This Bidadari Flat Just Made Nearly $800k In Profits..
Bidadari, the home of million dollar HDB flats
As I write this, a 4-room flat in Bidadari just sold for $1,258,888 after its MOP. This is now the record for the most expensive 4-room flat in Toa Payoh. This comes right after a $900,000 3-room flat from the same town last year. It seems like if you won the ballot for a Bidadari flat the market will now offer – nay assault you – with mountains of cash in an attempt to make you move out.
I suspect we’re still seeing the short-term effects of Plus and Prime flats here: given that projects like Bidadari predate such classifications, they offer all the benefits of Plus and Prime units with none of the related drawbacks. And for Bidadari, these flats are not even old: they’re just out of MOP.
I bet the sellers here are going to provide a lot of demand for fixed-commission agents: besides the humongous savings, the flats here sell themselves anyway.
It’s counterintuitive, but it may be easier to borrow more money for an older penthouse unit.
You’d think that, given the high quantum of a unit like a penthouse, banks would be much more cautious. But in reality, it’s sometimes easier to borrow $5 million+ for a penthouse than to borrow, say, $1.25 million for a vanilla condo. The reason boils down to the mysterious, twilight-zone world of bank valuations.
In the past few years, penthouses have sometimes had a higher price psf compared to other regular units. This is in defiance of the norm that, as the unit gets larger, the price psf should get lower. For example, a penthouse at Park Nova once sold for approximately $6,593 psf, marking one of the highest PSF prices ever recorded.
But among older, resale penthouse units, this isn’t true. In the ‘00s and before, the price psf for penthouses would often be lower. This was partly because penthouses of that era included a lot of outdoor space (e.g., open rooftop areas), which buyers considered less desirable. Probably the most famous example of this is One Chatsworth, which was built in 1976. Great panoramic view for a penthouse there, but a lot of it is low $PSF open rooftop space.
Banks tend to disregard the lower $PSF of these older penthouses though
Realtors have told us of some old penthouse units projected to fetch a valuation of around $4.5 million, that just gets a flat-out valuation of $5 million; and there are cases with even higher discrepancies.
Perhaps part of the reason is just business: disbursing loans for high-end properties like penthouses can be very profitable. Couple that with the financial status of its buyers, and the banks are more lenient with penthouse valuations; way more compared to the nitpicky way they scrutinise valuations for mass-market condos.
The more logical reason is that these older properties have other normal units that are now commanding a higher psf. So if an equivalent penthouse unit hasn’t been sold in a while, the valuation just takes indication from the other units without factoring that these penthouse units have a lot of open space.
For those of you who haven’t had to deal with financing yet, acceptance of the valuation can be a headache. Some buyers are reduced to shopping around at numerous banks, and accepting the one with a higher interest rate, just because that bank gives them the highest valuation.
So while larger loan amounts for penthouse properties may seem counterintuitive (higher risk, especially for old units), the financing is often less restrictive. Also, call me a cynic, but it does make me question the nature of property valuations: it’s subjective as it is, but it feels worse if you consider that – quite possibly – it may have just become a tool used to market bigger loans.
It may turn out to be less of an issue in the CCR though, because penthouses seem to be vanishing out here in the fringes.
There was a time when, even in fringe regions, it was customary to have a super-premium penthouse unit or two in each project. At the very least, the units on the highest floors would have some kind of premium feature, like being double-volume.
In recent years though, non-CCR projects like Parktown Residence, ELTA, etc. have done away with this. The advantage to the top floor unit is…well, being on the top floor. These days, non-CCR projects seem to have done away with rooftop pavilions, double-storey units at the top floor, or the once-popular units with soaking pools.
This may be reflective of the present market: homebuyers are struggling to even afford standard three-bedders, even in the OCR (today prices are reaching the $2 million mark, or even higher, for about 1,000 sq. ft.) It’s likely that developers see only CCR buyers as still having the purchasing power for luxuries like penthouses; and at this rate, we wonder if penthouses in the OCR are going to end up a relic of the past.
Whilst understandable, I do feel a tinge of sadness about it, as it’s another factor contributing to the cookie-cutter nature of condos today – we’re losing variety in unit types because cost issues incentivise developers to play things very safe.
Meanwhile in other property news…
- One of the first challenges for newlyweds is buying a home. The good news is that most of the problems are predictable, so go through this checklist first.
- The Bayshore area is seeing a revival, with a large HDB township moving in. Lucky View will be near enough to take advantage of the amenities, but still far enough to retain its sense of privacy. Check out the area.
- Lentor Central Residences and Aurelle dominated new launch headlines this week; here’s why people are buying despite 2025 prices.
- Are HDB maisonettes and executive flats worth their high premiums? Here’s a look at the numbers, and we think they’ll surprise you.
Weekly Sales Roundup (03 March – 09 March)
News pieces like this explain what’s happening in the market. Our consultations are designed to help you understand what it means for your own property decisions.
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Top 5 Most Expensive New Sales (By Project)
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| THE AVENIR | $9,016,000 | 2411 | $3,739 | FH |
| AUREA | $6,091,865 | 1798 | $3,389 | 99 years |
| PINETREE HILL | $4,554,000 | 1733 | $2,628 | 99 yrs (2022) |
| THE CONTINUUM | $3,828,000 | 1270 | $3,014 | FH |
| 19 NASSIM | $3,813,000 | 1109 | $3,439 | 99 yrs (2019) |
Top 5 Cheapest New Sales (By Project)
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| LENTOR CENTRAL RESIDENCES | $978,000 | 463 | $2,113 | 99 years |
| PARKTOWN RESIDENCE | $1,256,000 | 506 | $2,483 | 99 years |
| NORTH GAIA | $1,298,000 | 980 | $1,325 | 99 yrs (2021) |
| NOVO PLACE | $1,414,000 | 872 | $1,622 | 99 yrs (2023) |
| ELTA | $1,418,000 | 506 | $2,803 | 99 yrs (2024) |
Top 5 Most Expensive Resale
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| ARDMORE PARK | $11,800,000 | 2885 | $4,090 | FH |
| THE DRAYCOTT | $6,420,000 | 2637 | $2,434 | FH |
| DRAYCOTT EIGHT | $6,100,000 | 2863 | $2,130 | 99 yrs (1997) |
| LEONIE PARC VIEW | $5,838,000 | 2250 | $2,595 | FH |
| BELLE VUE RESIDENCES | $5,250,000 | 2347 | $2,237 | FH |
Top 5 Cheapest Resale
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| PARC ROSEWOOD | $668,000 | 506 | $1,320 | 99 yrs (2011) |
| VIBES @ EAST COAST | $710,000 | 398 | $1,783 | FH |
| PARC BOTANNIA | $715,000 | 431 | $1,661 | 99 yrs (2016) |
| THE OCTET | $720,000 | 506 | $1,423 | FH |
| JOOL SUITES | $735,000 | 409 | $1,797 | FH |
Top 5 Biggest Winners
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | RETURNS | HOLDING PERIOD |
| ARDMORE PARK | $11,800,000 | 2885 | $4,090 | $3,800,000 | 5 Years |
| PEBBLE BAY | $3,740,000 | 1894 | $1,974 | $2,110,000 | 25 Years |
| THE SEAFRONT ON MEYER | $4,796,000 | 2110 | $2,273 | $1,696,000 | 13 Years |
| THE ESTA | $2,770,000 | 1173 | $2,361 | $1,685,000 | 16 Years |
| VARSITY PARK CONDOMINIUM | $2,320,000 | 1464 | $1,585 | $1,638,749 | 20 Years |
Top 5 Biggest Losers
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | RETURNS | HOLDING PERIOD |
| DRAYCOTT EIGHT | $6,100,000 | 2863 | $2,130 | -$600,000 | 15 Years |
| SUI GENERIS | $5,080,000 | 2121 | $2,396 | -$396,512 | 17 Years |
| STEVENS SUITES | $3,020,000 | 1970 | $1,533 | -$260,000 | 11 Years |
| THE CREST | $3,700,000 | 1873 | $1,976 | -$188,000 | 5 Years |
| THE CREST | $3,300,000 | 1722 | $1,916 | -$144,000 | 7 Years |
Transaction Breakdown
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Frequently asked questions
Why are Bidadari flats selling for such high prices?
How is it possible to borrow more money for older penthouse units?
Are penthouses in non-core central regions becoming less common?
What does the article say about the future of luxury penthouses in the OCR?
Why do banks sometimes value older penthouses higher than expected?
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