Singapore million-dollar flat transactions in 2024 set to double last year’s totals

There were 750 million-dollar flats in the first three quarters of 2024.

According to an OrangeTee report, in the third quarter of this year, a record 331 HDB flats were sold for a million dollars, up from 236 units in the preceding quarter and 128 units in Q3 2023.

“In the first three quarters of 2024, there were 750 million-dollar flats, which surpassed the full-year record of 469 units in 2023. Given the sales momentum, the number of million-dollar flat transactions could be on track to double the number inked last year,” the report said.

Here’s more from OrangeTee:

The prevailing trends indicate that many buyers are paying a premium for flats farther from the city centre, for 4-room flats and flats situated on lower floors.  Notably, over the past two years, there has been a discernible uptick in the market share of million-dollar flats located in non-mature estates, climbing from 4.3% (12 units) from January to September 2022 to 9.1% (68 units) during the same period in 2024. 

Furthermore, the proportion of 4-room million-dollar flats has experienced a substantial surge, escalating from 9% (25 units) to 33.9% (254 units) over the same period. 

Similarly, the proportion of lower-floor million-dollar flats at 12th storey and below has also increased from 34.7% (96 units) in the first three quarters of 2022 to 42.3% (317 units) over the same period in 2024.