5-room loft at SkyTerrace @ Dawson sold for record S$1.66M in Queenstown resale market
A 5-room loft unit at SkyTerrace @ Dawson in Queenstown, which recently hit its Minimum Occupation Period (MOP), was sold for S$1,658,888. While it marks the highest 5-room HDB resale transaction on public record, the most expensive flat remains a S$1.73 million unit at SkyOasis @ Dawson.
SINGAPORE: A nine-year-old 5-room loft unit at SkyTerrace @ Dawson in Queenstown was sold for S$1,658,888 in June 2025.
Located between the 22nd and 24th floors of Block 92 Dawson Road, the unit spans 1,313 sq ft. It was sold at S$1,263 per square foot.
The flat has approximately 89 years and 11 months remaining on its lease, having reached its Minimum Occupation Period (MOP), according to HDB resale flat data.
Over S$1 Million in Capital Gains
SkyTerrace @ Dawson was launched under the Build-To-Order (BTO) scheme in December 2009, with 5-room flats initially priced at around S$532,000.
The recent transaction thus represents a capital gain of approximately S$1,126,888, or 102.87 per cent, before accounting for agent fees, legal costs, or any government subsidies.
As the development only recently fulfilled its MOP, the unit was likely sold by the original buyer, who may have pocketed over S$1 million in profit from the sale.
According to 99.co’s Property Value Tool, the unit's estimated market value is around S$1,430,000.
This suggests the buyer may have paid about S$222,888 in Cash Over Valuation (COV) to secure the property.
Still Not Singapore's Most Expensive HDB Resale
Despite setting a record for a 5-room unit, the transaction does not surpass the S$1.73 million sale at SkyOasis @ Dawson in June 2024.
However, that deal is not listed in HDB’s official transaction database. SkyOasis is located just a nine-minute walk from SkyTerrace.
At a media briefing on 20 August 2024, then-National Development Minister Desmond Lee addressed growing public concern about rising resale flat prices.
He noted that flats transacting at such high prices make up only 0.5 per cent of all four-room or smaller flat sales over the past two years.
Minister: high-value resale flats still a minority
“These flats are usually in central locations, high floors, and close to MRT stations and amenities,” Lee said.
Lee warned that such headline-grabbing prices could distort public expectations.
“Flat sellers who are reading such news raise their expectations, while flat buyers become anxious to secure flats before prices get higher,” he said during the 5 March 2025 Parliamentary budget debate.
“If we are not careful, such market dynamics can cause the resale market to run out of line with economic fundamentals and cause a bubble.”
2024 saw record HDB resale activity and price growth
According to HDB data released on 24 January, resale flat prices rose by 9.7% in 2024.
This increase follows a 4.9% rise in 2023 and a 10.4% surge in 2022.
Despite strong demand, resale transactions in the last quarter of 2024 fell by 21.1%, though the total number of units sold for the year reached 28,986.
A record 1,035 resale flats crossed the million-dollar mark in 2024, indicating strong interest in well-located, high-specification units.
