Earlier this month, a three-room flat at 168 Lorong 1 Toa Payoh was sold for $400,000 ($489 psf). The 818-sq ft flat, located on the fourth to sixth storey, is part of the HDB project Toa Payoh Green. As the lease for the unit started in 1972, it has a remaining lease of approximately 46 years.
We used our analytics tool, Is it a Good Deal?, to examine the transaction and determine whether the buyer of this 53-year-old flat secured a bargain.
Well-connected mature estate
The three-room flat at 168 Lorong 1 Toa Payoh is well-located within the mature Toa Payoh HDB estate. Residents of the block are surrounded by amenities that are just a short walk away, including Toa Payoh MRT Station, Toa Payoh Bus Interchange, HDB Hub, Toa Payoh Town Centre, Zhongshan Mall, and Toa Payoh Park (see Map 1).
Residents will also be able to enjoy the amenities in the upcoming Toa Payoh Integrated Development, located between Lorong 6 Toa Payoh and the Pan Island Expressway, when it is completed in 2030.
Source: EdgeProp LandLens (as at 13 March 2025)
Additionally, the flat is adjacent to CHIJ Primary (Toa Payoh) and CHIJ Secondary (Toa Payoh). Other nearby schools include Kheng Cheng School, Marymount Convent, Raffles Girls’ School (Secondary), and St. Joseph’s Institution (see Screenshot 1).
Despite its excellent location, some buyers may still hesitate to sign on the dotted line due to its age. The lease of the flat commenced in 1972, making it 53 years old with a remaining lease of 46 years.
Source: EdgeProp Is it a Good Deal (as at 13 March 2025)
Our tool also highlighted that the transacted price of the flat in Toa Payoh Green is below the average prices for the district and several nearby projects. However, it is slightly higher than the average price for Toa Payoh Green (see Screenshot 2).
Source: EdgeProp Is it a Good Deal (as at 13 March 2025)
Transacted price at lower end of price spectrum
This year, 81 three-room flats in Toa Payoh have changed hands at prices ranging from $315,000 to $820,000. Hence, the $400,000 paid for the subject flat along Lorong 1 Toa Payoh is at the lower end of the price spectrum for three-room flats in the estate.
So far this year, only three flats have sold for more than $800,000. The highest price of $820,000 ($1,073 psf) was for a 764-sq ft flat at 115C Alkaff Crescent, which has a long remaining lease of 95 years. In contrast, the 710-sq ft flat at 13 Lorong 7 Toa Payoh, which transacted for the lowest price of $315,000 ($444 psf), has a remaining lease of approximately 44 years.
This year, 17 three-room flats along Lorong 1 Toa Payoh have been sold for between $350,000 and $815,000. Unsurprisingly, the 732-sq ft flat at 131B Lorong 1 Toa Payoh, which fetched the highest price of $815,000 ($1,113 psf), has a remaining lease of approximately 92 years. Meanwhile, the 721-sq ft flat at 126 Lorong 1 Toa Payoh, which transacted for $350,000 ($485 psf), has a remaining lease of approximately 44 years.
Among the 17 transactions of three-room flats along Lorong 1 Toa Payoh, two are for flats within walking distance of the subject flat (see Map 2). The flat at 158 Lorong 1 Toa Payoh has the same remaining lease of approximately 46 years, while the flat at 157 Lorong 1 Toa Payoh has a shorter remaining lease of approximately 45 years.
Notably, both blocks are closer to Toa Payoh MRT Station, Toa Payoh Bus Interchange, and Toa Payoh Town Centre compared to the subject flat.
Source: EdgeProp LandLens (as at 13 March 2025)
Among the three flats, the subject flat at 168 Lorong 1 Toa Payoh transacted at the highest price of $400,000 ($489 psf). In comparison, the 700-sq ft flat at 158 Lorong 1 Toa Payoh was sold for $380,000 ($543 psf) in January, while the 721-sq ft flat at 157 Lorong 1 Toa Payoh transacted for $392,000 ($544 psf) last month.
The higher price paid for the subject flat could be due to its significantly larger size of 818 sq ft. Hence, the total price paid for the subject flat is higher than that of the other two flats, but its price on a per square foot basis is significantly lower than that of the two neighbouring flats.
Three-room flats in Toa Payoh most affordable
The average resale price for three-room flats in Toa Payoh ($607 psf) has consistently trended below that of their four-room ($776 psf) and five-room ($906 psf) counterparts (see Chart 1). Since 2020, price growth has been the strongest for five-room flats (64.1%), followed by three-room flats (61.4%) and four-room flats (37.3%).
Source: EdgeProp Market Trends (as at 13 March 2025)
The average resale price for three-room flats in Toa Payoh ($529 psf) that are more than 50 years old is lower than that of their counterparts in the Central Region ($588 psf) and islandwide ($579 psf) (see Chart 2). Since 2020, the average resale price for flats in Toa Payoh has recorded the strongest growth (50.2%), followed by the Central Region (43.1%) and islandwide (43%).
Source: EdgeProp Market Trends (as at 13 March 2025)
Notably, the average resale price for older three-room flats in Toa Payoh ($529 psf) is higher than the transacted price for the subject flat at 168 Lorong 1 Toa Payoh ($489 psf). In contrast, the prices for the flats at 157 Lorong 1 Toa Payoh ($544 psf) and 158 Lorong 1 Toa Payoh ($543 psf) are higher.
Only one leasehold condo within 500m radius
There are 12 condominiums with approximately 1,900 units within a 500m radius of 168 Lorong 1 Toa Payoh. With the exception of the 99-year leasehold Oleander Towers, all are freehold developments.
Oleander Towers is located along Lorong 1 Toa Payoh, opposite 168 Lorong 1 Toa Payoh (see Map 3). The 318-unit development in District 12 obtained its temporary occupation permit (TOP) in 1997.
Source: EdgeProp LandLens (as at 13 March 2025)
The average resale price for Oleander Towers ($1,446 psf) has consistently been below that of 99-year leasehold condominiums in the same district ($1,765 psf) (see Chart 3). This is despite the stronger price growth since 2020 recorded for Oleander Tower (30.4%) compared to that of 99-year leasehold condominiums in District 12 (26.5%).
Source: EdgeProp Market Trends (as at 13 March 2025)
Notably, the average resale prices for both Oleander Towers and leasehold condominiums in District 12 have surpassed the $1,000 psf threshold, while those for the different HDB flat types in Toa Payoh remain well below that threshold. Additionally, the transaction price of $489 psf is also lower than the average resale prices for leasehold condominiums in the same district.
Conclusion
The subject flat at 168 Lorong 1 Toa Payoh is a more affordable option for buyers who want to live in Toa Payoh and be surrounded by amenities. The transacted price of $400,000 is among the lowest compared to other transactions for three-room flats in the same estate. Additionally, the transacted price for the subject flat is also lower than the average resale price for similarly aged three-room flats in Toa Payoh.
The main drawback of the 99-year leasehold flat is its remaining lease of approximately 46 years. This makes it more suitable for older buyers, especially those with a more modest budget.
To learn more about this transaction, and whether it is a good deal, click here.
