Record-breaking HDB sale: Skyoasis @ Dawson 5-room unit fetches S$1.73 million

In a remarkable development in Singapore's HDB resale market, a five-room flat at Skyoasis @ Dawson on Margaret Drive has set a new record, selling for S$1.73 million. The 1,195 sq ft unit was sold on 26 June, translating to a price of S$1,444 per square foot (psf). This record-breaking transaction was facilitated by Faith Wong, Senior Marketing Director at ERA Realty, according to a press release issued by the agency on 22 July. The sale surpasses the previous record set just last month when a 1,236 sq ft five-room unit at City Vue @ Henderson was sold for S$1.588 million (S$1,285 psf). Prior to that, in April, a five-room flat at Tiong Bahru View on 9B Boon Tiong Road was also transacted for S$1.588 million ($1,317 psf). The Skyoasis unit, located on the 45th floor of 39 Margaret Drive, was sold after just under a month on the market. Wong noted that the unit is a corner unit, offering high ceilings and expansive views. The sellers were a local family who managed to attract competing bids from two sets of motivated buyers, eventually closing the deal at S$1,725,888. The buyers, a family with young children, were drawn to the unit’s spaciousness, modern amenities, and strategic location. Wong highlighted that a similar-sized private property in the same area could command around S$3 million. The unit, owned by a Singaporean family, is relatively new at only 3.5 years old, with 96 years remaining on its 99-year lease. Its status as a replacement flat under the Selective En bloc Redevelopment Scheme (SERS) allowed the owners to sell after seven years from registration or five years from key collection, whichever came first. This is in contrast to typical new Build-to-Order (BTO) units, which require a five-year mandatory occupancy period before being eligible for resale. Completed in 2021, Skyoasis @ Dawson is part of a 1,192-unit HDB estate in District 3, comprising six residential blocks ranging from 26 to 45 storeys. The project is within walking distance of Queenstown MRT station on the East-West line and is adjacent to Queenstown Primary School. Commenting on the sale, Property expert Ku Swee Yong said, "Taxpayers paid the grants, but one family made the profits. How is this not hurting the country in the same way that 'raiding our reserves' would?" He added, "The current situation reflects the consequences of excessive greed, negatively affecting our children and grandchildren. This is driven by our pursuit of high real estate profits." This article was first published on Gutzy Asia.