SkyTerrace @ Dawson just set a new record for the most expensive resale flat, at $1.418 million. That begs the question: is the price unreasonable? As some readers are bound to point out, $1.418 million could fetch the buyer a condo unit – and that wouldn’t come with the grab bag of HDB restrictions. As it turns out, (just like the $1.4 million Henderson HDB purchase) comparable alternatives are few and far between:
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About the $1.418 million Dawson flat
The unit is between the 37th and 39th floor of SkyTerrace @ Dawson, and is a loft penthouse at 122 sqm (over 1,310 sq ft) with 5.4 metre high ceilings. There are only 26 such units in the development. Do note though that it does actually "only" have 103 sqm (1,109 sq ft) of internal floor area, as the void space over the high ceiling is counted in the 122 sqm.
SkyTerrace is located in Queenstown, about 8 minutes from the Queenstown MRT station (East West Line). As you’d expect from this mature, there are many amenities nearby – from Dawson Place in nearby, to Anchorpoint Mall that’s just a really close drive.
This is a combination of every element that makes an HDB flat expensive:
- Almost fresh out of the Minimum Occupancy Period, as SkyTerrace was completed in 2016. Lease decay is negligible, and everything is quite shiny and new.
- Mature location of Queenstown, well known for producing million-dollar flats
- Less than a 10-minute drive to Orchard Road
- High ceiling in the living area
- Rare flat type, as there are only 26 such loft penthouses
- Multiple schools within a one-kilometre radius
- High floor for the greenery landed views
But is all of this enough to justify a condo-level price? We made a comparison with some nearby private properties, to see if there are viable alternatives:
Disclaimer: alternatives were found through actual transactions that occurred. There may be more options available in the market that were not shown in the transaction database, as such, they would not appear in this article.
Closest in terms of price, size, and age
| Project | Price | Size (Sqft) | $PSF | Date | Address |
| Alexis | $1,350,000 | 1,119 | $1,206 | 27-Sep-21 | 356 ALEXANDRA ROAD #05 |
The most similar resale condo transaction, in terms of price and size, was a unit at Alexis. This was a $1.35 million unit, with a size of around 1,119 sq. ft. However, we consider this an unfair comparison: while the unit at Alexis is also a penthouse, it is a 2 bedroom + study, whereas the unit at SkyTerrace is a 3 bedroom loft penthouse.
That said this particular unit does have a roof terrace and a small private pool. The Alexis is a low-rise development though, so the comparisons here are really hardly similar.
Other than this one transaction, there is nothing in the immediate vicinity with a closer match in size and price. Simply put, the buyers of the SkyTerrace flat would have had to make massive compromises in living space, if they wanted any condo at all that’s nearby.
How about three-bedders (850 sq. ft. and above), with similar price and age?
The following are what we found, and again, most of them come from Alexis:
| Project | Price | Size (Sqft) | $PSF | Date | Address |
| Alexis | $1,000,000 | 904 | $1,106 | 29-Jun-21 | 356 ALEXANDRA ROAD #06 |
| Alexis | $1,100,000 | 936 | $1,175 | 20-Jan-22 | 356 ALEXANDRA ROAD #06 |
| Alexis | $1,345,000 | 1098 | $1,225 | 19-Nov-21 | 356 ALEXANDRA ROAD #05 |
| Alexis | $1,350,000 | 1119 | $1,206 | 27-Sep-21 | 356 ALEXANDRA ROAD #05 |
| Alexis | $1,400,000 | 958 | $1,461 | 3-Dec-21 | 356 ALEXANDRA ROAD #06 |
| Seasuites | $1,450,000 | 980 | $1,480 | 22-Apr-22 | 252 PASIR PANJANG ROAD #01 |
| Normanton Park | $1,466,000 | 883 | $1,661 | 18-Jul-21 | 45 NORMANTON PARK #24 |
These still aren’t good alternatives as none of them are similar 3 bedroom options. Again, Alexis is a low-rise condo, which doesn’t command the kind of view that the SkyTerrace flat has. Its surroundings are also, to be blunt, a lot less pretty: you’re mostly looking out at car showrooms and some trading companies.
Seasuites does have the benefit of being located nearly directly across from an MRT station (Haw Par Villa) – but this is a boutique condo, with only 52 units. While that’s more exclusive, the buyers would have to contend with much higher maintenance fees; and probably a more volatile price upon resale. Most people wouldn't consider it to be as good as a location as SkyTerrace @ Dawson either, so that's probably a downgrade there.
Normanton Park is further from the MRT station (you’d probably use the bus in front of the condo to get to One North MRT); and long with Sea Suites, it’s quite far off from the same Queenstown area. You do get the advantage of a ton of facilities here, if having 3 bedrooms isn't as important to you.
So overall their units are much smaller, and not a very good match in terms of location.
What if we ignore size, and just find comparably new developments?
| Project | Price | Size (Sqft) | $PSF | Date | Address |
| Kent Ridge Hill Residences | $1,467,180 | 797 | $1,842 | 7-Aug-21 | 66A SOUTH BUONA VISTA ROAD #04 |
| Normanton Park | $1,466,000 | 883 | $1,661 | 18-Jul-21 | 45 NORMANTON PARK #24 |
| Kent Ridge Hill Residences | $1,463,000 | 786 | $1,862 | 14-Jun-21 | 68 SOUTH BUONA VISTA ROAD #01 |
| Kent Ridge Hill Residences | $1,458,000 | 797 | $1,830 | 30-Jun-21 | 66A SOUTH BUONA VISTA ROAD #03 |
| Normanton Park | $1,450,750 | 829 | $1,750 | 29-Jul-21 | 49 NORMANTON PARK #12 |
| Seasuites | $1,450,000 | 980 | $1,480 | 22-Apr-22 | 252 PASIR PANJANG ROAD #01 |
| Commonwealth Towers | $1,450,000 | 753 | $1,924 | 10-Nov-21 | 232 COMMONWEALTH AVENUE #30 |
| Margaret Ville | $1,450,000 | 700 | $2,072 | 8-Mar-22 | 20 MARGARET DRIVE #06 |
| Kent Ridge Hill Residences | $1,441,750 | 775 | $1,860 | 22-Jan-22 | 68 SOUTH BUONA VISTA ROAD #04 |
| Commonwealth Towers | $1,438,000 | 700 | $2,055 | 17-Sep-21 | 232 COMMONWEALTH AVENUE #43 |
| Kent Ridge Hill Residences | $1,434,837 | 743 | $1,932 | 8-Jul-21 | 66 SOUTH BUONA VISTA ROAD #04 |
| Commonwealth Towers | $1,430,000 | 753 | $1,898 | 4-Oct-21 | 232 COMMONWEALTH AVENUE #20 |
| One Holland Village Residences | $1,428,718 | 484 | $2,950 | 29-May-22 | 1 HOLLAND VILLAGE WAY #28 |
| Commonwealth Towers | $1,420,000 | 700 | $2,030 | 13-May-22 | 232 COMMONWEALTH AVENUE #42 |
| Commonwealth Towers | $1,420,000 | 753 | $1,885 | 8-Apr-22 | 232 COMMONWEALTH AVENUE #17 |
| Stirling Residences | $1,410,000 | 689 | $2,047 | 10-Feb-22 | 21 STIRLING ROAD #09 |
| Commonwealth Towers | $1,408,000 | 753 | $1,869 | 24-Sep-21 | 230 COMMONWEALTH AVENUE #12 |
| Queens Peak | $1,408,000 | 775 | $1,817 | 30-May-22 | 1 DUNDEE ROAD #14 |
| Kent Ridge Hill Residences | $1,404,225 | 775 | $1,812 | 18-Sep-21 | 52 SOUTH BUONA VISTA ROAD #04 |
This opens up many more alternatives. Commonwealth Towers, in Alexandra, would probably be the strongest contender. It’s just six minutes from the Queenstown MRT station and is the most comparable to SkyTerrace @ Dawson in terms of location.
One Holland Village is another stand-out: some would consider $1.4 million a reasonable price to live in the famed Holland V lifestyle hub - especially with the new upgrades to the area. It would also appeal from an investment perspective if you’re looking to rent out to expats. Keep in mind though, that this is a 484 sq ft 1 bedroom unit, so again there's really no comparison here at all.
You can see that all this deviates quite far, from what are probably the family buyers of SkyTerrace @ Dawson.
Okay, so we’ll look for similar-sized units, but ignore age
| Project | Price | Size (Sqft) | $PSF | Date | Address |
| Palm Green | $1,240,000 | 1,109 | $1,118 | 18-Aug-21 | 481 PASIR PANJANG ROAD #03 |
| Dover Parkview | $1,280,000 | 1,324 | $967 | 9-Dec-21 | 38 DOVER RISE #01 |
| Palm Green | $1,300,000 | 1,130 | $1,150 | 16-Jul-21 | 481 PASIR PANJANG ROAD #04 |
| One-North Residences | $1,342,800 | 1,119 | $1,200 | 6-Dec-21 | 7 ONE NORTH GATEWAY #01 |
| One-North Residences | $1,350,000 | 1,109 | $1,218 | 23-Mar-22 | 9 ONE NORTH GATEWAY #01 |
| Alexis | $1,350,000 | 1,119 | $1,206 | 27-Sep-21 | 356 ALEXANDRA ROAD #05 |
| The Foliage | $1,400,000 | 1,141 | $1,227 | 23-Jun-21 | 370 PASIR PANJANG ROAD #04 |
| Bayville Condominium | $1,400,000 | 1,249 | $1,121 | 2-Jul-21 | 42 SOUTH BUONA VISTA ROAD #02 |
| N.A. | $1,400,000 | 1,475 | $949 | 22-Dec-21 | 381 PASIR PANJANG ROAD #04 |
| Queens | $1,420,000 | 1,227 | $1,157 | 10-Aug-21 | 10 STIRLING ROAD #01 |
| Heritage View | $1,440,000 | 1,163 | $1,239 | 25-Jun-21 | 10 DOVER RISE #17 |
| One-North Residences | $1,450,000 | 1,109 | $1,308 | 4-Feb-22 | 9 ONE NORTH GATEWAY #08 |
| Heritage View | $1,450,000 | 1,163 | $1,247 | 3-Jan-22 | 6 DOVER RISE #15 |
| Queens | $1,450,000 | 1,227 | $1,182 | 10-Aug-21 | 16 STIRLING ROAD #01 |
| Bayville Condominium | $1,452,000 | 1,249 | $1,163 | 25-Nov-21 | 42 SOUTH BUONA VISTA ROAD #03 |
| Heritage View | $1,468,000 | 1,195 | $1,229 | 30-Jun-21 | 6 DOVER RISE #06 |
Palm Green is 8.1 km away, so while it’s viable, it mostly means buying elsewhere (Pasir Panjang). The same goes with The Foliage. This would ignore the key benefit of being in an old, well-developed area.
Heritage View might be an option. Like most older condos, it was built a lot larger – but some might consider the MRT to be too far for comfort, with One North MRT being 13 minutes on foot. Likewise, buyers could consider Dover Parkview too especially since these older developments have great facilities for the family. In this case, 4 tennis courts, lawn spaces, table tennis, and a KTV lounge are just part of the appeal of such a development.
Some buyers may be swayed by the Queens condo, where you can find a 2-bedroom unit PES at 1,227 sq ft. This is perhaps an even better location convenience-wise as you are just next to Queenstown MRT, and a short walk away from Anchorpoint and IKEA. That said, the last time prices were within a comparable range, was a year ago in August 2021.
What if we compared it against three-bedder condo units all across Singapore?
| Project | Price | Size (Sqft) | $PSF | Date | Address |
| The Skywoods | $1,418,000 | 1012 | $1,401 | 18-Nov-21 | 3 DAIRY FARM HEIGHTS #02 |
| The Gardens At Bishan | $1,418,000 | 1152 | $1,231 | 21-Sep-21 | 1 SIN MING WALK #09 |
| Residences Botanique | $1,418,000 | 1152 | $1,231 | 4-Aug-21 | 30 YIO CHU KANG ROAD #03 |
| A Treasure Trove | $1,418,000 | 1206 | $1,176 | 11-Feb-22 | 54 PUNGGOL WALK #02 |
| Grandeur 8 | $1,418,000 | 1227 | $1,156 | 5-Jul-21 | 18 ANG MO KIO CENTRAL 3 #13 |
| Bishan Park Condominium | $1,418,000 | 1270 | $1,116 | 14-Apr-22 | 18 SIN MING WALK #06 |
There are plenty of condos that could offer the same size, at the $1.418 million mark. Due to how long the list is, we'll only include those that transacted at the same $1.418 million dollar price tag.
Some of the transactions we saw such as People’s Park Complex – happen to be niche options that are not ideal for own-stay use.
Other options also tend to be in fringe or less developed regions, as in the case of Simei Green, or Melville Park. As with the locations, these can actually be cheaper than the $1.4 million mark. Some can offer a bigger space too, with facilities - as long as you are okay with the tradeoff of location.
The good news is, for those who aren’t particular where they live, you can get a family-sized resale condo for around $1.4 million – even in 2022. But not near an area like SkyTerrace @ Dawson.
Comparing against high-floor units in general
| Project | Price | Size (Sqft) | $PSF | Date | Address |
| International Plaza | $1,180,000 | 1,033 | $1,142 | 23-Aug-21 | 10 ANSON ROAD #40 |
| The Rochester Residences | $1,260,000 | 1,023 | $1,232 | 10-Dec-21 | 33 ROCHESTER DRIVE #35 |
| Queens | $1,300,000 | 915 | $1,421 | 24-Sep-21 | 10 STIRLING ROAD #38 |
| International Plaza | $1,300,000 | 1,033 | $1,258 | 24-Mar-22 | 10 ANSON ROAD #45 |
| Trevista | $1,380,000 | 926 | $1,491 | 22-Jun-21 | 21 LORONG 3 TOA PAYOH #36 |
| Trevista | $1,450,000 | 915 | $1,585 | 3-Dec-21 | 25 LORONG 3 TOA PAYOH #37 |
| The Sail @ Marina Bay | $1,460,000 | 861 | $1,695 | 3-Sep-21 | 6 MARINA BOULEVARD #44 |
Let's just say that at this price point and at such a high floor, none on this list are 3 bedroom units even though some of the sizes may suggest to be so.
International Plaza doesn’t really compare well. These units are a handful of apartments (210 units) in a 50-storey office building; and this isn’t the kind of location family home buyers would pick (maybe a landlord might).
Other than that, there are some interesting names here.
The Sail @ Marina Bay should raise some eyebrows; most wouldn’t expect to see a CBD-area, high-floor condo make this list. Of course, at 861 sq ft this is a 2 bedroom unit. It is, however, just one transaction – so whoever bought it may have just gotten lucky.
Trevista would probably be the strongest choice, if you are looking for a high floor unit. The transacted units are still smaller, but it has a strong location, and Toa Payoh is mature just like Queenstown. It’s also just a 5-minute walk to Braddell MRT, making it one of the better-located condos.
Overall, SkyTerrace @ Dawson has few alternatives
While the price may seem high in the context of HDB flats, it’s important to remember this wasn’t a regular 5-room unit. It’s in one of the most desirable estates, is new, and is a loft penthouse; in light of that, $1.4 million may not be as excessive as it seems. As you can see for a 3 bedroom unit in said location, you really don't have many places that are comparable.
Even if they had turned to the private market and paid the same price, the buyers would have to compromise on size or location to get the same deal.
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5 Comments
It’s not really a fair comparison to use 1.48m as the benchmark price and find condos which are similarly priced – apples and oranges really. I’d think most buyers would gladly build in a condo premium of at least 20%, which gives you 1.8m and a lot more room to play with.
My main concern will be about gentrification of such estates, essentially pricing them out of the reach of most Singaporeans. It is almost certain that in the coming few years, the average transaction prices for these few developments in Dawson will be around the million-dollar mark.
I feel that HDB needs to have a deep think about what is its main purpose: to enrich the lucky few who managed to get the flats, at the cost of society in general?
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.