Boon Keng DBSS flat sold for S$1.49 million, setting new estate record

A five-room Design, Build and Sell Scheme (DBSS) flat at Block 9 Boon Keng Road has been sold for S$1.49 million in May 2025, setting a new resale record for the estate. The transaction, recorded on property portal 99.co, highlights the continued strong demand for rare DBSS flats in Singapore’s public housing market.

The unit is located on the upper floors of City View @ Boon Keng, between the 22nd and 24th storeys of the 40-storey development. With a floor area of 1,281 square feet, the deal translates to about S$1,163 per square foot. Completed in 2011, the flat has an estimated 85 years left on its lease.

DBSS flats, which combine elements of public housing affordability with design features typically associated with private condominiums, were introduced in 2005 but discontinued just six years later. Only 13 projects were ever built, making them a rare commodity in the resale market. City View @ Boon Keng, centrally located and within walking distance of both Boon Keng and Bendemeer MRT stations, is considered one of the most desirable DBSS estates. As of May this year, it has seen 93 transactions cross the million-dollar mark, reflecting the strong buyer appetite for such units.

The Boon Keng record comes amid a broader trend of high-value DBSS transactions. In May 2024, a five-room flat at Bishan’s Natura Loft development fetched S$1.5 million, while in January this year, a Toa Payoh DBSS flat changed hands for S$1.6 million. These figures highlight how certain resale flats, especially those in central locations with larger layouts, are increasingly commanding prices once reserved for private homes.

The government has repeatedly cautioned the public against drawing broad conclusions from such headline-grabbing sales. National Development Minister Desmond Lee noted last August that million-dollar flats make up only a tiny fraction of overall resale activity, with high-value transactions accounting for just 0.5 per cent of four-room or smaller flat sales over the past two years. He emphasised that such cases are typically concentrated in central locations, on high floors, and close to MRT stations and amenities.

Lee warned during the March 2025 parliamentary budget debate that reports of record-setting sales could distort market expectations. Flat owners, he said, might become more inclined to raise their asking prices, while potential buyers could feel pressured to commit quickly for fear of rising costs. If left unchecked, such dynamics risk pushing the resale market out of alignment with economic fundamentals, creating the conditions for a housing bubble.

Despite these concerns, the HDB resale market remains buoyant. Prices rose by 9.7 per cent in 2024, following increases of 4.9 per cent in 2023 and 10.4 per cent in 2022. Although resale transactions dipped by 21.1 per cent in the final quarter of 2024, the year still closed with 28,986 flats changing hands. A record 1,035 resale flats sold for over a million dollars during the year, underscoring the sustained demand for well-located, high-specification units.

Analysts say that DBSS flats, given their rarity and their hybrid position between HDB and private housing, are likely to retain their premium appeal in the years ahead. For many buyers, they represent a unique middle ground—offering the size and aesthetics of private condominiums, while still falling under the HDB framework. With no new DBSS projects planned, existing stock is expected to remain in high demand.

The record Boon Keng sale has once again thrown the spotlight on Singapore’s evolving housing market. While million-dollar transactions remain a minority, they continue to shape public perceptions of housing affordability and highlight the pressures of balancing demand for desirable locations with the broader goal of keeping public housing accessible.