidadari developments like Alkaff Vista and Alkaff Lakeview were poised to perform well. After all, these were the first Bidadari HDB projects to reach MOP, and recent transactions have confirmed this anticipation.

Early this month, a four-room unit at Alkaff Lakeview has set a new record for the most expensive four-room resale flat in Toa Payoh.

At $1,258,888, this is the most expensive four-room resale in Toa Payoh

The unit in question is located at Block 118A, Alkaff Crescent Road, within the Alkaff Lakeview project.

It sold for $1,258,888, with a size of 1,044 square feet, translating to approximately $1,205 per square foot (psf). Situated between the 10th and 12th floors of the 17-floor building, it offers a slightly elevated position within the development.

Having reached its MOP in 2024, the flat still has about 95 years and one month remaining on its lease.

According to the 99.co's Valuation Tool, this unit could have been valued at approximately $1.18 million, suggesting the buyer likely paid around $78,888 in Cash Over Valuation (COV). As such, the reported sale price does not accurately reflect the unit's valuation, as it includes the additional cash the buyer paid above the appraised value.

Notably, if we exclude Pinnacle @ Duxton transactions, this $1,258,888 sale ranks as the eighth most expensive four-room resale flat in Singapore.

That means the seller made almost 160 per cent in profit

Back in the November 2015 Build-To-Order (BTO) launch, four-room units at Alkaff Lakeview were priced between $433,000 and $550,000. Since the unit sold was situated in mid-project, we're assuming the original purchase price was around the middle $491,500, the recent sale at $1,258,888 means the seller walked away with an estimated $767,388 in gains — a whopping 156.13 per cent profit.

Of course, the actual profit could be even higher or slightly lower, depending on a few factors. Since the launch price didn't factor in any grants, first-time buyers or those applying under schemes like the Proximity Housing Grant (PHG) might have secured their flat at an even lower price — potentially pushing their profit past that $826,000 mark.

On the flip side, selling costs like agent fees and other transaction-related expenses would have taken a cut from the total profit.

Alkaff Lakeview's locational highlights

We've covered Alkaff Lakeview's excellent location in a recent article, but here's a quick rundown if you need a refresher.

The project sits in a prime spot in Bidadari, offering great accessibility and nearby amenities:

• MRT access: Just a four-minute walk to Woodleigh MRT and eight minutes to Potong Pasir MRT.
• Convenience and dining: A three-minute walk to Woodleigh Mall for shopping and dining, plus just five minutes to Woodleigh Village Hawker Centre for local food options.
• Schools nearby: While there are no kindergartens within 500m, several primary schools are close by. Within one kilometre, you'll find Cedar Primary, Maris Stella High (Primary), and St Andrew Junior College. Within one to two kilometres, other options include Bendemeer Primary, Canossa Catholic Primary, First Toa Payoh Primary, Paya Lebar Methodist Girls' (Primary), Pei Chun Public, St Gabriel's Primary, and Yangzheng Primary.
• Green spaces: Bidadari Park is just around the corner, featuring the scenic Alkaff Lake and a 700m Heritage Walk. Plus, it connects to five different Nature Ways, perfect for those of you who love outdoor activities.

The previous four-room estate record holder was also Alkaff Lakeview

Before this latest $1,258,888 sale, another Alkaff Lakeview unit held the four-room resale record — but not for long. That unit, which sold in January for $1,238,888 ($1,186 psf), was quickly surpassed just a month later.

Looking a little further back, before Alkaff Lakeview took the top spot, the previous four-room record holder in Toa Payoh was another recently MOP-ed unit at Toa Payoh Crest, which transacted for $1.2 million ($1,199 psf) in September 2024. Located in Block 130A, on a higher floor (around levels 37 to 39), that sale stood as the benchmark for several months.

The current sale surpasses that by about $58,000, or 4.82 per cent.

Alkaff Lakeview also holds the record as the most expensive three-room flat in Singapore

Alkaff Lakeview has proven itself to be more than just a one-hit wonder in the property market.

In a recent article, we explored how some three-room resale flats have been selling for nearly double the national average. One standout transaction was a $900,00 sale at Alkaff Lakeview, making it the most expensive three-room flat in Singapore to date.

The previous record for a three-room resale flat was around $860,000, so this jump to $900,000 came as a surprise. Because of this, it's unlikely we'll see another three-room flat hitting $900,000 or more anytime soon. At that price, many buyers might prefer stretching their budget slightly to get a four-room resale unit, which offers more space for a similar cost.

That said, it's clear that the buyer of this $900,000 unit was willing to pay a premium for Alkaff Lakeview's prime location and the strong demand for homes in Bidadari.

For those looking at three-room flats in Alkaff Lakeview, listings on 99.co have prices starting from $700,000. But if you're after a more affordable option, Toa Payoh has three-room units available for as low as $345,000.

Will Alkaff Lakeview break more records?

With Alkaff Lakeview being a newly MOP-ed project, resale prices have been on an upward trend, with each new sale pushing the benchmark higher. At this rate, it might not be long before another all-time high (ATH) is set for a four-room flat in this development.

In fact, there's already an active four-room listing on 99.co for $1.288 million, making it the most expensive asking price for Alkaff Lakeview so far. If this unit sells, it will surpass the current ATH by almost $30,000, setting a new record for Toa Payoh's four-room flats.

That said, it's important not to assume that million-dollar price tags are the norm across Bidadari. With more flats in the estate reaching their MOP over time, supply is gradually increasing — which could slow down price appreciation in the long run. One key project to watch is Alkaff CourtView, which MOP-ed this year and is expected to bring more resale units to the market.

For those eyeing Alkaff Lakeview, the lowest four-room listing on 99.co is currently $950,000, followed by another at $999,000. The rest sit above the $1 million range, but most remain below the $1.259 million mark — except for that one $1.288 million listing.

Whether future transactions will break records remains to be seen, but Alkaff Lakeview has certainly cemented itself as one of the most sought-after HDB developments in Bidadari.