If you've kept up with our year-end review, you'll already know that 2024 was a record-breaking year for million-dollar HDB resale flats. Transaction volumes doubled in key towns like Kallang/Whampoa, Toa Payoh, and Bukit Merah. In Kallang/Whampoa alone, 148 transactions were recorded, up from just 94 in 2023.

It wasn't just the transaction numbers that turned heads (and raised eyebrows). 2024 also saw the most expensive HDB resale ever witnessed at $1.73 million. What's more, just last week, a unit from The Peak @ Toa Payoh became the highest-priced DBSS unit, selling for $1.6 million.

With the new year, it seems like the perfect time to take a closer look at the 15 most expensive HDB resale transactions, their location, and what makes these properties stand out.

The 15 most expensive HDB resale transactions in Singapore (so far)

Here's the current list of the top 15 most expensive HDB resale flats in Singapore, ranked from the priciest:

The top-selling HDB flats and their 'outliers'

Out of the 15 transactions listed, The Peak @ Toa Payoh takes a commanding lead, with four units making the cut. This includes last week's record-setting $1.6 million sale.

The Peak's prominence isn't surprising; when it was launched in 2009, over 100 eager buyers queued up even before the show flat opened. Other high-profile projects include Natura Loft, with three units in the list, and The Pinnacle @ Duxton, contributing two.

Among the outliers, the $1.73 million Skyoasis @ Dawson sale stands out as the most expensive HDB resale to date. This sale broke the previous national high of $1.588 million, set by Tiong Bahru View and City Vue @ Henderson. Following this sale, no other transaction has matched or exceeded this price tag.

Kim Tian Green is another noteworthy project that often flies under the radar. Despite its lower profile, the flat offers convenient nearby amenities.

For instance, it's just a 7-minute walk from Tiong Bahru MRT Station and is close to two hawker centres — Tiong Bahru Market and Bukit Merah Market and Food Centre. Additionally, three primary schools are within a 1km radius: CHIJ (Kellock), Radin Mas Primary School, and Zhangde Primary School.

Finally, we have the $1.568 million HDB terrace that sold in July 2024. This landed unit, the most expensive HDB terrace resale, had only 47 years remaining on its 99-year lease at the time of sale. Its large size — the biggest HDB terrace built — likely contributed to the high price.

To put things in perspective, landed terraces in Kallang/Whampoa averaged $2.75 million in 2024, with a psf of $929. The HDB terrace's psf of $397 represents a significant discount, but its sale may be a one-off due to its unique size and appeal.

The agent involved in this transaction noted that such properties are particularly attractive to buyers over 55 who have sold private properties. These buyers often seek more space, with corner terraces being especially desirable due to their potential for internal expansion.

Comparing the sales performances of the most expensive HDB resale flats

Now, let's look into how some of the most notable HDB resale projects stack up in terms of sales performance. For this analysis, we'll focus on projects with multiple sales from the list above, as well as those that frequently make headlines despite having only one sale, like City Vue @ Henderson and Tiong Bahru View.

When taking a look at their sales performance over the past four years, The Peak @ Toa Payoh shows the highest growth, with a 38.05 per cent price increase from 2020 to 2024. Natura Loft followed with a 35.22 per cent rise, while The Pinnacle @ Duxton saw a 33 per cent increase.

Tiong Bahru View and City Vue @ Henderson posted growth rates of 32.20 per cent and 23.32 per cent, respectively. It should be noted that as the youngest project, City Vue @ Henderson had a slower start, selling only four units in 2020.

In terms of average prices for 2024, The Pinnacle @ Duxton leads with an average resale price of $1,367,432, followed by Natura Loft at $1,295,800. Tiong Bahru View takes third place at $1,214,951, and The Peak @ Toa Payoh comes in fourth with $1,203,472. Once again, City Vue @ Henderson rounds out the list with an average price of S$927,966.

If you're considering an investment, The Peak @ Toa Payoh stands out as a project with significant price growth potential. It's not the priciest option and its value appreciation over the years speaks volumes.

However, it's crucial to weigh the asking price against market trends before making a decision. You don't want to be forking out a chunk for Cash Over Valuation (COV).

On the other hand, if you're looking for the more 'affordable' option among these five HDB resale flats, City Vue @ Henderson might be the perfect choice. Its long lease and increasing sales momentum suggest strong growth potential. In fact, some units are currently listed for as low as $750,000. Meanwhile, listings for The Peak @ Toa Payoh start at $1.05 million.

What do these sales have in common?

When you take a closer look, several factors consistently stand out among these top-tier HDB sales.

Prime locations

The first and most obvious similarity is the location. Most of these projects are within walking distance of MRT stations, making commuting hassle-free.

Additionally, they're close to primary schools within a 1km radius, hawker centres for everyday meals, and a variety of entertainment options nearby — all of which contribute to their desirability. The only exception might be the HDB terrace, but its larger size more than compensates for the relative lack of accessibility.

Spacious (and unique) units

Another commonality is the size and type of these units. Most of the 15 transactions were for 5-room flats or DBSS units, both of which prioritise spaciousness. For DBSS homes, features like an extra bathroom or high-ceiling living rooms add a touch of luxury.

Since DBSS flats are no longer being built, their scarcity enhances their exclusivity, creating a higher demand and more competition among buyers.

High floors with unblocked views

Most of these record-breaking sales involve units on higher floors. For instance, the SkyOasis unit on the 45th floor — the highest in the development — undoubtedly offers great views. Even for other units on this list, the lowest floors range between the 19th and 21st floors, ensuring good vantage points and better ventilation.

Longer leases

Lastly, these projects tend to have a significant number of years left on their leases, with most retaining 85 to 90 years. This combination of minimal lease decay and a prime location adds to their high resale value. Buyers are willing to pay a premium for homes that offer both long-term security and convenience.

This article was first published in 99.co.