Is the $2.18m, now $1.99m, jumbo flat in Telok Blangah worth its potential record price?

A jumbo HDB flat at 93B Telok Blangah Street 31 made headlines when it was listed for $2.18 million. Its asking price has since been reduced to $1,999,999 — just $1 shy of the S$2 million mark. According to listing agent Thomas Tong, the adjustment was made to facilitate a sale and shift the focus away from the media attention surrounding the home. The revised price is also negotiable.

Even after the reduction, the listing remains noteworthy. If the flat sells at its current asking price, it would surpass the $1.728 million national HDB resale record reported in April 2026.

But what exactly does close to $2 million get you in an HDB flat, and how much of that asking price comes down to the home's rarity?

How did two BTO flats become one home?

Living room in the Telok Blangah jumbo flat, with a grey sectional sofa, tiled flooring and large windows.

The combined flat offers five bedrooms and four bathrooms, alongside this spacious living area. Image credit: Thomas Tong.

The flat sits within Telok Blangah ParcView and combines two adjoining three-room BTO flats under a single title.

According to Thomas, the owners first bought their original flat directly from HDB before seeking approval to purchase the neighbouring unit, after its owner was allowed to sell before completing the minimum occupation period (MOP). HDB has said the first flat was purchased in December 2017, followed by the adjoining unit in August 2021.

The combination was approved under HDB's Conversion Scheme, which allows eligible owners to join adjoining three-room or smaller flats after the necessary assessment.

The result is a high-floor corner home spanning 1,465 sq ft, with five bedrooms, four bathrooms and two entrances. The living room faces east, while the main entrance faces west.

According to Thomas, the orientation allows the living area to receive natural light without direct afternoon sun, while the higher floor opens up views towards Sentosa, Mount Faber and Pinnacle@Duxton.

At the current asking price, the home works out to about $1,365 psf, while the listing indicates that approximately 91 years remain on the lease.

Thomas describes it as "one of one", pointing to its combination of size, relatively young age and location within an established city-fringe neighbourhood.

The sellers also put considerable work into making the two original flats feel like a single home. According to Thomas, the works included removing walls, evening out an approximately 3cm difference between the original floor levels and retiling the space throughout.

Among other changes, one of the former kitchens was converted into a study, while an integrated audio system was installed across the home.

For multi-generational or larger households, the resulting 5-bedroom layout provides room for family members to have their own spaces while still living under one roof. Its corner position also offers greater privacy than a flat along a busier corridor.

What does the location add?

The flat's size stands out, but its location makes day-to-day life easier too. Telok Blangah MRT is around 554m away, or roughly a seven-minute sheltered walk.

From there, residents can take the Circle Line one stop to HarbourFront and change to the North East Line. Nearby bus stops are also accessible by sheltered walk, while Labrador Park MRT offers another option in the wider neighbourhood.

Closer to home, families have a community club, supermarket and Telok Blangah Market and Food Centre nearby, with Blangah Rise Primary School beside the development.

On days they want to head outdoors, Telok Blangah Hill Park and the Southern Ridges, including Henderson Waves, are within easy reach. For a multigenerational household, that mix gives family members room to follow different routines without travelling far for daily needs.

Thomas also thinks the estate's relative youth sets it apart from older jumbo flats. "You can renovate your house, but not its corridors, lifts, playground and neighbourhood," he says. That makes the condition of the wider estate part of the appeal, alongside the home itself.

Can the monthly cost put the $2m asking price into perspective?

To put the asking price into perspective, Thomas worked through a hypothetical 10-year ownership scenario. His example assumes a buyer purchases the flat for $2 million today and sells it for the same amount a decade later.

While Thomas believes the flat could appreciate over that period, his calculation assumes zero price growth as a more conservative scenario.

He factors in a $100,000 renovation budget, buyer's stamp duty, legal fees, bank interest at two per cent a year, property tax, an allowance of $120 a month for HDB service and conservancy charges, and eventual selling costs.

Based on these assumptions, the total unrecovered cost over 10 years comes to $503,530, or around $4,196 a month when spread across 120 months. In this scenario, the buyer would need to sell the flat for more than $2,514,752 to make a profit, after accounting for the costs included in Tong's calculation.

Of course, this is only an illustration. The eventual cost would depend on factors such as the buyer's loan amount, interest rate, renovation spending and how much the flat eventually sells for.

Still, Thomas believes the monthly figure provides another useful point of comparison: what could someone rent in the same area for around $4,196 a month, with a similar amount of space, five bedrooms, four bathrooms and comparable features?

Ultimately, the calculation offers another way of looking at a near-$2 million asking price — not just as a lump sum, but in terms of what the buyer gets from the home over the years they live in it. Whether that makes the price worthwhile is ultimately for buyers to decide.

Could a buyer live on one side and rent out the other?

The flat retains both of its original entrances, giving a buyer the option of using the space much like a dual-key home. According to Thomas, a divider could be restored between the two sides, allowing the owner to live in one section while renting out rooms on the other, which has its own entrance.

While the layout could function almost like two separate living spaces, the combined property remains a single HDB flat.

Thomas estimates that such an arrangement could generate around $3,500 a month in rental income.

Compared with the hypothetical ownership cost of $4,196 a month above, this could offset a substantial portion of the estimated expense, leaving a difference of around $696 a month, assuming HDB approves the arrangement and it achieves the estimated rent.

For households that do not need all five bedrooms, this offers another way to make use of the additional space. The two entrances could also provide greater separation between the owner's and tenants' living areas, allowing both to enter and leave without having to share the same main entrance.

Is its rarity worth the premium?

There is no straightforward like-for-like transaction against which to price this flat, which is part of what makes its asking price difficult to benchmark.

Thomas points to an older jumbo flat that transacted for $1.53 million with about 45 years remaining on its lease. By comparison, the Telok Blangah flat has roughly twice as many lease years remaining, which he believes warrants a premium.

However, remaining lease is only one part of a home's value. Floor area, location, condition, financing and other property characteristics can also influence what buyers are ultimately willing to pay.

HDB offered another reference point when the flat was listed at $2.18 million. It noted that nearby three-room flats had transacted for around $673,000 to $771,000 in the preceding six months.

Two flats at the upper end of that range would total approximately $1.54 million. Even at its revised $1,999,999 asking price, the difference from the $1.54 million benchmark is still around $458,000.

HDB also notes the $2.18 million asking price was significantly above comparable transactions and could involve substantial cash over valuation.

While the revised asking price has narrowed that gap, the flat's eventual valuation and any cash over valuation remain unknown until a transaction progresses through the relevant process.

So far, the listing has attracted interest. Thomas says the campaign had received around 60 inquiries and 12 to 15 physical viewings by the time of our interview, including retirees, couples and multi-generational families. However, no formal offer had been made at that point.

The interest suggests there is curiosity around such an unusual home, but the eventual transaction will provide the clearest indication of what buyers are prepared to pay for that rarity. As Thomas puts it: "It's not about what the seller wants. It's not about what the bank can offer. It's about what the buyers are willing to pay."

Did the 15-month wait-out lift play any part here?

The removal of the 15-month wait-out period in July 2026 opened another possible route to this flat. Eligible private homeowners no longer have to wait 15 months after selling their property before buying a non-subsidised HDB resale flat, provided they do not take an HDB housing loan.

Thomas thinks that change improves the flat's chances of finding a buyer. When asked whether a sale would have been possible under the old rule, he said it would have been "less likely". A family selling a private home, for example, could now consider moving directly into this spacious HDB flat rather than finding somewhere else to live during the wait. Thomas says some of the people who have viewed the flat appear to have sold a larger property and are looking for their next home.

Will more HDB flats approach $2 million?

Thomas believes a S$2 million HDB resale transaction is only a matter of time. In his view, the flats most likely to approach that level will be large, relatively new and centrally located.

He points to Berlayar as a longer-term example. Some four-room flats there were launched at prices approaching $800,000, and it could be around 15 years before the first homes enter the resale market, after accounting for construction and the 10-year minimum occupation period. Thomas believes prices could rise considerably over that time, with some eventually approaching the $2 million mark.

Since the Telok Blangah listing first drew attention, Thomas says he has also noticed other HDB homes being marketed at $2 million or more. In his view, the attention surrounding this home may have made some sellers more willing to test higher asking prices.

There is also some uncertainty over whether more homes like it could be created in future. HDB is reviewing the Conversion Scheme that allowed the two adjoining flats to be combined, although the outcome has yet to be announced. Any changes to the scheme could affect whether owners are able to create similar homes going forward.

For now, the Telok Blangah flat remains an unusual test of how much buyers are willing to pay for space, a long remaining lease and a configuration rarely found in public housing. Whether that combination is enough to produce Singapore's first $2 million HDB resale transaction will depend on where a buyer draws the line between rarity and price.

This article was first published in 99.co .

位于直落布兰雅31街93B号的一套超大型组屋，最初以218万新元的价格挂牌出售，一度成为新闻热点。如今，其要价已降至199.9999万新元，仅比200万新元大关少1新元。据房产经纪人Thomas Tong透露，此次降价是为了促成交易，并转移人们对这套房屋的媒体关注。此外，新价格也具有商议余地。

即使降价后，这套房产依然引人注目。如果最终以目前的要价售出，将打破2026年4月创下的172.8万新元的全国组屋转售纪录。

但是，花近 200 万美元买一套组屋究竟能买到什么？其中有多少要价是因为房屋的稀缺性？

两套组屋是如何合并成一套住宅的？

位于直落布兰雅的超大型公寓的客厅，配有灰色组合沙发、瓷砖地板和大窗户。

这套公寓共有五间卧室、四间浴室，以及宽敞的起居空间。图片来源：Thomas Tong。

该公寓位于 Telok Blangah ParcView 内，由两套相邻的三房式组屋合并而成，产权归于同一处。

据托马斯称，业主最初直接从建屋发展局 (HDB) 购买了他们的第一套组屋，之后才申请购买隔壁的组屋，因为隔壁组屋的业主获准在达到最低居住年限 (MOP) 前出售房产。建屋发展局表示，第一套组屋于 2017 年 12 月售出，隔壁组屋则于 2021 年 8 月售出。

该合并方案已根据建屋发展局的房屋转换计划获得批准，该计划允许符合条件的业主在经过必要的评估后，将相邻的三房式或更小的组屋合并。

最终呈现的是一套位于高层转角的住宅，面积1465平方英尺，拥有五间卧室、四间浴室和两个入口。客厅朝东，而主入口朝西。

据托马斯称，这样的朝向可以让起居室获得自然光，而不会受到午后阳光的直射，而较高的楼层则可以欣赏到圣淘沙、花柏山和达士岭酒店的景色。

按目前的要价计算，这栋房子每平方英尺的价格约为 1365 美元，而房源信息显示，该房产的租赁期限还有大约 91 年。

Thomas 将其描述为“独一无二”，并指出它兼具规模、相对年轻的建成时间和位于成熟的城市边缘社区的地理位置。

卖家也投入了大量精力，将原有的两套公寓打造成一个完整的家。据托马斯介绍，这些工作包括拆除墙壁、消除原有地板高低约3厘米的落差，以及重新铺设整个空间的地砖。

除此之外，其中一个原先的厨房被改造成了书房，同时还在全屋安装了集成音频系统。

对于多代同堂或人口较多的家庭来说，这样的五居室布局既能让家庭成员拥有各自的私人空间，又能让他们生活在同一屋檐下。此外，由于地处拐角，相比临街的公寓，它的私密性也更好。

地理位置信息有何作用？

这套公寓面积宽敞，地理位置优越，日常生活也十分便利。距离直落布兰雅地铁站仅约554米，步行约7分钟即可到达（全程有遮雨棚）。

从这里出发，居民可以搭乘环线地铁一站到港湾站，然后换乘东北线。附近的公交车站也可通过有顶走廊到达，而拉布拉多公园地铁站则为周边地区提供了另一种出行选择。

居民区附近有社区俱乐部、超市和直落布兰雅市场及熟食中心，布兰雅高地小学就在小区旁边。

当他们想外出活动时，直落布兰雅山公园和南部山脊（包括亨德森波浪公园）都近在咫尺。对于多代同堂的家庭来说，这种便利的地理位置让家庭成员可以按照各自的作息习惯活动，而无需为了日常所需而长途跋涉。

托马斯还认为，这处住宅区相对较新，这使它区别于那些老旧的大型公寓楼。“你可以翻新你的房子，但走廊、电梯、游乐场和周边环境却无法翻新，”他说。因此，整个住宅区的状况，连同房屋本身，都成为了吸引买家的因素之一。

每月费用能否让200万美元的要价显得合理？

为了让大家对要价有个更直观的了解，托马斯设想了一个持有十年的假设情景。他的例子假设买家今天以200万美元的价格买下这套公寓，十年后再以同样的价格卖出。

虽然托马斯认为这套公寓在此期间可能会升值，但他的计算假设价格零增长，这是一种更为保守的情况。

他将 10 万美元的装修预算、买家印花税、律师费、每年 2% 的银行利息、房产税、每月 120 美元的建屋发展局服务费和维护费以及最终的销售成本都考虑在内。

基于这些假设，10 年内未收回的总成本为 503,530 美元，分摊到 120 个月，每月约为 4,196 美元。在这种情况下，扣除 Tong 计算中包含的成本后，买家需要以超过 2,514,752 美元的价格出售该公寓才能获利。

当然，这只是一个示例。最终成本取决于诸多因素，例如买家的贷款金额、利率、装修费用以及公寓最终的售价。

不过，托马斯认为，每月租金可以作为另一个有用的比较点：在同一地区，每月租金约为 4,196 美元，拥有类似大小的空间、五间卧室、四间浴室和类似设施的房子，能租到什么样的房子呢？

归根结底，这种计算方法提供了一种看待近200万美元要价的全新视角——它不仅关注总价，更着眼于买家在未来几年居住期间能从房屋中获得什么。至于这是否物有所值，最终由买家自行决定。

买家能否自住一边，出租另一边？

这套公寓保留了原有的两个入口，买家可以选择像拥有双钥匙住宅一样使用这处空间。托马斯表示，可以在两部分之间恢复隔断，这样业主就可以住在其中一部分，同时将另一部分（拥有独立入口）的房间出租。

虽然布局几乎可以像两个独立的居住空间一样，但合并后的房产仍然是一套组屋。

托马斯估计，这样的安排每月可以产生约 3500 美元的租金收入。

与上述每月 4,196 美元的假设拥有成本相比，这可以抵消估计费用的很大一部分，假设建屋发展局批准该安排并达到估计的租金，则每月可节省约 696 美元。

对于不需要全部五间卧室的家庭来说，这提供了一种利用额外空间的另一种方式。两个入口还可以更好地分隔业主和租户的居住区域，使双方都能独立出入，而无需共用同一个主入口。

它的稀有性值得付出溢价吗？

由于没有直接可比的交易案例来为这套公寓定价，这也是其要价难以确定基准的部分原因。

托马斯指出，一套较老的大型组屋以153万美元的价格成交，剩余租期约为45年。相比之下，直落布兰雅的这套组屋剩余租期大约是它的两倍，他认为这理应获得更高的溢价。

然而，剩余租期只是房屋价值的一部分。房屋面积、位置、状况、融资情况以及其他房产特征也会影响买家最终愿意支付的价格。

建屋发展局在公布该组屋售价为218万新元时提供了另一个参考点。该局指出，附近三房式组屋在前六个月的成交价约为67.3万至77.1万新元。

两套价格在该区间上限的公寓总价约为 154 万美元。即使按修订后的要价 199.9999 万美元计算，与 154 万美元的基准价相比，仍有约 45.8 万美元的差价。

建屋发展局还指出，218万美元的要价远高于类似交易，可能涉及大量超估值现金。

虽然修改后的要价缩小了这一差距，但该公寓的最终估值以及任何超额现金估值，在交易完成相关流程之前，仍然未知。

目前为止，这套房产已经吸引了不少关注。托马斯表示，截至我们采访时，该房产已收到约60份咨询，并安排了12至15次实地看房，其中包括退休人士、夫妇和多代同堂的家庭。然而，当时尚未收到任何正式报价。

人们对这栋不同寻常的住宅表现出浓厚的兴趣，但最终的交易结果将最清晰地表明买家愿意为这处稀有房产支付多少钱。正如托马斯所说：“这与卖家的意愿无关，也与银行的报价无关，而是与买家的意愿有关。”

15个月的等待期取消是否在此过程中发挥了作用？

2026年7月取消15个月的等待期，为购买这套组屋开辟了另一条途径。符合条件的私人住宅业主在出售现有房产后，无需再等待15个月即可购买非补贴的组屋转售组屋，前提是他们不申请建屋发展局（HDB）的房屋贷款。

托马斯认为，这项改变提高了这套组屋找到买家的几率。当被问及在旧规定下这套组屋是否还有出售的可能时，他表示可能性“较小”。例如，现在出售私人住宅的家庭可以直接搬进这套宽敞的组屋，而无需在等待期间另寻住处。托马斯说，一些来看过这套组屋的人似乎已经卖掉了更大的房子，正在寻找新的住所。

更多组屋价格将接近200万新元吗？

托马斯认为，一套组屋转售成交价达到200万新元只是时间问题。在他看来，最有可能达到这个价位的组屋将是面积较大、相对较新且位置优越的。

他以贝莱亚为例，说明长期发展趋势。那里一些四房式组屋的售价接近80万新元，考虑到建设时间和10年的最低居住期限，首批房屋可能需要15年左右才能进入二手房市场。托马斯认为，在此期间房价可能会大幅上涨，一些房屋最终甚至可能接近200万新元。

自从直落布兰雅的这套房产挂牌出售引起关注以来，托马斯表示，他也注意到其他一些组屋的售价也达到了200万新元或更高。他认为，这套房产引发的关注可能促使一些卖家更愿意尝试更高的要价。

未来是否还能建造更多类似的房屋，目前尚不明朗。建屋发展局正在审查允许两套相邻组屋合并的“房屋转换计划”，但结果尚未公布。该计划的任何变动都可能影响业主未来能否建造类似的房屋。

目前来看，直落布兰雅组屋仍然是一个不同寻常的考验，它检验着买家愿意为宽敞的空间、较长的剩余租期以及公共住房中罕见的户型支付多少费用。这些因素能否促成新加坡首笔200万新元的组屋转售交易，将取决于买家如何界定稀缺性和价格之间的平衡。

本文最初发表于 99.co。