A HDB DBSS Flat Just Sold For $1.6 Million: Why Is This Happening?


A seasoned content strategist with over 17 years in the real estate and financial journalism sectors, Ryan has built a reputation for transforming complex industry jargon into accessible knowledge. With a track record of writing and editing for leading financial platforms and publications, Ryan's expertise has been recognised across various media outlets. His role as a former content editor for 99.co and a co-host for CNA 938's Open House programme underscores his commitment to providing valuable insights into the property market.
In July 2024, the record holder for the most expensive flat in Singapore was a $1.73 million Dawson unit. At the time, we thought it was an anomaly—something we wouldn’t see again for a long while. But here we are in January 2025, and already, a 13-year-old DBSS flat has nearly matched it, selling for $1.6 million. So, where are these prices headed, and what’s driving this surge?
A 13-year-old flat for $1.6 million
The flat in question is at The Peak @ Toa Payoh, a DBSS project. Located at Block 138A Lorong 1A, it’s a 1,259 sq.ft. unit situated on the 19th to 21st floor. At $1.6 million, that works out to about $1,270 psf.

We can already hear the obvious question: “What are nearby resale flat prices like?” Fair point—the area has seen several flats selling for $1.5 million or more, with some even making our list of the priciest resale flats of 2024.
But here’s a comparison to put things in perspective: Just 210 meters away from The Peak is Trevista, a leasehold private condo, with an average price of about $1,848 psf. In September 2024, a 1,012 sq. ft. unit there sold for $1.87 million.
Granted, the flat’s proximity to Toa Payoh Hub— a major retail and dining centre with an MRT station (NSL)—certainly justifies a higher price. But for an HDB project to be so close to private property prices is remarkable and underscores just how far prices have surged since the end of COVID.
Is it about DBSS being a cut above the rest?
Some news reports have cited industry experts claiming that DBSS flats are of superior quality. These flats were built by private developers, similar to Executive Condominiums (ECs), though they lack amenities like pools and gyms. However, it’s odd to hear such praise now, as many DBSS flats weren’t well-regarded for their quality when they were first launched.
That also goes for The Peak. Around 20 to 30 per cent of the initial buyers raised complaints about the flat’s quality. This suggests that the soaring prices today are likely more about the location than the actual quality/workmanship of the flats.
Some realtors have also suggested that it’s not so much quality, but the unique layouts that make DBSS flats appealing. Features like a third bathroom, double-volume ceilings, and floor-to-ceiling windows—elements not commonly found in HDB flats—set these units apart. While the quality of finishes may have left much to be desired at the time, these distinctive features retain their appeal. And many of the initial complaints, such as peeling laminates or cracked shower glass, could be addressed with the right contractor anyway.
We expected that demand for DBSS flats would continue, but prices have risen quicker than we imagined
A while ago, we asked when it is that we might see a $2 million flat. At the time as a fun piece, we “predicted” it would be around 2034 or 2035. But given that we’re already seeing prices above $1.5 million in 2024/25, we’ve clearly underestimated the rise in resale flat prices.
Also, we once pointed the finger at jumbo, maisonette, and other such special flats as the cause of million-dollar transactions. Now, it seems that DBSS flats are the most likely culprits to drive a price up to $2 million.
As far as optics go, these once-derided projects (see some old conversations) have the power to be a thorn in HDB’s side. The government did react quickly to the DBSS issue in the past: The scheme was suspended in 2011, when it became clear the pricing was out of control. Only 13 DBSS projects were ever completed, but the high initial and resale prices continue to create the impression of unaffordable housing; and we imagine it was one of the more regrettable decisions.
For more on the situation as it unfolds, follow us on Stacked. If you’d like to get in touch for a more in-depth consultation, you can do so here.
Ryan J
A seasoned content strategist with over 17 years in the real estate and financial journalism sectors, Ryan has built a reputation for transforming complex industry jargon into accessible knowledge. With a track record of writing and editing for leading financial platforms and publications, Ryan's expertise has been recognised across various media outlets. His role as a former content editor for 99.co and a co-host for CNA 938's Open House programme underscores his commitment to providing valuable insights into the property market.Read next from Property Market Commentary

Property Market Commentary What DIY Property Buyers In Singapore Might Miss Out On (And Why It Matters)

Property Market Commentary Slower Sales At One Marina Gardens And Bloomsbury Residences: A Sign That Buyer Sentiment Is Cooling?

Property Market Commentary Why Did This Bayshore GLS Site Sell For A Record $1,388 PSF: We Break It Down

Property Market Commentary 4 Reasons New Condos Are Launched At Higher Prices Than You Might Expect
Latest Posts

Property Picks The Cheapest 2 And 3-Bedder Condos Within 1km Of Top Primary Schools—From Just $1 Million (Part 2)

Units Of The Week 5 Cheapest 5-Room HDB Flats Near An MRT From $609k

Homeowner Stories I Almost Sold My Home In Singapore—Here’s Why I’m Glad I Rented It Out Instead

Property Picks These Are The Cheapest 2 And 3-Bedder Condo Units Within 1km Of Popular Primary Schools (Part 1)

Editor's Pick The Worst Property I Ever Bought (And Why We’re Launching Paid Property Content)

Pro We Analysed 8 Years Of 1-Bedroom Condo Data In Central Singapore: Here’s What Investors Should Know

Pro Where You Can Buy A Resale 3-Bedder For The Price Of A New 2-Bedder In 2025

Pro Why 3-Bedders May Be The Smarter Investment (Over 2-Bedders) In 2025: Here’s The Breakdown

Pro Which Singapore Regions Offer The Best Value For Two-Bedder Condos Today? (Resale vs New Launch)

Editor's Pick Why This Singapore Homeowner Wakes At 5AM To Commute – And Has Zero Regrets

Editor's Pick Can Singapore Property Prices Come Down In 2025?

Editor's Pick Touring Rare Freehold Conservation Shophouses In Cairnhill (From $7 Million)

Editor's Pick “We Treated Our Flat As A Liability” How One Couple Paid Off Their HDB In 15 Years

Editor's Pick Condo Profits Averaged $270K In 2024 Sub Sales: Could This Grow In 2025?

On The Market 5 Cheapest 4-Room HDB Flats Near An MRT From $468k
