Why This Dawson Flat Sold for S$1.818 Million While HDB Prices Fell

A five-room flat at SkyParc @ Dawson has set a new HDB resale record of S$1.818 million. Yet the more revealing comparison is with other five-room flats in the same block: one registered in the same month sold for S$1.5 million.

What explains the S$318,000 difference?

The transaction table and site plan suggest a combination of height, outlook and limited supply. However, they also show why the record should not automatically become a benchmark for every flat in Dawson.

A record transaction against a softer market backdrop

According to EdgeProp’s report dated 30 October 2026, the record flat at 96 Dawson Road sits in the 40th–42nd-storey band, measures 111 sq m, and has about 94 years remaining on its lease.

Its S$1.818 million price surpassed the previous HDB resale record of S$1.728 million by S$90,000, or 5.2%. The reported price of approximately S$1,521 psf also exceeded the previous S$1,502 psf record.

Meanwhile, HDB’s Resale Price Index fell 0.1% in Q3 2026, following declines of 0.1% in Q1 and 0.3% in Q2. This marked three consecutive quarters of falling resale prices.

These observations can coexist. A market-wide index tracks broad price movements; an individual record captures what a buyer will pay for a particular property.

There is also a timing distinction: the Dawson transaction was registered in October, within Q4, while the latest completed quarterly index covers July to September. It is a record set against a moderating market backdrop, rather than a transaction within the quarter being measured.

What other five-room flats at Block 96 sold for

The extracted HDB transaction table from the HDB resale portal contains seven five-room resale registrations at Block 96, covering November 2025 to November 2026, with data current as at 6 November 2026.

All seven flats have a lease commencement year of 2021 and are classified as Premium Apartments.

Source: HDB resale transaction from the HDB resale portal. PSF figures are calculated from the displayed square-metre areas and rounded to the nearest dollar. This produces approximately S$1,522 psf for the record flat, marginally different from the report’s S$1,521 psf.

The six other transactions ranged from S$1.345 million to S$1.52 million. The record therefore sits visibly above the other observed sales, including an earlier transaction near the top of the block.

That makes this a useful case for examining the premium attached to a particular unit.

The same-month comparison: S$318,000 more, but only 3 sq m larger

The closest comparison by registration timing is the 108 sq m flat on the fourth–sixth floors, which sold for S$1.5 million in October 2026.

The record flat fetched 21.2% more, despite being only 2.8% larger.

A simple area adjustment helps put that difference into perspective. If the 111 sq m record flat had sold at the same price per square metre as the lower-floor unit, its price would have been approximately:

S$1.5 million × 111 ÷ 108 = S$1.542 million

The actual price was about S$276,000 above that area-adjusted benchmark, equivalent to a 17.9% premium per square metre.

This does not establish that the buyer paid S$276,000 specifically for the view. It measures the price difference left after a simple adjustment for size.

Height, orientation, renovation, layout, condition and negotiation could all contribute. Registration in the same month also does not necessarily mean both prices were negotiated at the same time.

Nevertheless, the comparison makes one point clear: the extra floor area alone does not explain the record price.

Height alone does not explain it either

The 37th–39th-floor flat sold in December 2025 provides another important reference.

At S$1.52 million for 108 sq m, it was already a very high-floor transaction. Yet the record flat sold for S$298,000 more, or approximately 19.6%.

Adjusting that earlier sale proportionately to 111 sq m produces a benchmark of approximately S$1.562 million. The record remains about S$256,000 higher, representing a 16.4% premium per square metre.

The ten-month difference between registrations limits the comparison, as do the unknown stack, interior condition and precise outlook. Still, it weakens any explanation based solely on being above the 40th floor.

Across these two reference transactions, the record carries an area-adjusted price gap of approximately S$256,000–S$276,000. That is an observed comparison range, not a valuation of the view or a statistically estimated floor premium.

A long lease supports the price level, but does not explain the gap

The transaction table shows approximately 94 years remaining on the record flat’s lease.

That is relevant when comparing it with much older resale homes. Within this seven-transaction sample, however, all the flats share the same 2021 lease commencement year.

The long lease is therefore a common characteristic of these comparables. It helps explain the block’s appeal, but cannot by itself explain why one flat sold for S$1.818 million while another registered in the same month sold for S$1.5 million.

Similarly, the flats share the overall same location. The price difference points to attributes that vary between individual homes: floor level, facing, outlook, condition, and layout.

Only two five-room stacks in the precinct plan

However, the Dawson Site C plan might offer a clue to understanding this scarcity.

It shows just two five-room stacks—84 and 86—both in Block 96. The accompanying schedule lists:

Five-room flats therefore account for only about 9.1% of the homes shown in this precinct plan.

The distinction is important: these are five-room flats, not five-bedroom units. The plan also supports the two-stack observation for this particular precinct, rather than the whole Dawson neighbourhood.

For a buyer seeking a five-room home here, the pool is already small. Adding requirements such as a very high floor, a preferred outlook and a willing seller narrows it further.

While the plan indicates a total inventory of 74 units, it does not specify how many homes were available for purchase when the record transaction was negotiated.

Why the Greenery and Bungalow Outlook Likely Contributed to the Premium

The location map may help to explain the appeal of the record-setting flat. Block 96 sits just south of Kay Siang Road, overlooking the low-rise landed homes and greenery around Ridley Park towards Dempsey to the north and northwest. A suitably oriented unit on the 40th–42nd floors offers expansive views across the bungalow enclave.

This aligns with the marketing agent’s description of the flat’s greenery views towards Dempsey. He also reported more than eight offers, with the three highest exceeding S$1.8 million, suggesting competition beyond a single buyer.

The key distinction is the combination of height and facing. The opposing five-room stack faces SkyTerrace @ Dawson, where neighbouring towers rise to comparable heights. A high floor on that side would therefore not necessarily provide the same openness, privacy or expansive outlook.

With only two five-room stacks in the precinct, the number of homes combining a very high floor with views towards the low-rise enclave is particularly limited. This makes the record flat’s likely orientation a meaningful advantage and helps explain why it commanded such a substantial premium over other five-room transactions in the same block.

Why this does not mean ordinary five-room flats are heading towards S$1.8 million

The S$1.818 million Dawson transaction highlights the value buyers can place on a rare combination of height, facing and outlook. Block 96’s position beside the low-rise Ridley Park enclave helps explain the appeal of a high-floor home with reported views towards Dempsey’s greenery.

With only two five-room stacks in the precinct, orientation matters more. The opposing stack faces neighbouring SkyTerrace @ Dawson towers of comparable height, meaning a high floor alone would not necessarily offer the same openness. The scarcity lies in the combination of a spacious flat, a very high floor and a favourable outlook.

The price difference within Block 96 is substantial. A lower-floor five-room flat registered in the same month sold for S$1.5 million. After a basic adjustment for floor area, the record transaction also remains approximately S$256,000–S$276,000 above the two reference sales examined. This gap is consistent with buyers paying more for the home’s particular attributes, although it cannot be attributed entirely to the view.

The reported competition—with the three highest offers exceeding S$1.8 million—further suggests that several buyers recognised its appeal. That said, the exact sold stack remains unconfirmed, and the available records do not isolate the contribution of orientation, renovation or condition.

For other Dawson owners, the record is therefore a benchmark for closely comparable homes, rather than a new price floor for the neighbourhood. It shows how exceptional flats can command strong premiums even as the broader resale market moderates. The most relevant comparison is whether another home can offer the same combination of space, height, privacy and outlook.

Disclaimer: This article is for general information and commentary and does not constitute financial advice or a property valuation. Transaction figures are based on the cited reports and HDB records available at the time of writing. Price comparisons include a simple floor-area adjustment and do not isolate the value of views, floor level, renovation or other individual attributes. The sold unit’s exact stack and orientation have not been independently verified; map annotations and viewing directions are indicative. Existing views may change with future development. A record transaction does not establish the market value of other flats or guarantee future resale prices. Buyers and sellers should verify relevant details and seek professional advice before making property decisions.

Article contributed by Jerry Wong.

Jerry Wong is a realtor at Propnex Realty, bringing a rich background in interior and lighting design to his work. He loves exploring diverse spaces and observing the transformative power of real estate. Beyond his professional role, Jerry finds his greatest fulfillment in connecting people with the right properties, gaining immense satisfaction from helping clients achieve their dreams.