Singapore's million-dollar flats have hit multiple all-time highs in terms of price and quantity!
According to the latest data data.gov.sg the Singapore government's website, the number of HDB flats sold at least one million in June reached 95 units, once again setting a new record for the highest monthly sales in January and May (74 transactions).
Source: Housing and Development Board of Singapore
According to SmartWealth, the number of HDB flats sold at over one million prices in the first half of this year reached 419, of which 128 were four-room units, 172 were five-room units, 114 were administrative units, three were multi-generational flats, and two were balcony (other) flats.
Source: Smartwealth official website
The top three regions with the highest trading volume were Kallang – Manpo, Toa Payoh and Bukit Merah.
A new high in the price of million-dollar flats
June not only set a record for the highest number of million HDB flats sold in a single month, but also set a new high for the price of one million HDB flats sold in Singapore.
The two five-room flats located at Block 9B Chung Road and Tower 96A Henderson Road were transacted for S$1,588,000 (approximately RMB8.49 million) with a gross floor area of at least 110 square metres and a remaining lease of more than 90 years.
Source: Housing and Development Board of Singapore
Last month, other towns also saw the highest resale flats or the first to exceed one million dollar records, including the first four-room flat in Geylang to exceed S$1 million and a S$1,308,000 (about 6.41 million yuan) sold flat in Kalang.
Source: Housing and Development Board of Singapore
In addition, seven municipalities saw record resale prices, including Bukit Merah, Kallang – Whampoa, Marine Parade, Clementi, Tampines, Serangoon and Bishan. Among them, the highest-priced million-dollar flats in Tampines (priced at S$1.14 million, RMB5.61 million) and Marine Parade (S$1.38 million, RMB6.8 million) are both made up of two adjoined flats.
Millions of HDB flats are popping up one after another
The main factors for the influx of millions of HDB flats into the market include transaction trends, BTO frames and buyer preferences. Completing transactions in the first half of the year is more in line with people's need to move to a new home within the year and plan to go abroad at the end of the year, resulting in more sought-after HDB flats.
Source: Housing and Development Board of Singapore
The imminent implementation of the BTO framework is one of the reasons for the heating up of the HDB resale market, with the lack of five-room flats in new BTO flats launched in prime locations, coupled with stricter resale conditions and subsidy recovery policies, forcing buyers looking to buy larger flats to turn to the resale market.
This also echoes the latest data released by SmartWealth, which shows that in the first half of 2024, the proportion of housing types with more than one million selling prices is five-bedroom type.
Source: Smartwealth official website
According to SmartWealth's forecast, on current trends, the million-dollar HDB flat transaction volume this year could break the record again and is expected to double that of 2023.
AY丨Editor
HQ丨Editor
Housing and Development Board of Singapore丨Source
Housing and Development Board of Singapore, PEXELS, smartwealth丨Source
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