Earlier this month, a five-room HDB flat at 92 Dawson Road sold for a record high of $1.659 million ($1,263 psf). The 1,313-sq ft flat is part of SkyTerrace @ Dawson, which comprises five 43-storey blocks featuring 758 flats. SkyTerrace @ Dawson is located within District 3 and is part of Queenstown. The subject flat also has a long remaining lease of approximately 90 years.
We used our analytics tool, Is it a Good Deal?, to assess the transaction and determine whether the buyer of this nine-year-old flat secured a bargain.
Many positive attributes
SkyTerrace @ Dawson is within walking distance of Queenstown MRT Station and Dawson Place (see Map 1). Other nearby amenities include Anchorpoint Shopping Centre, IKEA Alexandra, Margaret Drive Marketplace and Hawker Centre, Mei Ling Market and Food Centre, and ABC Brickworks Market and Food Centre (see Map 1).
Source: EdgeProp LandLens (as at 12 June 2025)
A drawback of SkyTerrace @ Dawson is that there are only three schools within a 1km radius, namely Queenstown Primary School, Queenstown Secondary School, and Crescent Girls’ School. If the distance is increased to 2km, the options expand to include Alexandra Primary School, Gan Eng Seng Primary School, New Town Primary School, Gan Eng Seng Secondary School, Bukit Merah Secondary School, and Queensway Secondary School (see Screenshot 1).
Source: EdgeProp Is it a Good Deal (as at 13 June 2025)
Another plus point for the subject flat is its long remaining lease of approximately 90 years, as its lease commenced in 2016.
However, its transacted price of $1.659 million puts it above the average prices of neighbouring projects and District 3 (see Screenshot 2).
Source: EdgeProp Is it a Good Deal (as at 13 June 2025)
The convenient and central location of the subject flat certainly played a big part in securing the record-high price, but the size and unique layout of the flat also contributed.
The subject flat is a five-room loft duplex that measures 1,313 sq ft. The lower level of the flat comprises an en-suite master bedroom, an additional bedroom, and a common bathroom. There is a balcony adjacent to the living room. Additionally, the living room has a double-volume high ceiling, making it feel more spacious than the living rooms of a typical five-room HDB flat. A third bedroom occupies the entire upper level of the duplex (see Floor Plan 1).
22 million-dollar five-room flats in Queenstown this year
At the time of writing, 29 five-room flats in Queenstown have been sold this year. Only seven failed to fetch at least $1 million for their sellers. This could be because six of these seven flats have leases that started in the late 1970s, leaving them with remaining leases of approximately 50 years or less.
Of the 22 million-dollar five-room flats in Queenstown, only the subject flat transacted for more than $1.5 million (see Table 1). However, four flats at 79 Dawson Road sold for at least $1.4 million.
Interestingly, the flats at 79 Dawson Road that ranked second and third, with transacted prices of $1.469 million ($1,276 psf) and $1.455 million ($1,264 psf), actually transacted at higher prices on a per-square-foot basis compared to the subject flat, which was sold for $1.659 million ($1,263 psf).
Source: EdgeProp Buddy (as at 12 June 2025)
The four flats at 79 Dawson Road are a stone’s throw away from the subject flat at 92 Dawson Road (see Map 2). However, 79 Dawson Road is part of Dawson Vista, a different HDB project from the subject flat. 79 Dawson Road is also in closer proximity to Queenstown MRT Station and Dawson Place.
However, the five-room flats from 79 Dawson Road are smaller at 1,151 sq ft. Unlike the subject flat, they have the typical floor layout for five-room HDB flats.
Source: EdgeProp LandLens (as at 12 June 2025)
Thus far this year, nine five-room flats along Dawson Road have been sold, with the lowest transacted price being $1.27 million. One of the nine is the subject flat. Of the remaining eight transactions, six involved flats from 79 Dawson Road, and the other two involved flats from 88 Dawson Road that fetched $1.35 million ($1,161 psf) and $1.34 million ($1,153 psf) (see Table 2).
Source: EdgeProp Buddy (as at 12 June 2025)
Similar to 79 Dawson Road, 88 Dawson Road is a short walk from the subject flat despite being part of a different project. The flats in 88 Dawson Road are part of SkyVille @ Dawson (see Map 3). Both flats at 88 Dawson Road (1,162 sq ft) are also larger than the flats at 79 Dawson Road (1,151 sq ft).
The flats at 88 Dawson Road have remaining leases of approximately 90 years, similar to the subject flat, but shorter than the remaining lease of 94 years for the flats at 79 Dawson Road.
Source: EdgeProp LandLens (as at 12 June 2025)
Price of subject flat higher than average price for similar five-room flats
The average resale price for four-room flats in Queenstown had consistently trended above that of their three-room and five-room counterparts (see Chart 1). However, the average resale price for five-room flats ($989 psf) surpassed that of four-room flats ($960 psf) this year. This could be attributed to the 19.9% y-o-y surge in price achieved by the five-room flats this year, compared to the weaker 7.1% y-o-y price growth achieved by their four-room peers.
Meanwhile, three-room flats in Queenstown have the lowest average resale price of $762 psf but achieved stronger price growth of 17.1% y-o-y this year compared to their four-room peers.
Source: EdgeProp Market Trends (as at 12 June 2025)
Despite the strong price growth achieved by five-room flats in Queenstown, their average resale price of $989 psf is still significantly below the transacted price of $1,263 psf for the subject flat.
However, the price difference is less significant when compared to five-room flats in Queenstown that are 10 years or newer ($1,205 psf) (see Chart 2). The average resale price for these flats in Queenstown trends closely with similar flats in the Central Region ($1,196 psf) but is significantly higher than that for similar flats across the island ($683 psf).
Source: EdgeProp Market Trends (as at 12 June 2025)
Queens Peak is the only condo within 500m radius
Queens Peak is the only condo located within walking distance of the subject flat at 92 Dawson Road (see Map 4). Located adjacent to Queenstown MRT Station, Queens Peak is significantly closer to the MRT station than the subject flat. Queens Peak is also nearer to Margaret Drive Market and Hawker Centre, Mei Ling Market and Food Centre, Anchorpoint Shopping Centre and IKEA Alexandra.
Source: EdgeProp LandLens (as at 12 June 2025)
Queens Peak is located along Dundee Road in District 3. The 99-year leasehold condo obtained its temporary occupation permit (TOP) in 2020; making it only five years old. However, the land lease of the 736-unit condo started in 2015, leaving it with a remaining lease of approximately 89 years; marginally shorter than the remaining lease of 90 years for the subject flat at 92 Dawson Road.
Since 2022, the average resale price of 99-year leasehold condos in District 3 aged 10 years or younger ($2,329 psf) has outpaced that of Queens Peak ($2,196 psf) (see Chart 3). This could be due to the stronger price growth since 2022 for condos in District 3 (17.2%), compared to Queens Peak (9.6%).
This year, condos in District 3 recorded 107 transactions, with Stirling Residences accounting for 41 transactions at an average resale price of $2,393 psf. This is followed by Principal Garden with 26 transactions averaging $2,199 psf. Queens Peak took third position with 20 transactions at an average resale price of $2,196 psf.
Source: EdgeProp Market Trends (as at 12 June 2025)
Meanwhile, the average resale price for similar condos islandwide ($1,979 psf) has yet to cross the $2,000 psf threshold, despite having the strongest price growth of 18.2%. Treasure at Tampines was the most active in the resale market, with 82 transactions at an average resale price of $1,748 psf.
Conclusion
The $1.659 million price tag for the subject flat at 92 Dawson Road is a record high for HDB flats. The central location, long remaining lease, and unique floor layout of the subject flat probably contributed to the eye-watering price. Furthermore, the transacted prices for similar five-room flats along Dawson Road have all exceeded $1.2 million.
Interestingly, the subject flat along Dawson Road is not far from the two Bukit Merah projects that are slated to be launched in the upcoming Build-To-Order (BTO) exercise next month. Homebuyers who are keen to live in the neighbourhood, albeit at more affordable prices, might want to take a closer look at the upcoming BTO flats.
To learn more about this transaction, and whether it is a good deal, click here.
