Last week, a resale apartment on Bishan’s Natura Loft DBSS project made headlines for closing a staggering $ 1.36 million. It broke the record set by another apartment on the same project about three months ago when it sold for $ 1.295 million.
But Bishan isn’t the only property that has broken its own record. A nearby property, Toa Payoh, did too.
The most expensive resale apartment in Toa Payoh sold for $ 1.24 million
A five-bedroom resale apartment in The Peak @ Toa Payoh just sold for $ 1.24 million, breaking the previous record of $ 1.238 million for an apartment of the same type on the property in August. It’s also from the same project.
And that although the record-breaking apartment is on a lower floor between levels 38 and 40, while the previous record holder is on the top floor (42nd floor).
Still, it’s a DBSS apartment, and one that’s on one of the upper floors. Jeremy Tan, the agent who brokered the deal, shares that he received several inquiries after starting the promotion and finally closed the deal the following day.
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“I shared details like the video and the floor plan. And I was ready to do an on-site video or zoom presentation on the first weekend to accommodate multiple groups due to safe management measures and restrictions. In the end, there were two parties that were serious and showed more interest. A party came for viewing at night and it was closed on the first viewing. “
Just like the sellers of the Bishan apartment, the sellers of this Toa Payoh apartment decided to put it up for sale as they were planning to upgrade it to private ownership.
From location to rarity: factors that lead people to spend $ 1 million on an apartment
Jeremy, Associate Group Director at Propnex and founder of JeremyTan.Co, shares four main factors driving people to pay such a high price for public housing: location, proximity to schools, size, and rarity.
In addition to Bishan and Toa Payoh, properties with million dollar apartments include Central Area, Bukit Merah, Queenstown, and Kallang.
If we look at these properties, they are mature properties that are centrally located. Not only are they closer to the city center, but they’re also packed with amenities. In the older settlements you can also find larger and rarer types of apartments such as executive apartments and DBSS apartments that HDB no longer builds.
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“You can’t find a comparable condominium of a similar size with three bedrooms and great views in the same price range in the same district,” adds Jeremy.
What makes Toa Payoh so popular, adds Jeremy: “Toa Payoh is known for its central location, proximity to the city, amenities and good schools. It’s been growing in popularity with younger populations over the past 10-15 years since newer homes like The Peak and Toa Payoh Crest were introduced. “
Bishan vs. Toa Payoh: The Million Dollar Flat Hot Spots Comparing
The thing is, Bishan and Toa Payoh are not as central and close to the city center as the Central Area and Bukit Merah. That said, they have a few pluses that make them more desirable places to call home.
Close to schools
The number of schools available in Bishan and Toa Payoh is one reason why it is so popular with families with children. And these are not just any other schools; They are the ones families are willing to move for increased admission chances. (Be honest, most people in Singapore don’t buy the “every good school is a good school” concept.)
Schools in Bishan include Ai Tong School, Catholic High School, Raffles Institution, and Raffles Girls’ Secondary School.
In contrast, schools in Toa Payoh include CHIJ Toa Payoh, Pei Chun Public School, and St Andrew’s School.
Given the number of well-known schools in Bishan, we would say that Bishan has an advantage over Toa Payoh (or any other property other than Bukit Timah) in terms of school proximity.
Proximity to the city center
Both Bishan and Toa Payoh are pretty central. Both are served by the north-south line, so that residents can reach the city in just a few stops without having to change lines. From Bishan you can reach Dhoby Ghaut in seven stations. Conversely, you can get to five stops from Toa Payoh.
For those working in the CBD, it is also a short drive from both properties (around 20 minutes by car).
But if we’re picky here, we’ll say Toa Payoh wins in that regard.
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Price increase
Bishan and Toa Payoh apartments generally fetch higher prices, especially for 4-bedroom apartments and larger. Since we are talking about apartments with millions of euros, we are concentrating more on the 5-room and executive apartments.
Looking at the past five-bedroom deals in both settlements over the past five years, Toa Payoh homes saw a higher price increase of 15.61 percent compared to 1.89 percent for Bishan homes.
Let’s take a closer look at the DBSS projects in both settlements, which make up a large part of the millions of apartments in both districts.
Interestingly, 5-bedroom apartments in Natura Loft saw prices increase by 22.04 percent over the past five years, compared to 10.57 percent for 5-bedroom apartments in The Peak @ Toa Payoh (which entered the resale market in 2017) . ).
