The HDB resale market in Singapore has once again witnessed a surge in prices, with a five-room private HDB unit located at The Peak @ Toa Payoh being sold for the remarkable price of SGD 15,688,888, attracting widespread attention and discussion.

This transaction price has set a new record in Singapore's HDB resale market, highlighting the unique charm and supply-demand dynamics of the real estate market in the area.

Various factors contribute to the high transaction price. Firstly, according to information released by ERA Realty, there are only 13 DBSS projects across the island, totaling over 8,500 units, making the supply relatively scarce. Units in mature HDB estates like Toa Payoh are particularly rare.

The scarcity has effectively boosted the market value of this unit. Secondly, compared to regular HDB units, DBSS units feature more innovative designs. This particular unit is located on the top floor, offering a superior location with convenient transportation—less than ten minutes' walk to Toa Payoh, Braddell, and Caldecott MRT stations, and surrounded by comprehensive facilities.

These factors have made the unit highly sought after. Additionally, Toa Payoh, as a developed area, has always been favored by buyers, contributing to the consistently high selling prices.

In addition, Singapore's HDB resale market is generally active, with industry experts predicting over 400 HDB transactions exceeding one million Singapore dollars this year. This phenomenon reflects buyers' enthusiasm for centrally located HDB units without resale restrictions, willing to pay higher prices for such properties.

Simultaneously, the Housing and Development Board (HDB) has implemented a new classification framework for HDB flats starting from the second half of next year, attracting more buyers to actively participate in the market and further driving the upward trend in HDB prices.

However, as HDB prices continue to rise, it has sparked some controversy and discussions. Some argue that DBSS pricing is too high and point out design flaws such as narrow corridors and master bedrooms that struggle to accommodate large double beds.

Therefore, after the government suspended DBSS projects, Minister for National Development Khaw Boon Wan mentioned in a 2015 interview that the reason for halting private HDB plans was that the quality of HDB flats at that time was not inferior to private HDB flats.