In a remarkable transaction, a 14-year-old Design, Build, and Sell Scheme (DBSS) flat located at Block 9 Boon Keng Road was sold for an impressive S$1.49 million in May 2025. This sale marks a significant milestone, setting a new record for HDB resale flats within the estate, as reported by 99.co.
Details of the Property
The sold flat is a spacious five-room unit, occupying an area of 1,281 square feet, and is situated between the 22nd and 24th floors of a 40-storey HDB block. The sale price translates to approximately S$1,163 per square foot. With the block having been completed in 2011, the flat retains around 85 years on its lease, making it an attractive option for potential buyers.
Factors Influencing the High Price
The high sale price of this DBSS flat was anticipated, given the growing trend in the HDB estate known as City View @ Boon Keng, which has seen a total of 93 transactions exceeding S$1 million as of May 2025. Several factors contribute to the increasing demand for properties in this area:
- Accessibility: The flat’s proximity to both Boon Keng and Bendemeer MRT stations enhances its appeal, making commuting convenient for residents.
- Modern Features: DBSS projects are recognized for their contemporary layouts, larger living spaces, and upgraded aesthetics, which attract buyers looking for modern amenities.
- Limited Supply: The discontinuation of the DBSS scheme by HDB in 2011 has resulted in a limited number of such flats available in Singapore, further driving up demand.
Trends in the HDB Resale Market
The trend of DBSS flats selling for over a million dollars has been notable in recent years. For instance, in May 2024, a five-room DBSS flat at Block 275A Bishan Street 24 was sold for S$1.5 million, while another at Block 138a Lorong 1 Toa Payoh fetched a record S1.6 million in January 2025.
Concerns Over Affordability
Despite the excitement surrounding these high-value transactions, Minister for National Development Desmond Lee has expressed concerns regarding the implications for overall affordability in the HDB resale market. During a media briefing on August 20, 2024, he noted that while record prices attract attention, they represent a small fraction of total transactions. Specifically, flats that exceed the million-dollar mark account for only about 2% of all resale transactions in the past 1.5 years.
Lee highlighted the potential for inflated expectations among sellers and anxiety among buyers, warning that such dynamics could lead to a market bubble if not managed carefully. He emphasized the importance of aligning market trends with economic fundamentals to ensure sustainable growth in the housing sector.
Conclusion
The sale of the Kallang DBSS flat for S$1.49 million not only sets a new benchmark for HDB resale prices but also reflects broader trends in the Singaporean real estate market. As demand for modern, well-located properties continues to rise, stakeholders must remain vigilant to maintain a balanced and affordable housing market for all Singaporeans.