SINGAPORE: A four-room HDB flat broke the record for its area this week when it changed hands for S$1.368 million, or S$1,311 per square foot (psf), according to a report in Stacked Homes from earlier this week. The flat is located at Alkaff Lakeview in Bidadari, on the 10th to 12th storeys at block 118A Alkaff Crescent.
The previous record holder for flats of its type at Toa Payoh was one that sold for $1.336 million ($1,281 psf) two months ago.
It is likely that the unit, as well as others in its vicinity, have fetched such high prices because they have more than 90 years left on their leases.
Alkaff Vista and Alkaff Lakeview are the first Housing & Development Board (HDB) projects in Bidadari to reach Minimum Occupation Period (MOP). Launched in 2015 and completed in 2019, flats in Bidadari are said to be in high demand and became eligible to enter the resale market in 2024.
The report said that over the past year, multiple units at Alkaff Lakeview were sold for at least 1 million dollars.
Aside from the long lease left on its resale flats, location has been the other draw, as Alkaff Lakeview is in close proximity to Woodleigh MRT station, Woodleigh Mall, and a number of established primary schools.
A year ago, another flat at Bidadari sold for S$1,258,888 recently. At that time, it set the record for the most expensive resale four-room flat at Toa Payoh. That unit, which still had 95 years left on its lease, was also located at Alkaff Lakeview and netted the owner a profit of nearly S$800,000.
The seller saw a profit of nearly 160 per cent, since four-room flats at Alkaff Lakeview had been priced between S$433,000 and S$550,000 during its Build-To-Order (BTO) launch in November 2015. Assuming that the flat originally cost S$491,500, the report added that the seller walked away with S$767,388 on top, which translates to a profit of 156.13 per cent.
As for larger flats in the area, a five-room Design, Build, and Sell Scheme (DBSS) flat in Toa Payoh was sold for S$1.6 million in January 2025. The sale marks a significant milestone for HDB flats, with this being the first instance of such a flat reaching the S$1.6 million mark, aside from the S$1.73 million sale of a five-room unit in Queenstown in 2024. /TISG
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