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HDB loft unit at Skyterrace @ Dawson sells for record $1.33 mil

·4-min read

The five-room loft unit at SkyTerrace @ Dawson is the most expensive HDB resale transaction so far this year. (Picture: Albert Chua./The Edge Singapore)

SINGAPORE (EDGEPROP) - A rare five-room Housing and Development Board (HDB) loft unit at SkyTerrace @ Dawson has been sold for $1.328 million. The price translates to $1,011 psf on the floor area. The Option to Purchase (OTP) was exercised on Nov 22 and the sellers were represented by Lois Ho, associate group director of PropNex Realty.

Read also: Dawson HDB flats cross million-dollar threshold soon after MOP

The sale of the 1,313 sq ft, duplex HDB unit is the most expensive resale flat sold so far this year, based on HDB resale caveats as of Nov 29. It also marks the most expensive resale flat that has ever been sold at SkyTerrace @ Dawson and neighbouring SkyVille @ Dawson.

The HDB loft unit is at Block 92 Dawson Road and occupies the 42nd and 43rd floors. According to Ho, there are only 26 such loft units available in SkyTerrace @ Dawson, making them a rare type of unit in the 758-unit development.

PropNex agent Lois Ho in the living room of the HDB loft unit she sold. (Picture: Lois Ho/PropNex Realty)

“This is an uncommon unit type that is rarely included in recent HDB projects. Some interested buyers even wondered if the sellers had configured the layout by themselves. Loft units are typically found in private condos and this particular HDB unit boasts an impressively high 5.4m ceiling height,” says Ho. (Find HDB flats for rent or sale with our Singapore HDB directory)

The unit also benefits from its high floor position which provides an unblocked view of the landed housing estates in nearby Tanglin. The flat features two bedrooms on the lower floor and a bedroom on the upper floor.

According to Ho, the sellers decided to put up the unit for sale in the first quarter of this year, but the fluctuating Covid situation made it difficult to actively market the property. Ho also felt that it was important to arrange physical viewings for serious buyers.

“For a unique property such as this HDB loft unit, it is necessary for buyers to experience the space and the rare layout. I felt that factors such as the serenity of the unit and the impressive view were critical features those serious buyers needed to experience first-hand,” she says.

She adds that this helps buyers understand why they should be prepared to pay a high premium for this unit compared to other five-room flats in the development.

The bedroom on the upper floor of the unit which features a 5.4m ceiling. (Picture: Lois Ho/PropNex Realty)

By mid-October, she and the sellers felt that the Covid situation in Singapore had stabilised enough to start scheduling physical viewings.

Ho says that she received an overwhelming amount of interest for the HDB flat. Interest was so great that she was unable to schedule enough viewings to meet the number of viewing requests she received.

She says that the buyer of this loft unit submitted multiple offers to purchase the property. “The buyer was wowed by the double volume space and spacious living room when they came to visit the flat”.

The initial offers did not cross the $1.3 million price threshold as only two other low-floor loft units had been transacted before at SkyTerrace @ Dawson. The most recent was another 1,313 sq ft unit in the same block that fetched $1.095 million ($834 psf) on June 23 this year.

“Eventually, a firm belief in the value of the property and the physical viewings paid off because the sellers accepted the $1.328 million offer. The transaction was also a nice birthday gift for the seller’s wife, and in Cantonese, the digits of the price translate to ‘Easy to prosper throughout life,” says Ho.

Many of the serious buyers were aware that they would be paying a premium for the unit, given the property’s outstanding attributes such as its central location, spacious size, penthouse lifestyle and rarity, says Ho.

The view of the Tanglin landed housing areas from the top of SkyVille @ Dawson. (Picture: Albert Chua/The Edge Singapore)

While the actual Cash Over Valuation (COV) paid by the buyer is confidential, the amount is likely around $100,000, says Ho. COV represents the difference between the resale price of an HDB flat and the actual valuation by HDB.

The sale of this five-room loft will likely spur some sellers at SkyTerrace @ Dawson and SkyVille @ Dawson to increase their price, however, there are very few five-room units in these developments that are up for sale. Most of the units from these two developments that are on the resale market are four-room units,” says Ho.

Check out the latest listings near SkyTerrace @ Dawson

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