Queenstown 2-room HDB flat sells for $696k, breaks national record

A two-room HDB flat in Queenstown appears to have set a new national resale record after changing hands for $696,000.

The transaction, which was recorded on July 16, involved a high-floor unit at SkyParc @ Dawson. Besides becoming the most expensive two-room HDB resale flat recorded so far, the sale also achieved what appears to be a new national price-per-square-foot (psf) high for the flat type.

The 2-room national record was set at SkyParc @ Dawson

The S$696,000 transaction involved a two-room flat at Block 95 Dawson Road, which forms part of SkyParc @ Dawson. 

Located somewhere between the 31st and 33rd floors, the unit measures 506 sqft. Based on its sale price, this works out to approximately $1,375 psf, which is also the highest recorded psf price for a two-room HDB resale flat in Singapore.

SkyParc @ Dawson is a newer Selective En bloc Redevelopment Scheme (Sers) replacement development that was built around a Housing-in-a-Park concept. The project comprises three high-rise blocks at 94 to 96 Dawson Road, with the blocks reaching between 34 and 43 storeys.

Block 95, where the record-setting unit is located, rises to 40 storeys. As a result, homes on its upper floors may offer wide views over the surrounding greenery, city skyline and lower-rise neighbourhoods nearby.

The flat's lease began in 2021. As such, it has approximately 94 years and four months remaining as of July 2026, giving buyers a relatively long lease runway compared with many older resale flats in Queenstown.

SkyParc @ Dawson was built as a Sers replacement project

SkyParc @ Dawson was developed as one of the replacement housing options for residents affected by the Tanglin Halt SERS exercise, which was announced in 2014.

At the time, the exercise was one of the largest Sers projects undertaken by the government. Thousands of households living in the Tanglin Halt area were offered replacement flats as the older blocks were prepared for redevelopment.

Affected residents could select replacement homes at SkyResidence @ Dawson, SkyOasis @ Dawson or SkyParc @ Dawson. Some former Tanglin Halt households began collecting the keys to their new homes from December 2019.

For SERS replacement flat owners, the Minimum Occupation Period (MOP) is generally calculated based on either seven years from the date they selected their replacement flat or five years from the date they took possession of it, whichever comes earlier. 

Consequently, resale transactions began appearing at SkyParc @ Dawson from 2024, even though the project was completed more recently than many other resale developments.

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Residents have access to amenities throughout the development

SkyParc @ Dawson includes a broad mix of commercial, recreational and community spaces. At ground level, residents have access to a minimart, two shops and a cafe facing Dawson Road. 

A preschool is also located within the development, which may be useful for households with younger children.

In addition, the estate includes fitness areas, sheltered gathering spaces, bicycle parking and a jungle-themed playground. Murals and landscaping have also been incorporated throughout the common areas, helping the project feel less like a traditional cluster of residential blocks.

The jungle-themed playground, for example, includes play structures inspired by native animals found in Singapore. Meanwhile, the safety flooring has been designed to resemble a flowing river, connecting the play area with the wider nature theme of the development.

Residents can also use the rooftop garden above the multi-storey car park on the eighth floor. This space includes:

• Fitness corners for adults and older residents
• Two children's playgrounds
• A badminton court
• Sheltered and open seating areas
• A trellis and landscaped greenery
• Wheelchair-accessible pathways

Elsewhere within the project, community gardens allow residents to grow plants and vegetables. Additional play areas, fitness equipment, a hardcourt and seating spaces have also been provided.

Does SkyParc @ Dawson have a record-worthy location?

SkyParc @ Dawson is located along Dawson Road in Queenstown, within District 3 and Singapore's Central Region. The development is bordered by Dawson Road and Kay Siang Road, with the Alexandra Linear Park Connector running nearby.

Queenstown MRT station on the East-West Line is around a nine- to 10-minute walk away through the park connector. From there, residents have a direct train connection towards areas such as Tanjong Pagar, Raffles Place and City Hall.

Redhill MRT station is another option. Although it is farther away on foot, residents can take Bus 122 from the bus stop outside the development and reach the station in about three stops.

The estate also provides several everyday grocery options. A convenience store is located within the development, while Sheng Siong is approximately a two-minute walk away. 

Dawson Place is also located around 400m from the project, translating to a walk of approximately five to seven minutes. The neighbourhood mall houses a 24-hour FairPrice supermarket, a food court, medical clinics and several retail outlets.

For a wider choice of food, residents can head to Margaret Drive Hawker Centre, which is around a 12-minute walk away. The two-storey hawker centre, located at SkyResidence @ Dawson, replaced the former Tanglin Halt market and houses 38 stalls across both floors.

Furthermore, the development is around a 10-minute drive from the Orchard Road shopping belt, depending on traffic conditions. Lifestyle areas such as Dempsey Hill, Holland Village and Great World are also within relatively easy reach.

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The park connector supports both leisure and travel

One of the project's defining features is its connection to the Alexandra Linear Park Connector. The route is not only useful for walking, jogging and cycling, but also provides an alternative way to travel towards nearby shopping and lifestyle areas.

For instance, the park connector continues towards Robertson Quay, which is approximately 3km away and may be reached in around 15 to 20 minutes by bicycle. Great World is even nearer and may take less than 15 minutes to reach by bicycle.

Meanwhile, the development's Eco-Corridor was created by removing part of the former Margaret Drive and turning it into a landscaped, pedestrian-friendly green route. Instead of clearing the entire area, the project's planners retained 22 mature roadside trees. 

As a result, residents benefit from established greenery and natural shade rather than having to wait for newly planted trees to grow. 

The corridor now runs through the development and connects its residential blocks, communal spaces and surrounding park network.

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Several primary schools are within 2km

For families taking primary school distance into account, Queenstown Primary School is located within 1km of the development.

Several other primary schools are between 1km and 2km away:

• Alexandra Primary School
• Gan Eng Seng Primary School
• New Town Primary School
• Zhangde Primary School

This is only SkyParc's fourth 2-room resale transaction

SkyParc @ Dawson comprises around 810 flats across its three blocks, including two-room, three-room, four-room and five-room homes. 

Since resale activity began in 2024, 66 transactions have been recorded across the development, based on data from 99.co Researcher. 

Of these, 45 involved three-room flats, 14 involved four-room flats, three involved five-room flats, and just four involved two-room flats. This means the $696,000 sale is only the fourth known two-room resale transaction at SkyParc @ Dawson.

According to Researcher, the average psf price of SkyParc's 2-room flats was already almost 47 per cent higher than the corresponding averages for both Queenstown and Singapore when the project's first resale transaction was recorded in 2024.

By 2026, the difference had widened. SkyParc's average two-room psf price was around 40 per cent higher than the average for other two-room resale flats in Queenstown and almost 67 per cent higher than the nationwide average for the same flat type.

Why buyers may pay more for a smaller flat in Queenstown

Over the past five years, the average psf price of two-room flats in Queenstown has climbed by almost 52 per cent, according to 99.co's Researcher.

Part of this increase may be linked to the limited number of newer 2-room flats in mature, central locations. Such units may appeal particularly to eligible singles, older buyers, divorcees and smaller households that do not require the space of a larger flat.

For singles aged 35 and above, a two-room flat can provide enough space for independent living without the higher total price associated with larger homes. 

This difference becomes more apparent in a sought-after city-fringe estate such as Queenstown. A four-room or five-room resale flat in the area may cost between approximately $850,000 and $1.1 million, while a private studio or one-bedroom condominium nearby may be priced at $1.2 million to $1.5 million or more.

Against that backdrop, a premium two-room resale flat priced between $500,000 and $696,000 may occupy a middle ground.

This is not SkyParc's first record-setting sale

The $696,000 transaction is not the first time a flat at SkyParc @ Dawson has reached a record price. In February 2026, another 2-room flat at the project reportedly changed hands for $695,000. 

Although the latest transaction exceeds it by only $1,000, the new sale still raises the national benchmark for this flat type.

More broadly, the Dawson precinct has produced several high-value HDB resale transactions over the years. 

Units at SkyVille @ Dawson, SkyTerrace @ Dawson and SkyOasis @ Dawson have attracted strong prices because of their architecture, long remaining leases and proximity to the city.

Before the recent SkyParc transactions, the national two-room resale record was held by a flat at Block 43 Moh Guan Terrace. 

That unit was sold for $585,000 in August 2023, setting a new record for the flat type at the time. It measured approximately 721 sqft and achieved a price of around $812 psf.

Although the Moh Guan Terrace unit was considerably larger than the SkyParc flat, it was also much older. Its lease began in 1973, and it had around 48 years and six months remaining when it was sold.

The comparison shows how strongly lease age and location may affect resale prices. The SkyParc unit is around 215 sqft smaller, yet it sold for S$111,000 more because buyers were purchasing a newer flat with more than nine decades left on its lease.

SkyParc's 3-room flats have also been setting new highs

Record prices at SkyParc @ Dawson have not been limited to its two-room flats. Its three-room units have also been climbing towards new highs in Queenstown.

The table below shows the four highest recorded three-room transactions in the estate:

A 710 sqft flat at Block 95 Dawson Road was sold for $935,000 in April 2025, or approximately $1,316 psf. Based on the available data, this remains the highest recorded total price for a three-room HDB flat in Queenstown.

Meanwhile, a smaller 678 sqft unit at the same block was sold for $900,000 in May 2026, making it the first known three-room flat in Queenstown to cross the $900,000 mark. 

The transaction achieved a higher psf price of $1,327. The sale was widely reported as a new Queenstown record at the time. 

That benchmark was soon surpassed in June 2026, when another 678 sq ft flat at Block 96 Dawson Road fetched $920,000, or aroundS$1,356 psf.

If prices continue to rise, Queenstown's first million-dollar three-room transaction could eventually come from SkyParc @ Dawson or another newer project nearby.

What the latest transaction tells us

The S$696,000 sale does not mean that all two-room flats in Singapore, or even all two-room flats in Queenstown, will command similar prices. SkyParc @ Dawson sits within a relatively unusual segment of the HDB market. Its two-room units are small, but they are also new, centrally located and limited in number. 

High-floor units may additionally offer views that are difficult to find among older and lower-rise two-room flats.

Nevertheless, the transaction provides another sign that some buyers are willing to pay a substantial premium for smaller flats when the project offers the right combination of location, lease and convenience.

At $696,000, the unit has pushed the national record only slightly higher than SkyParc's previous $695,000 sale. Yet compared with the $585,000 benchmark set at Moh Guan Terrace in 2023, the increase is far more striking.

Ultimately, the sale reflects an important feature of the current resale market: buyers do not assess value based on floor area alone. For certain households, owning a smaller and newer home near the city may be more attractive than purchasing a larger flat farther away.

As more SkyParc @ Dawson units enter the resale market, the next few transactions will provide a clearer indication of whether prices at the project can remain at these levels — or climb even higher.

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This article was first published in 99.co.