SINGAPORE: A five-room Design, Build and Sell Scheme (DBSS) flat at Block 9 Boon Keng Road has been sold for S$1.49 million in May 2025.
The transaction marks a new resale price record for the Housing and Development Board (HDB) estate, according to data from 99.co.
The flat, located on the 22nd to 24th floors of the 40-storey City View @ Boon Keng, spans 1,281 square feet.
This translates to approximately S$1,163 per square foot.
With the block having been completed in 2011, the unit has an estimated 85 years of lease remaining.
The estate’s DBSS status has been cited as a key factor in its premium pricing.
DBSS flats are known for their modern designs, larger layouts, and enhanced aesthetics, distinguishing them from typical HDB flats.
Source: HDB
Limited DBSS supply fuels market interest
DBSS projects are no longer in production, with the scheme discontinued in 2011.
There are only 13 areas in Singapore featuring such flats, making them a rare commodity in the resale market.
According to 99.co, City View @ Boon Keng has seen 93 resale transactions surpassing S$1 million as of May 2025.
The block’s prime location within walking distance of both Boon Keng and Bendemeer MRT stations enhances its attractiveness.
This accessibility, combined with the scarcity of DBSS flats, has contributed to the robust demand in the area.
The Boon Keng transaction is part of a broader trend of high-value DBSS flat sales.
In May 2024, a five-room DBSS flat at Block 275A Bishan Street 24 fetched S$1.5 million.
Another five-room DBSS unit at Block 138A Lorong 1A Toa Payoh was sold for S$1.6 million in January 2025.
Minister: high-value resale flats still a minority
At a media briefing on 20 August 2024, National Development Minister Desmond Lee addressed growing public concern about rising resale flat prices.
He noted that flats transacting at such high prices make up only 0.5 per cent of all four-room or smaller flat sales over the past two years.
“These flats are usually in central locations, high floors, and close to MRT stations and amenities,” Lee said.
Lee warned that such headline-grabbing prices could distort public expectations.
“Flat sellers who are reading such news raise their expectations, while flat buyers become anxious to secure flats before prices get higher,” he said during the 5 March 2025 Parliamentary budget debate.
“If we are not careful, such market dynamics can cause the resale market to run out of line with economic fundamentals and cause a bubble.”
2024 saw record HDB resale activity and price growth
According to HDB data released on 24 January, resale flat prices rose by 9.7% in 2024.
This increase follows a 4.9% rise in 2023 and a 10.4% surge in 2022.
Despite strong demand, resale transactions in the last quarter of 2024 fell by 21.1%, though the total number of units sold for the year reached 28,986.
A record 1,035 resale flats crossed the million-dollar mark in 2024, indicating strong interest in well-located, high-specification units.
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