Earlier this month, a five-room HDB flat at 5 Toh Yi Drive was sold for $1.05 million ($800 psf). The 1,313-sq ft flat is located within the Bukit Timah Planning Area and near Beauty World MRT Station. The lease for the flat commenced in 1989, leaving it with a remaining lease of 63 years.
We used our analytics tool, Is it a Good Deal?, to assess the transaction and determine whether the buyer of this 36-year-old HDB flat in District 21 secured a bargain.
Near a wide variety of amenities
The five-room flat at 5 Toh Yi Drive is part of Toh Yi Gardens. It is within walking distance of Beauty World MRT Station, Beauty World Plaza, Beauty World Centre, Bukit Timah Shopping Plaza, and the upcoming Bukit V (see Map 1). The Pan Island Expressway, Rifle Range Nature Park, and Bukit Timah Nature Reserve are a short drive away.
Source: EdgeProp LandLens (as at 21 May 2025)
Schools within a 1km radius include Bukit Timah Primary School, Pei Hwa Presbyterian Primary School, and Methodist Girls’ School (Primary). If the radius is extended to 2km, Methodist Girls’ School (Secondary) and Ngee Ann Polytechnic also fall within the distance (see Screenshot 1).
Source: EdgeProp Is it a Good Deal (as at 21 May 2025)
A drawback of the flat is its relatively short remaining lease of 63 years because its lease commenced in 1989. However, this may be mitigated by the fact that the flat transacted at a price lower than the average prices of several nearby projects and the district (see Screenshot 2).
Source: EdgeProp Is it a Good Deal (as at 21 May 2025)
Half of the transactions for five-room flats in Bukit Timah fetched at least $1 million
The number of million-dollar five-room flats in Singapore increased sharply from 208 transactions in 2022 to 405 last year. At the time of writing, 196 five-room flats have been sold for at least $1 million this year (see Chart 1).
So far this year, only three five-room flats in the Bukit Timah Planning Area have fetched at least $1 million. The limited number of HDB flats in Bukit Timah may have capped the number of million-dollar transactions in the town. According to HDB’s latest annual report, there are only 683 five-room flats in Bukit Timah, representing merely 0.3% of all five-room flats across the island.
Source: EdgeProp Shortlist (as at 21 May 2025)
The three million-dollar flats represent half of the six transactions for five-room flats in Bukit Timah this year (see Table 1). Notably, all three million-dollar five-room flats, including the subject flat, are located along Toh Yi Drive.
Source: EdgeProp Buddy (as at 21 May 2025)
Interestingly, a second five-room flat at 5 Toh Yi Drive was also sold earlier this month, but at a higher price of $1.23 million ($936 psf), compared to the subject flat, which transacted at $1.05 million ($800 psf). Both flats measure 1,313 sq ft and have remaining leases of 63 years. The key difference is that the subject flat is located on the first to third storey, while the other flat is on the 10th to 12th storey.
The third million-dollar flat is located at 13 Toh Yi Drive, just a stone’s throw from the subject flat (see Map 2). Compared to the subject flat, the property at 13 Toh Yi Drive is further from Beauty World MRT Station, but parents will appreciate that it is nearer to Bukit Timah Primary School.
Source: EdgeProp LandLens (as at 21 May 2025)
Last year also saw the sale of two five-room HDB flats at 5 Toh Yi Drive (see Table 2). The flat on the 10th to 12th storey sold for $1.1 million ($838 psf) in August last year, while the flat on the fourth to sixth storey fetched $1.085 million ($787 psf) last June. Notably, the flat on the lower storey is slightly larger than the subject flat and its neighbours on the higher storeys.
Source: EdgeProp Buddy (as at 21 May 2025)
Average price for five-room flats in Bukit Timah higher than Central Region
The average resale price for five-room flats in Bukit Timah ($849 psf) has consistently trended above that of three-room ($760 psf) and four-room ($787 psf) flats (see Chart 2). This is despite three-room flats recording a stronger price growth since 2020 compared to four-room and five-room flats (both at 32.7%).
Source: EdgeProp Market Trends (as at 21 May 2025)
The average resale price for five-room flats, aged 31 to 40 years, in Bukit Timah ($913 psf) is higher than that of similarly aged five-room flats in the Central Region ($731 psf) and islandwide ($560 psf) (see Chart 3). Notably, the average price of $913 psf for such flats in Bukit Timah is higher than the transacted price of $800 psf for the subject flat along Toh Yi Drive.
Interestingly, the average resale price for these five-room flats in Bukit Timah has increased by 42.4% since 2020, outperforming similar flats in the Central Region (38.7%). However, the price growth for both areas still lags behind that of similar flats islandwide (44.3%).
Source: EdgeProp Market Trends (as at 21 May 2025)
Seven 99-year leasehold condos nearby
There are seven 99-year leasehold condominiums within a 500m radius of 5 Toh Yi Drive. However, The Reserve Residences and 8@BT are still under construction. Both condos achieved stellar sales performance during their launches. The Reserve Residences recorded a take-up rate of 71% during its launch in May 2023, while 8@BT achieved a take-up rate of 53% during its launch weekend in September last year.
Of the remaining five condos, only Sherwood Tower and Kismis Court are the closest in age to the subject flat (see Map 3) and are also located in District 21. Sherwood Tower and Kismis Court obtained their temporary occupation permits (TOP) in 1980 and 1985, respectively, making them nine and four years older than the subject flat. Sherwood Tower is a 269-unit development located along Jalan Anak Bukit, while Kismis Court, located along Toh Yi Road, features only 26 units.
The other three nearby condos are High Oak Condominium (TOP in 1999), Meadowlodge (TOP in 2004), and Daintree Residence (TOP in 2022). All three are at least 10 years younger than the subject flat.
Source: EdgeProp LandLens (as at 21 May 2025)
The average resale prices of Sherwood Tower ($1,031 psf) and Kismis Court ($882 psf) are trending below that of 99-year leasehold condos in District 21 ($1,477 psf) (see Chart 4). This could be due to the age of both leasehold condos. Notably, both condos command higher average prices compared to the $800 psf paid for the subject flat along Toh Yi Drive.
Furthermore, the average resale price for 99-year leasehold condos in District 21 recorded strong growth of 44.1% since 2020. Transactions from newer condos, such as Daintree Residence (TOP in 2022) and Mayfair Modern (TOP in 2022), lent support to the district’s average price. In comparison, the average resale prices for Sherwood Tower and Kismis Court increased by a weaker 35.3% and 37.6%, respectively.
Source: EdgeProp Market Trends (as at 21 May 2025)
Conclusion
While the transaction price of $1.05 million ($800 psf) for the subject flat at 5 Toh Yi Drive has crossed the $1 million threshold, it is still lower than the $1.23 million ($937 psf) paid in the same month for a flat in the same block but on a higher storey. It is also lower than the $1.26 million ($960 psf) paid in February for a five-room flat in a neighbouring block.
The million-dollar price tag for these flats could be attributed to their proximity to a wide variety of amenities, including Beauty World MRT Station, Beauty World Centre, Bukit Timah Nature Reserve, and several schools. Furthermore, the limited number of HDB flats in the Bukit Timah Planning Area could have given a boost to the prices of these flats.
To learn more about this transaction, and whether it is a good deal, click here.
