$490k for a 2-room flat? It's actually the cheapest in the new Dawson HDB cluster

A two-room HDB flat selling for half a million dollars may have sounded unimaginable just a few years ago. Yet in Queenstown, where newer flats have become increasingly sought after, such transactions are becoming more common. 

A recent example can be found in Dawson, where a newly MOP flat recently changed hands for $490,000. Despite the hefty price tag, it is actually among the more affordable two-room resale flats in the area.

SkyResidence @ Dawson records first 2-room resale at $490k

In early July 2026, a two-room flat at SkyResidence @ Dawson officially changed hands in the resale market for the first time. The 506 sq ft unit, located on the seventh to ninth storeys of Block 35 Margaret Drive, sold for $490,000, translating to around S$968 psf.

The HDB flat is a Premium Apartment type, one of the replacement flats built under the Selective En bloc Redevelopment Scheme (Sers). With its lease commencing in 2022, the flat still has approximately 94 years and seven months remaining, making it one of the newer HDB developments on the resale market.

Although the $490,000 price tag is a sizeable sum for a two-room resale flat, the transaction is not particularly high compared with the broader Queenstown market, which consists of both newer and older HDB clusters from the late 1900s.

So far in 2026, 14 two-room resale transactions have been recorded across Queenstown at an average of $917 psf. 

The SkyResidence unit therefore commands a premium of around 5 per cent over the wider Queenstown average on a psf basis. This is relatively modest given its newer lease and Premium Apartment status.

There are also some interesting comparisons within the surrounding area.

For instance, an older two-room HDB flat along Commonwealth Drive, a 506 sq ft Model A unit, was also sold recently in July. 

It fetched S$520,000, or approximately $1,027 psf. The flat, which is located on a lower floor, has around 87 years remaining on its lease. This means the SkyResidence flat was actually sold for S$30,000 less, despite having a substantially newer lease.

Lowest transacted price for a newer 2-room resale flat in Dawson

Looking specifically at the newer HDB projects in Dawson, the $490,000 transaction currently stands out as the lowest recorded resale price for a two-room flat. 

Based on logged caveats, six two-room units across the newer Dawson projects have now been officially transacted in the resale market.

All comparable units have sold for more than $500,000.

For instance, Forfar Heights has also recorded its first-ever two-room resale last month. The unit, which lease commenced in 2020, fetched $540,000 or approximately $1,067 psf. 

Meanwhile, two-room flats at SkyParc @ Dawson have commanded substantially higher prices, with transactions approaching $700,000.

This puts SkyResidence at the lower end of the price spectrum among the newer two-room flats in Dawson. 

More importantly, the $490,000 transaction provides a useful early benchmark for the project, particularly for buyers looking for a newer HDB flat in the Dawson-Queenstown area without paying the higher prices seen at some neighbouring projects.

In fact, the SkyResidence two-room resale is priced closer to comparable two-room flats across Singapore than to similar units in Dawson. 

Looking at two-room flats with a similar floor area and remaining lease, comparable transactions islandwide averaged around $828 psf. This puts the SkyResidence sale at a premium of less than 14 per cent.

The gap widens when compared with similar two-room flats in the Dawson area, where the price difference exceeds 17 per cent. 

This suggests that while the SkyResidence unit commands a premium for its newer lease and location, its pricing is not significantly out of line with comparable two-room resale flats across Singapore.

About SkyResidence @ Dawson

SkyResidence comprises eight residential blocks of up to 47 storeys, with a total of 1,217 units across two-room, three-room, four-room and five-room Premium Flats. 

Apart from this first two-room resale, the project has recorded several three-room resale transactions. The larger four-room and five-room units, however, have yet to change hands in the resale market.

The development has several facilities for residents, including a roof garden and sky terrace, which provide elevated communal spaces where residents can walk through different levels of the development. 

Additionally, SkyResidence @ Dawson is also directly connected to the Margaret Drive Hawker Centre, giving residents convenient access to a variety of food options.

For families, Queenstown Primary School is within 1km, while Queenstown MRT station is around a 10-minute walk away. With its combination of a relatively new lease, central Queenstown location, and easy access to amenities, SkyResidence remains an interesting project to watch as more units become eligible for resale.

National 2-room price record broken within the same month

Minutes walk away from SkyResidences, SkyParc @ Dawson has continued to set new benchmarks for two-room resale flats, with the latest transaction reaching $696,000 in early July 2026. 

Located somewhere between the 31st and 33rd storeys, the resale unit fetched around $1,375 psf, making it not only the most expensive two-room HDB resale flat in Singapore to date, but also the highest psf price recorded for the flat type.

The S$696,000 deal is not the first record-breaking sale at SkyParc @ Dawson. In February 2026, another two-room flat at the development sold for $695,000, briefly setting the national record for the most expensive 2-room HDB resale flat.

Before SkyParc @ Dawson took the top spot, the record belonged to a 721 sq ft two-room flat at Block 43 Moh Guan Terrace, which sold for $585,000 in August 2023. 

The transaction worked out to around $812 psf, setting a new benchmark for two-room resale flats at the time.

Why are 2-room flats in Dawson commanding $500k-plus?

The sharp rise in prices for two-room flats in Queenstown is partly a reflection of how limited the supply of newer units is in the mature estate.

According to 99.co Researcher, the average psf price of two-room resale flats in Queenstown has increased by almost 53 per cent over the past five years. 

While the broader market has also seen price growth, newer projects in the Dawson precinct have added another layer to the pricing story.

As these flats reach their Minimum Occupation Period (MOP) and begin entering the resale market, buyers are getting access to relatively young HDB homes in one of Singapore's more established and centrally located estates. 

This is a very different proposition from buying an older two-room flat with several decades less on its lease.

The combination of long remaining leases, newer facilities and a mature location allows these flats to command a sizeable premium. 

SkyParc @ Dawson's record-breaking $696,000 transaction illustrates just how far that premium can stretch, while SkyResidence @ Dawson's $490,000 sale shows that prices can still vary considerably even among newer projects in the same precinct.

Lower quantum compared to other alternatives

In a location such as Queenstown, where housing prices are generally higher, this lower entry quantum can make newer two-room flats appealing to buyers who prioritise location and lease length over space.

For context, a four-room or five-room resale flat in Queenstown can cost roughly $850,000 to $1.1 million, depending on the project and unit attributes. 

Nearby private condominiums can require an even larger budget, with studio and one-bedroom units potentially priced at around $1.2 million to $1.5 million or more.

Against these alternatives, a newer two-room resale flat priced around $500,000 occupies a relatively accessible price bracket. Buyers are effectively paying a premium for a smaller home while still entering the Queenstown market at a significantly lower quantum than larger HDB flats or private homes.

The supply of such units is also relatively limited. Newer two-room flats in mature estates are not available in large numbers, and the Dawson developments represent one of the more prominent concentrations of newer HDB stock in Queenstown.

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This article was first published in 99.co.