This week, we shared that 96 million-dollar HDB resale flats were sold in June — a record-breaking figure. While the focus recently has been on HDB resale flats crossing the S$1 million mark, it's important to also keep an eye on just how high these prices are climbing.

The latest addition to this exclusive club? A S$1,568,000 DBSS flat from Natura Loft. This sale highlights a growing trend: the number of transactions exceeding S$1.5 million is on the rise.

The latest sale: A S$1,568,000 DBSS from Natura Loft

This latest sale comes from Natura Loft, located on Bishan Street 24 in District 20. The specific unit, situated between the 37th and 39th floors of Block 275A, is 1,292 sq ft with a price per square foot (psf) of S$1,213.62. The 99-year lease of this unit started in 2011, leaving approximately 86 years and three months remaining.

Natura Loft is no stranger to setting records. This project, due to the rarity and demand for larger units in Singapore, has been a frequent topic of discussion.

If you're interested in this project, take a deeper dive into the maisonettes and DBSS units in Bishan Street 24 where we cover the nearby amenities like schools, malls, town centres, parks, wet markets, and food stalls.

13 resale flats sold for S$1.5 million and more so far

Here's a breakdown of these transactions arranged from the oldest to the latest transactions:

The Peak @ Toa Payoh seems to be leading the pack with four transactions exceeding S$1.5 million. Natura Loft follows closely behind with three sales, and then we have another Bishan Street 24 on the list, this time a maisonette.

Following these top contenders are City Vue@Henderson with two transactions. Notably, one of these City Vue sales currently shares the title of the most expensive HDB resale flat ever sold at S$1,588,000, alongside Tiong Bahru View.

Tiong Bahru View was the first project to achieve this record-breaking price back in April this year.

Beyond these, we saw a sale from Pinnacle@Duxton for S$1.515 million and the unique adjoined flat in Block 50, Moh Guan Ter, that sold with only 49 years remaining on its lease, which kick-started the S$1.5 million price tag trend in June 2023.

Most expensive PSF vs. most expensive flat

Surprisingly, the most expensive transaction in terms of psf doesn't hold the title of the most expensive HDB resale flat overall.

That distinction goes to the Pinnacle@Duxton sale, which features a spacious 1,140 sq ft and sold for a whopping S$1,328.95 psf. Comparatively, the least expensive psf belongs to the adjoined pre-war flat in Block 50, Moh Guan Ter.

However, for homebuyers seeking affordability in larger properties, the Bishan Street 24 maisonette offers a more attractive psf. This unit sold for S$810 psf and has 67 years remaining on its lease.

Sales trends for the top S$1.5 million HDB flats

When looking at sales trends over the past five years for high-value HDB flats like Natura Loft, CityVue @ Henderson, Tiong Bahru View, The Peak @ Toa Payoh, and Pinnacle @ Duxton, some interesting patterns emerge.

Filtering for 5-room units and above, the current average PSF for these projects are:

• CityVue @ Henderson: S$1,210
• Tiong Bahru View: S$1,259
• The Peak @ Toa Payoh: S$1,113
• Natura Loft: S$1,109
• Pinnacle @ Duxton: S$1,254

This data indicates that among these five projects, Natura Loft is currently the most affordable, while Tiong Bahru View is the most expensive. This represents a significant jump from its position last year, where it stood at S$1,097 PSF, behind Pinnacle @ Duxton (S$1,206 PSF) and CityVue @ Henderson (S$1,124 PSF).

This change marks a 14.78 per cent increase in the average PSF for Tiong Bahru View within a year. However, the higher PSF is likely due to the limited number of transactions, with only two high-end sales this year at S$1.588 million and S$1.45 million.

When examining the overall average PSF growth over the last three years, The Peak @ Toa Payoh has seen the highest growth at 32.42 per cent, followed by Pinnacle @ Duxton at 29.95 per cent, Tiong Bahru View at 26.97 per cent, Natura Loft at 25.32 per cent, and CityVue @ Henderson at 18.92 per cent. It's worth noting that CityVue@Henderson's growth is nearly half of what The Peak @Toa Payoh has experienced.

ALSO READ: Executive flat in Ang Mo Kio sold for $1.2m, sets all-time-high record for the town

This article was first published in 99.co.