August 11, 2021

International Plaza occupies a very strategic and prominent spot in the CBD, enjoying dual frontage along Anson Road and Choon Guan Street.

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The two adjoining terrace factories have a freehold tenure and redevelopment potential

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Less than two years ago, we covered a story on why you should pick a regular condo over an executive condominium (EC). In the article, we shared advantages a regular, private condo has over an executive condominium, such as the ability to generate rental immediately, flexibility to sell, buying restrictions and capital appreciation. Note also...

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Recently, a DBSS flat in Bishan made headlines for being the most expensive HDB flat in Singapore; the 5-room flat was sold for a mouth-watering S$1.296 million. In June, barely a month earlier, a 49-year-old HDB terrace flat in Jalan Bahagia changed hands for $1.258 million. 

In fact, we’ve already seen a record-breaking 124 million-dollar HDB flats transacted so far in 2021, which has already surpassed last year’s 82 record. Moreover, resale prices in the public housing market have been on the rise for the fifth consecutive quarter since the end of the Circuit Breaker, and are currently just about 2% below the peak recorded in 2013. Experts say that prices are likely to reach a new record in the second half of 2021. 

So since we’re on the topic of million-dollar HDB flats, let’s take a trip down memory lane and look at the top five most expensive resale flats in every decade since the 1990s.

 

Top 5 Most Expensive Flats in the 1990s

Date of transaction	Town	Block	Street	Flat type	Flat model	Lease commence date	Price
November 1996	Bishan	102	Bishan Street 12	Executive	Maisonette	1987	S$900,000
June 1996	Yishun	652	Yishun Ave 4	Executive	Maisonette	1992	S$883,000
August 1996	Bishan	117	Bishan Street 12	Executive	Maisonette	1987	S$870,000
October 1996	Bishan	285	Bishan Street 22	Executive	Maisonette	1992	S$868,000
January 1997	Bishan	173	Bishan Street 13	Executive	Maisonette	1987	S$840,000

While there were no million-dollar flats in the 90s, there were surprisingly a good number of flats transacting for six-figures (remember this was a time when a 1-room and 2-room resale flat cost as low as S$5,000 and S$12,000 respectively). In fact, the most expensive flat recorded in that era was a S$900,000 executive maisonette in November 1996. 

The five most expensive flats in the 1990s were executive maisonettes and all but one were in Yishun.  

Find available executive maisonettes for sale in Yishun and Bishan on PropertyGuru. 

 

Top 5 Most Expensive HDB Flats in the 2000s

Date of transaction	Town	Block	Street	Flat type	Flat model	Lease commence date	Flat price
March 2008	Queenstown	150	Mei Ling Street	Executive	Apartment	1995	S$890,000
May 2008	Queenstown	148	Mei Ling Street	Executive	Apartment	1995	S$832,000
June 2008	Queenstown	150	Mei Ling Street	Executive	Maisonette	1995	S$830,000
July 2008	Queenstown	150	Mei Ling Street	Executive	Apartment	1995	S$820,000
April 2008	Queenstown	149	Mei Ling Street	Executive	Maisonette	1995	S$818,000

Although properties and homes became more expensive in the new millennium, the top five most expensive HDB flats remained pretty much still the same as the decade before. Interestingly, the five most expensive HDB flats were all recorded in Mei Ling Street in Queenstown, perhaps a sign of where the first million-dollar public housing would be. 

Find executive apartments and HDB flats for sale in Queenstown on PropertyGuru. 

 

Top 5 Most Expensive Resale Flats in the 2010s

Date of transaction	Town	Block	Street	Flat type	Flat model	Lease commencement date	Flat price
July 2019	Kallang/Whampoa	8	Boon Keng Road	5 room	DBSS	2011	S$1,208,000
April 2019	Bukit Merah	9A	Boon Tiong Road	5 room	Improved	2016	S$1,200,000
August 2019	Central Area	1C	Cantonment Road	5 room	Type S2	2011	S$1,200,000
June 2019	Central Area	1C	Cantonment Road	5 room	Type S2	2011	S$1,188,000
September 2018	Kallang/Whampoa	41	Jalan Bahagia	3 room	Terrace	1972	S$1,185,000

The first million-dollar public housing was an executive apartment unit at Mei Ling Street in Queenstown, which was sold for S$1M in July 2012. Later in October that year, an executive maisonette in Bishan became the most expensive public flat, after the buyers agreed to pay a then-record of S$1,010,000 for the unit. 

There would be several million-dollar HDB flats after that, and by the end of the decade, a DBSS unit at Boon Keng Road had become the most expensive HDB unit at S$1,208,000. The 2010s also saw the rise of Central Area units, as they became hotspots for million-dollar HDB flats. 

Find HDB flats for sale in Queenstown on PropertyGuru.   

 

Top 5 Most Expensive HDB Flats from 2020-2021

Date of transaction	Town	Block	Street	Flat type	Flat model	Lease commencement date	Price
July 2021	Bishan	273A	Bishan Street 24	5 room	DBSS	2011	S$1,295,000
June 2021	Kallang/Whampoa	39	Jalan Bahagia	3 room	Terrace	1972	S$1,268,000
September 2020	Central Area	1B	Cantonment Road	5 room	Type S2	2011	S$1,258,000
April 2021	Bishan	273B	Bishan Street 24	5 room	DBSS	2011	S$1,250,000
November 2020	Central Area	1A	Cantonment Road	5 room	Type S2	2011	S$1,250,000

As mentioned above, since the first million-dollar HDB flat in 2012, 426 million-dollar flats have been sold for at least S$1M. 124 of those were in 2021 alone!

In the last two years, we’ve seen several high-profile HDB transactions, including the S$1.296 million DBSS flat in Bishan, a S$1.258 million HDB terrace flat in Jalan Bahagia in June, and a 5-room flat at Pinnacle@Duxton that was sold for S$1.26 million in September 2020. 

With rising resale flat prices in non-mature estates, experts believe that we may soon see million-dollar flats in a non-mature estate soon.

Discover DBSS flats for sale on PropertyGuru.  

 

Other FAQs on Most Expensive HDB Flat

What is the Most Expensive HDB Flat?

The most expensive HDB flat is a DBSS flat in Bishan, which was sold for S$1.296 million in July 2021.

Why are DBSS Flats So Expensive?

DBSS flats are mostly located in central locations that are convenient to amenities. Furthermore, DBSS flats also feature attributes that ‘regular’ HDB flats do not, such as four bedrooms and balcony space. 

What is the Biggest HDB flat?

HDB maisonette penthouses and jumbo flats are among the biggest HDB flats; the former are as large as 215 sq m, while the latter can go up to 192 sq m. 

 

For more property news, resources and useful content like this article, check out PropertyGuru’s guides section. 

Are you looking to buy a new home? Head to PropertyGuru to browse the top properties for sale in Singapore.  

Already found a new home? Let PropertyGuru Finance's home finance advisors help you with financing it.

 

This article was written by Victor Kang, Digital Content Specialist at PropertyGuru. When he's not busy churning out engaging property content* or newsletter copies, he's busy being a lover of all geeky things. Say hi at: victorkang@propertyguru.com.sg

*I mean, I'll try

HDB loft units are a rare property type that is in high demand in Singapore due to their high ceilings and two floors. HDB lofts are meant to be a newer version of executive maisonettes, which is no longer being produced by HDB.

In case you haven’t heard, BTO buyers are facing up to a year or more in construction delays because of the manpower shortage caused by tighter border restrictions caused by the COVID-19 pandemic.

If you’re an affected buyer, this could be extremely worrying for you, especially if your plans to start a family have been hindered by this news. 

The good news is that the Government has recently announced that you can appeal to cancel your BTO application without incurring any penalties, but only if you have an urgent need of a home. 

If this affects you and you want to know how to cancel your BTO flat application, read on.

 

How to Cancel Your BTO Application 

As mentioned above, if your BTO flat project is delayed and you want to cancel your application without incurring any penalty charges, you can make an appeal on HDB’s site via MyRequest@HDB. The HDB will evaluate your case based on your circumstance.

Want to cancel your application for other reasons instead? Depending on which stage of the BTO application you’re at, you may need to forfeit the option fee or/and downpayment for the flat:

If You Have Not Selected Your Flat:

If you’re cancelling your application before you’ve selected your flat (i.e., before you’ve paid the option fee), then you don’t have to pay any penalty (bar the $10 administrative fee). 

However, if you cancel your flat application for the second time, you would have your first-timer priority suspended for a year. In other words, you won’t get 2X the ballot chances for a year. 

If You Have Booked a Flat but Have Not Signed the Agreement for Lease Form:

You will need to forfeit the option fee. How much your option fee (and hence the penalty) is depends on your flat type. 

Flat type	Option fee
4-room and bigger	$2,000
3-room	$1,000
2-room Flexi	$500

Additionally, you have to wait a year before you can apply for a new HDB flat, DBSS flat or executive condominium (EC) from a developer, a resale flat with CPF Housing Grant, a resale flat that’s been selected for SERS, or take over a subsidised flat via outright transfer.  

After you’ve signed the Agreement for Lease Form:

If you want to back out from your BTO flat application after signing the Agreement for Lease form (but before key collection), you would need to complete the cancellation after signing of agreement for lease form and submit to HDB. 

On top of that, you will also need to forfeit the downpayment of the flat. However, you can try to appeal to IRAS to refund the stamp duty paid by engaging help from the HDB or your lawyer.

Similarly, you have to wait a year before you can apply for a new HDB flat, a DBSS flat or EC from a developer, a resale flat with CPF Housing Grant, a resale flat that has been announced for SERS, or take over a subsidised flat via outright transfer. 

On top of the penalties mentioned above, if you had taken any grants, you would also need to refund them (with interest).

Cancelling a BTO flat application can be costly and could amount to thousands of dollars, so before signing the dotted line, it’s good to be clear on what you want. 

 

Need a Home Urgently? Here’s are Your Options:

Apply for Temporary Housing Under the Parenthood Provisional Housing Scheme (PPHS)

If you’re waiting for the completion of your BTO flat or Sale of Balance Flat (SBF), and do not wish to rent a home, you can apply for a flat under the PPHS.

Under this scheme, married couples or families can rent an interim flat at a subsidised price from the HDB. Rents start from $400 a month for a 2-room flat in Marsiling and up to $1,500 for a 4-room flat in Tiong Bahru. You can view the full rental rates and eligibility conditions here. 

Aside from the monthly rental, you would also need to pay 1-month deposit and stamp duties. 

PPHS exercises happen once every two months, but will happen from the first to the 14th of the month from October 2021 onwards. You can submit your application via the MyHDBPage. If successful, you’ll be invited for a flat selection the following month.

However, demand for PPHS flats is high; there were 2,350 applications in 2020 but just 160 flats available. Although the Government has recently announced that it has allocated 800 additional flats to help families. 

Rent a Home

If you need an interim place to stay while waiting for the completion of your BTO flat, or after cancelling your BTO flat application, you can choose to rent a home. 

Renting is a good short-term solution if you need a place to stay immediately; there’s less financial burden compared to buying a home and you also don’t have to worry about renovation or buying new furniture since most homes are in move-in ready condition. 

From HDB flats to private condos, there’s also a wide range of properties to rent, and you can choose to rent anywhere across the country. Furthermore, renting is more flexible than buying as you’re not tied down by a mortgage and can move into another home when your contract ends.

However, rental isn’t cheap in Singapore; expect to pay at least $1,500 for a 2-room flat, $2,000 for a 3-room flat, and $2,700 for a 4-room flat and above. For private condos, a studio apartment starts from $1,200 per month and prices just go higher the bigger the condo.

If you’re considering renting, check out available homes for rent on PropertyGuru now. 

 

Buy a Resale Flat

BTO construction delays due to the COVID-19 pandemic and desire for bigger homes have seen a resurgence of interest for resale flats. In fact, the increased popularity of resale flats has pushed prices up for the fifth straight quarter in Q2 2021 since the end of the Circuit Breaker period. 

The good thing about buying a resale flat is that you can pretty much buy in any location and pick the type of flat you want, provided that you meet the HDB’s eligibility conditions. You’re also eligible for higher CPF Housing Grants compared to BTO flats, and don’t have to wait for your flat to be completed if you need to move into a home urgently. 

However, resale flats tend to be more expensive than BTO flats, and with cash over valuation (COV) on the rise, expect to pay a higher premium for your choice flat, especially if it’s a bigger flat or one that’s located in a good area. 

Also, if the flat’s remaining lease is less than 20 years and isn’t enough to cover the youngest buyer until the age of 95 years old, the amount of CPF and loan you can use or receive will be limited. Last but not least, higher price means you’ll also have to fork out a higher downpayment and since there’s no Staggered Downpayment Scheme like for BTO flats, you need to fork out more funds in one go when you sign the lease. 

Looking for a resale HDB flat? Find one for sale on PropertyGuru. 

Apply for a Sale of Balance Flat (SBF)

SBFs are unsold flats from previous BTO exercises that are subsidised by the Government, so they’re more affordable than resale flats (though slightly more expensive than BTO flats). SBFs are launched along with BTO flat exercises, typically in May and November and they come with fresh 99-year leases.

As they’re ‘leftover’ flats from previous BTO sale exercises, these flats have either already started construction, or have been built, which means the waiting time is also shorter. SBF launches are spread across mature and non-mature estates, so it helps if you have a particular estate that you want to live in. You’ll also be eligible for CPF Housing Grants including the Enhanced CPF Housing Grant (EHG).

While the waiting time is much faster than getting a BTO flat (you can move in within three months, depending on the flat’s construction stage), it's still slightly slower compared to a resale flat, which can be as fast as two months. Also, they’re fewer flats up for selection during launches, which means it’s harder to secure a flat. 

However, you can’t apply for an SBF and BTO flat at the same time, which means that you can only apply for an SBF after cancelling your BTO flat application.

 

So, Which Option Should You Go For?

If you need a house urgently, and plan to get your own home, go for a resale flat. You don’t have to worry about delaying your plans to start a family and there’s also a wider pool of flats available in different locations. Furthermore, resale flat buyers are eligible for more grants, which helps to soften the blow. Alternatively, you may also consider applying for SBF if you want a newer flat in a particular estate, but know that you can only apply for one after canceling your BTO flat application.

If you’re on a tight budget and decide to wait for the completion of your BTO flat, you may consider applying for a flat under the PPHS. PPHS flat is more affordable compared to renting, but be prepared to face more competition.

If you’re in an urgent need to get a home, not on a tight budget, and need a place to stay in the interim, consider renting a property. Renting provides more flexibility and convenience in terms of choosing a home that’s closer to your workplace, parents’ home, schools, etc. Though, it’s more expensive in the long run.  

 

Other FAQs on Cancelling BTO Application

What Will Happen if I Cancel My BTO?

Depending on which stage of the application you’re at, it can be as minor as forfeiting a $10 admin fee, to as heavy as the downpayment for the flat. 

Can I Cancel My BTO Application?

Yes, you can cancel your BTO application on HDB’s site via MyRequest@HDB.

Can I Apply for BTO Again?

Yes you can. However, you would need to pay a resale levy. If you’re a second-timer applying with a first-timer, you may still get first-timer benefits (e.g. 2X ballot chances).

 

For more property news, resources and useful content like this article, check out PropertyGuru’s guides section. 

Are you looking to buy a new home? Head to PropertyGuru to browse the top properties for sale in Singapore.  

Already found a new home? Let PropertyGuru Finance's home finance advisors help you with financing it.

 

This article was written by Victor Kang, Digital Content Specialist at PropertyGuru. When he's not busy churning out engaging property content* or newsletter copies, he's busy being a lover of all geeky things. Say hi at: victorkang@propertyguru.com.sg

*I mean, I'll try

S$32.9 billion worth of luxury properties transacted during the first half of 2021 alone, marking it as the biggest property frenzy Singapore has seen in over 10 years.

In the resale market, the share of loss-making transactions stood at 13.8% in June, up from 10.5% in May 2021.