Million-dollar flat sales in Singapore hit record highs in Q3

A total of 331 units were sold during the quarter.

According to Wong Siew Ying, Head of Research and Content, PropNex Realty, the number of million-dollar resale flats that changed hands in Singapore hit another record high in Q3 2024, with 331 units sold in the quarter. 

“Including the 419 units of million-dollar flats resold in 1H 2024, there are now 750 such flats transacted in roughly the first nine months of 2024 – already far exceeding the 469 units that were resold in the whole of 2023,” Wong added.

Here’s more from PropNex:

The 331 units of million-dollar resale flats comprised two 3-room terrace flats, 126 units of 4-room flats, 115 units of 5-room flats, and 88 units of executive flats. With the exception of 3-room flats, the numbers of such flats sold for the other flat types in Q3 are all new quarterly highs.

Kallang Whampoa led the sales of million-dollar resale flats with 55 transactions in Q3 2024, followed by 45 units in Bukit Merah and 37 units in Queenstown – being the top three estates for such transactions in the quarter.

In September, the number of million-dollar resale flats transacted remained elevated at 106 units, higher than the 105 units in August but easing from a high of 120 units in July. We remain watchful of the possible impact of the August 2024 cooling measures on the HDB resale segment. The LTV limit reduction for HDB loans to 75% is anticipated to potentially curb demand at the top end of the HDB resale market.

That being said, it is possible that many of the buyers of pricier flats are high income households who do not tap HDB loans, or perhaps some of them may have cash proceeds from the sale of a previous private home to finance the resale flat purchase, and hence may not necessarily be affected by the tighter LTV limit for HDB loans.