Queenstown 5-room loft breaks national HDB record at $1.65m

If you've been following the HDB resale market, you'll know that new all-time highs (ATHs) have been popping up quite frequently.
But when it comes to national ATHs, it's a much rarer sight. That's why this $1,658,888 sale in Queenstown is turning heads — it has just set a new national record.
This record-setting deal was for a five-room loft unit at SkyTerrace @ Dawson, located at Block 92 Dawson Road. Sitting on a mid-floor between levels 22 and 24, the flat spans a generous 1,313 sq ft, which puts the price per square foot at $1,263.
SkyTerrace @ Dawson is still relatively new — the lease officially began in 2016, so there's still about 89 years and 11 months left, making it a long-term option for buyers looking for a well-located home in Queenstown.
Back when SkyTerrace @ Dawson was first launched as a BTO project in December 2009, five-room flats were going for around $532,000. Fast forward about nine years, and one of those units just changed hands for $1,658,888.
That's a massive increase of roughly $1,126,888, which works out to a capital gain of about 102.87 per cent — not counting agent commissions, legal fees, or any subsidies the original owner may have received under various HDB schemes.
Since the development only hit its Minimum Occupation Period (MOP) recently, it's likely that this unit was sold by the original owner. If that's the case, the seller could have walked away with over $1 million in profit from this single sale.
On the flip side, the buyer may have had to fork out a sizeable Cash Over Valuation (COV). Based on 99.co's Property Value Tool, the estimated market value of the unit is $1,430,000 — which means the buyer could have paid around $228,888 above that valuation just to secure the unit.
Located just an eight-minute walk from Queenstown MRT via the park connector, the project is well-connected. If you drive, key work hubs like Mapletree Business City, Mediapolis, and the CBD are only a short ride away.
Daily essentials are well within reach. Dawson Place, a small neighbourhood mall, is just three to four minutes away on foot, while SkyParc @ Dawson adds to the mix with a two-storey hawker centre featuring 40 stalls.
If you're up for a longer walk, Zion Riverside Food Centre and the revamped Great World offer even more dining and shopping choices via the park connector. And 14 minutes away on foot, Anchorpoint Shopping Centre brings yet more retail and F&B options.
If you're raising a family, you'll find multiple childcare centres and kindergartens within 500m, including:
As for primary schools, Queenstown Primary School is the only one within 1km, but Queenstown Secondary School is also within an 11-minute walk.
If you're open to schools within a 1-2km range, you'll find:
And for those who enjoy greenery, the estate features the Dawson Community Eco-Corridor (DCE) — a 200-metre-long eco-space built on a former 10-metre-wide stretch of Margaret Drive, right in front of blocks 89 to 91.
Not quite.
While this is now the most expensive five-room HDB resale on record, it's still not the priciest HDB flat ever sold in Singapore. That title belongs to a unit at SkyOasis @ Dawson, which sold for $1.73 million in June 2024. SkyOasis is just a nine-minute walk away from SkyTerrace.
It's worth noting, though, that the $1.73 million deal isn't listed on HDB's official transaction data. Meanwhile, the $1,658,888 sale from SkyTerrace is currently the highest publicly recorded five-room HDB resale transaction on HDB's books.
It might happen sooner than you think.
Here's a look at the top 10 most expensive HDB resale transactions so far:
Date | Address | Floor | Size (sqft) | Price | PSF | Type | TOP |
06/2024 | 39 Margaret Drive | 45 | 1,195 | $1.73m | $1,444 | 5-Room | 2021 |
06/2025 | 92 Dawson Road | 22–24 | 1,313 | $1.659m | $1,263 | 5-Room (Loft) | 2016 |
01/2025 | 138A Lor 1A Toa Payoh | 19–21 | 1,259 | $1.6m | $1,270 | 5-Room (DBSS) | 2012 |
06/2024 | 9B Boon Tiong Road | 34–36 | 1,206 | $1.588m | $1,316 | 5-Room | 2016 |
06/2024 | 96A Henderson Road | 46–48 | 1,216 | $1.588m | $1,305 | 5-Room | 2019 |
10/2024 | 126A Kim Tian Road | 40–42 | 1,216 | $1.58m | $1,299 | 5-Room | 2013 |
01/2024 | 139A Lor 1A Toa Payoh | 40–42 | 1,259 | $1.569m | $1,246 | 5-Room (DBSS) | 2012 |
05/2025 | 1G Cantonment Road | 37–39 | 1,152 | $1.568m | $1,361 | 5-Room | 2011 |
07/2024 | 53 Jalan Ma’Mor | 1–3 | 3,950 | $1.568m | $396 | HDB Terrace | N/A |
07/2024 | 275A Bishan Street 24 | 37–39 | 1,292 | $1.568m | $1,213 | 5-Room | 2011 |
When this record-breaking deal at Margaret Drive first made the rounds, it stood out for good reason — the price gap was massive.
At $1.73 million, it was a full $142,000 higher than the previous national all-time high of $1.588 million, set by a five-room flat in Tiong Bahru View. The spike was so significant that many brushed it off as a one-off case and assumed it wouldn't happen again anytime soon.
For most of the past year, that assumption held up.
Resale prices came close to the $1.588 million mark, but none surpassed it — until January 2025, when a five-room DBSS unit at The Peak @ Toa Payoh was sold for $1.6 million.
And now just five months later, SkyTerrace @ Dawson clocked a resale at $1.659 million for a five-room loft unit. That's just about $71,000 shy of the current record, or only a 4.29 per cent difference.
So yes, the price gap is narrowing fast, and at this pace, a $1.7 million sale might not be too far off.
If this sounds way out of budget, don't worry just yet.
If you're still eyeing this development, you can find units for as low as $698,000. And if you're open to other projects in Queenstown, you'll be glad to know that there are resale flats in the area starting from just $350,000 — giving you the chance to live in a prime location without paying sky-high prices.