Record-Breaking Sale: 5-Room Loft at SkyTerrace @ Dawson Fetches S$1.69 Million
In a remarkable real estate transaction, a nine-year-old 5-room loft unit at SkyTerrace @ Dawson in Queenstown has been sold for an impressive S$1,658,888. This sale marks one of the highest resale prices for a 5-room HDB unit in Singapore, according to data from 99.co.
The property, located at Block 92 Dawson Road, occupies a prime position between the 22nd and 24th floors, offering stunning views and ample living space. Spanning 1,313 square feet, the unit was sold at a price of S$1,263 per square foot. With the tenancy commencing in 2016, the flat retains approximately 89 years and 11 months on its lease.
Substantial Profit for the Seller
Originally launched as a Build-To-Order (BTO) project in December 2009, 5-room units at SkyTerrace @ Dawson were initially priced around S$532,000. This recent sale indicates a staggering profit margin for the seller, who may have realized a capital gain of approximately S$1,126,888, translating to a remarkable 102.87% increase in value, not accounting for agent fees, legal costs, or any subsidies the original owner may have received through various Housing & Development Board (HDB) initiatives.
Given that the development has only recently completed its Minimum Occupation Period (MOP), it is likely that the unit was sold by its original owner, allowing them to capitalize on the significant appreciation in property value.
Buyer Faces Cash Over Valuation
However, this lucrative sale also presents challenges for the buyer, who may need to contend with a considerable Cash Over Valuation (COV). According to 99.co’s Property Value Tool, the estimated market value of the unit stands at around S$1,430,000. This suggests that the buyer may have paid approximately S$222,888 above the market valuation to secure the property.
Comparative Sales in the Area
While the sale of the 5-room loft at SkyTerrace @ Dawson is currently the highest recorded resale transaction for a 5-room HDB unit, it does not hold the title for the most expensive HDB flat ever sold in Singapore. That record is held by a unit at SkyOasis @ Dawson, which was sold for S$1.73 million in June 2024. Notably, this transaction is not reflected in HDB’s official transaction data, as reported by 99.co. SkyOasis is conveniently located just a nine-minute walk from SkyTerrace, further enhancing the appeal of the area.
As the real estate market continues to evolve, these transactions highlight the growing demand for premium HDB properties in Singapore, reflecting both the investment potential and the lifestyle aspirations of buyers in the region.