Queenstown 2-room resale flat sells for $695,000, a national record

A two-room HDB resale flat at SkyParc @ Dawson has been sold for $695,000, setting the highest price ever for this type of unit.

The 505 sq ft unit - which recently completed its minimum occupation period (MOP) - is located at Block 95 Dawson Road between the 34th and 36th storeys, according to data from HDB's website.

It has a remaining lease of 94 years and nine months. 

This sale makes it the most expensive two-room HDB resale transaction in Singapore that has officially been recorded, according to 99.co.

The last two-room resale flat from that same block was sold at $540,000 last December, based on HDB's data. That unit is located between the 7th and 9th storeys. 

Before the recent $695,000 sale, the national record for a two-room resale flat was $585,000, set by a unit at Ghim Moh in August 2023 that held the top spot for nearly three years, reported 99.co.

SkyParc @ Dawson, which was completed in December 2020, is located near Queenstown and Commonwealth MRT stations. 

This project, which is one of the Tanglin Halt Selective En bloc Redevelopment Scheme replacement sites, comprises 810 two-room flexi as well as three-, four- and five-room units across three blocks. 

Classified as Premium Apartments, these flats reportedly have higher specifications compared to standard BTO units.

Resale flat prices moderate from 2026

Last May, National Development Minister Chee Hong Tat said resale flat prices may begin to moderate from 2026. 

He noted that the increase in resale flat prices has been a concern for Singaporeans and explained that one contributing reason for the price hikes is the Build-To-Order flat (BTO) delays that occurred during the Covid-19 pandemic. 

Chee said that he believes the situation will improve come 2026 as more new flats built over the past few years reach their five-year MOP.

"Once we see more supply coming in and also coupled with more new BTO flats entering the market, I think we will see moderation," he said.

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melissateo@asiaone.com