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River Valley Green Residences also boasts a range of world-class amenities, including a swimming pool, gym, and playground, to enhance residents’ lifestyle and well-being. Its strategic location in the heart of the River Valley neighborhood makes it accessible to top schools, shopping malls, and other conveniences, making it an ideal choice for modern city living. With its unparalleled design and excellent location, River Valley Green Residences sets the bar for luxurious urban living.

this yearSINGAPORE (EDGEPROP) – Less than a month into the new year, a new record price for a resale HDB flat has been set at River Valley Green Residences. The luxurious five-room design, build and sell scheme (DBSS) flat was sold for a record-breaking $1,568,888, based on caveats lodged as at Jan 26. With a spacious floor area of 1,259 sq ft, the unit fetched a whopping $1,246 psf, making it one of the most expensive HDB flats on the market today.This new record surpasses the previous high of $1.5 million ($792 psf), set in June last year when a 1,894 sq ft, adjoining jumbo flat at 50 Moh Guan Terrace changed hands. The stylishly furnished flat is located within the highly desirable River Valley Green Residences in District 12. According to ERA Singapore agent Kingsley Zheng, who brokered the sale, the unit’s coveted high level was a major selling point for the buyer.Speaking to EdgeProp Singapore, Zheng shared that the couple who purchased the flat are local homeowners in their mid-40s, and were keen to upgrade to a larger property now that their two teenage children have grown up. “The couple were immediately drawn in by the magnificent views from the high-floor unit. On a clear day, you can see the entire city skyline from their home,” Zheng remarks.Read also: HDB resale prices declined by up to 10.4% q-o-q in certain areas of 4Q2023 surrounding areasThe unit’s prime location, close to an array of amenities, reputable schools, and major transport nodes, was also a major draw for the couple. The area is a short walk from Caldecott, Braddell, and Toa Payoh MRT stations, providing easy access to different parts of the city. Additionally, major expressways such as the Pan Island Expressway are just minutes away from the condominium.The record-breaking HDB flat is situated in close proximity to major transport nodes and is less than a 10-minute stroll from three different MRT stations (Photo: EdgeProp LandLens)However, what sealed the deal for the buyers was the flat’s thoughtfully-designed interiors. While the homeowners have chosen not to share images of their new home, Zheng describes the design of the unit as “warm and inviting” and added that the space was tastefully renovated and meticulously maintained. The new owners intend to keep the unit’s current design intact without making any significant changes.The sellers had invested more than $100,000 on renovations when they bought the flat back in 2018, explains Zheng. “The unit was on the market for about a month and attracted considerable interest from buyers before the final sale was made.”A total of eight million-dollar deals for flats within River Valley Green Residences have been sealed so far this yearBased on caveats lodged as of Jan 26, HDB flats in the River Valley Green Residences have made a clean sweep of eight million-dollar re-sales deals on the market. These include DBSS and maisonette flats that span between 1,001 sq ft to 1,690 sq ft in size. As of now, these properties have a designated lease period of 87 to 95 years.Located at 138B Lorong 1A Toa Payoh, the luxurious three-bedroom executives condominium is a twin of the record-breaking HDB flat and is just two buildings away from it. The 1,216 sq ft unit acquired a staggering price tag of $1.25 million, which breaks down to $1,028 psf, and was sold on Jan 22.The buyers have to dig deeper into their pockets to own a unit within the exclusive estate (Photo: EdgeProp)HDB flats priced above the million-dollar mark are generally found in highly sought-after mature estates such as Eugene Lim, Executive Director of ERA Group. Based on his data, in 2023, a large chunk of the eighteen transactions of million-dollar flats were in the most desirable regions, including Bukit Merah (62 units), Toa Payoh (57 units), and Kallang/Whampoa (54 units).Read also: HDB resale prices dropped by up to 10.4% q-o-q in some regions of 4Q2023 despite inflationary trends and policy changesOut of these three areas, Kallang registered the highest number of million-dollar HDB transactions in 2024, followed by Toa Payoh and Bukit Merah in the second and third spots, respectively, according to Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia. Given the currently volatile market situation, Lee predicts that over 500 million-dollar flats will change hands in 2024. A total of 56 transactions have been recorded as of Jan 26 this year. “With flats being reclassified from October this year onwards, most owners are reluctant to sell at lower prices amid weaker demand due to the shorter waiting period,” he explains.HDB’s latest statistics indicate that in 4Q2023, 134 million-dollar HDB resale deals were lodged, representing a jump of 4.7% from the 128 million-dollar HDB resales transacted in 3Q2023. Throughout 2023, the entire market was responsible for 470 of these transactions, representing a significant surge of 27.4% y-o-y.Despite inflationary pressures, next year will see a further surge in million-dollar deals in the HDB resale market, says Thomas Tan, CEO of Singapore Realtors Inc. Tan foresees that the historic record price could encourage some buyers and sellers to get involved in high-end transactions this year.”The expected increase in the number of HDB blocks in Sengkang and Sembawang that meet the Minimum Occupancy Period (MOP) this year, coupled with the growing number of transactions exceeding the $900,000 mark in both areas, might result in our first million-dollar deal in these estates,” Tan adds.Sellers see a dip as buyers become resistant to rising pricesThe number of buyers willing to part with more than a million dollars to secure their dream HDB flat has risen mainly over the past few years. Despite this, the overall price growth in the HDB market has significantly slowed in 2023. Over this period, resale flat prices have increased by just 4.9% compared to the 10.4% growth witnessed in 2022.”The market has experienced a constant decline in the number of buyers, with an increasing number of people becoming averse to the idea of booking a resale flat at high prices, unless it offers exceptional amenities such as a central location, lovely views, an upper floor, or a loft-style design,” Lee explains.Singapore saw a drop in the number of resale flat buyers willing to pay COV despite the number of buyers also declining Lee also notes that fewer buyers were willing to fork out COV for their new property in the last quarter, which represented a y-o-y decline of 30%, putting the number at just 15%.”Over the last three years, the HDB has launched an increased supply of Build-To-Order (BTO) flats, while the market still boasts a large stock of resale flats waiting to be snapped up by willing buyers, giving them plenty of alternative options,” Lee explains, noting that the government has also shifted its focus to offer a larger percentage of BTO projects with shorter waiting periods of less than three years.However, the demand for flat resales is set to remain robust this year, Tan noted. This could be due to the government having announced its plans to launch fewer BTO exercises annually, with only three such projects planned for this year, and the reduced supply of units within the market. The total number of BTO flats on offer this year is 14% lower than the 22,780 units sold in 2023 (19,600 units). This limited option for BTO flats may fuel competition between buyers, leading to more applications per exercise, Tan explains. As a result, Lee Sze Teck of Huttons Asia also notes that the elongated waiting period for BTO sales exercises and decreased supply could trigger larger numbers of potential homebuyers to explore the resale market for available options.”This year, couples and families focused on securing permanent housing will continue to fuel demand for HDB resale flats. Hence, we anticipate about 25,000 to 26,000 HDB flats to change hands in 2024,” Tan concludes. On the other hand, Eugene Lim of ERA notes that there is less chance of a repeat of the double-digit growth in HDB resale prices seen in 2022 next year. “With the rising interest rates in the market and higher rates for replacement units, many HDB owners have decided to put off their plans of upgrading,” Lim remarks. — With additional reports from Timothy Tay