Million Dollar HDB: Singapore sees 6 flats transacted over S$1.3m recently
A 5-room HDB resale flat was sold for a record price of S$1,388,889 in March.
A report by OrangeTee reveals that at the upper end of Singapore’s public housing market, 83 flats were sold for at least a million dollars last quarter, which was almost on par with the 85 transactions inked in the preceding quarter (see chart below).
Of the 83 units transacted last quarter, 34 units are between 110 and 130 sqm, while 23 units are bigger than 130 sqm.
Here’s more from OrangeTee:
The number of million-dollar flat transactions recorded last quarter exceeded the full-year sales inked in 2012 to 2020. No million-dollar flats were transacted prior to 2012.
Of the million-dollar transactions, more flats breached the S$1.3 million mark and could be breaking the S$1.4 million level soon. A total of 6 flats were transacted above S$1.3 million in recent months, with 4 such units inked last quarter and another 2 units transacted in Q4 2021.
The rising number of resale transactions breaching the S$1.3 million mark shows that more buyers are willing to pay top dollar for flats that are well located or large-sized.
For instance, a 5 room HDB resale flat in Pinnacle@Duxton was sold for a record price of S$1,388,889 in March this year, smashing the previous record for DBSS in Bishan transacted at S$1.36 million in December last year.
Last quarter, a second resale flat in a non-mature estate has breached the million-dollar mark. A 187 sqm flat in Yishun Avenue 4 was sold for S$1,038,000 in February this year. The first transaction was recorded in January 2018 when a 177 sqm maisonette in Hougang was sold for S$1 million.
Based on the current price trend for Yishun, although more flats were sold for at least S$800,000 since last year, the number is not huge. The median price of five-room flats was S$582,500 in the first quarter of this year. Therefore, the probability of many flats in Yishun transacting above a million-dollars may not be big.
Since the number of million-dollar flat transactions in non-mature estates is still small, we may need to observe a while more before determining if there is a growing trend of million-dollar transactions emerging in the non-mature estates.