This Bidadari Flat Just Made Nearly $800k In Profits..

Published 16 March 2025, 2:00 PM SGT · 6 min read · 246

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)

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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

At Stacked, we like to look beyond the headlines and surface-level numbers, and focus on how things play out in the real world.

If you'd like to discuss how this applies to your own circumstances, you can reach out for a one-to-one consultation here.

And if you simply have a question or want to share a thought, feel free to write to us at stories@stackedhomes.com. We read every message.

Frequently asked questions

Why are Bidadari flats selling for such high prices?

Bidadari flats have recently sold for record prices, such as a 4-room flat at over $1.25 million, partly due to their classification as Plus and Prime flats, which offer benefits without drawbacks, and their relatively recent completion.

How is it possible to borrow more money for older penthouse units?

Banks tend to be more lenient with valuations of older penthouses because they often have higher price per square foot compared to regular units, and disbursing larger loans for high-end properties can be more profitable for banks.

Are penthouses in non-core central regions becoming less common?

Yes, recent developments like Parktown Residence and ELTA have eliminated luxury features like rooftop pavilions and soaking pools, possibly because buyers in these regions are less able to afford such luxuries.

What does the article say about the future of luxury penthouses in the OCR?

The article suggests that luxury penthouses in the OCR may become a thing of the past due to high costs and limited demand, as homebuyers struggle with affordability.

Why do banks sometimes value older penthouses higher than expected?

Banks may disregard the lower price per square foot of older penthouses because they consider other units' higher prices, and because disbursing larger loans for high-value properties is more profitable.

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Ryan J. Ong

Partner at Stacked

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.