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.

Also Read

Delhi prime residential sales more than double to 8,183 units in Q3

Singapore private residential prices hit largest quarterly decline since Q1 2020

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What was Singapore’s largest hotel opening in the first nine months of 2024?

This new hotel added 989 rooms to the market.

Commercial Hotel

2 days ago

Melbourne’s Q3 retail completions finally outperform 10-year average

Completions have underperformed for six consecutive quarters.

Commercial Retail

2 days ago

Sydney hotel supply to increase by 5.1%

Thanks to six new hotels currently under construction.In a report, JLL said Sydney has seen a total of 2,270 new rooms open since 2020, representing a 10.4% increase in total room stock.No new hotels have opened over the first three quarters of 2024, after a total of 816 rooms opened over 2023, representing a 3.5% increase in total room stock.Here’s more from JLL:There are currently six new hotels under construction in the CBD and fringe suburbs, which will add 1,173 rooms or 5.1% to existing stock. The next anticipated hotel opening is set to be The Eve Surry Hills Village (102 rooms), opening in the coming months.Trading performance continues to outperform 2019 levelsSydney RevPAR showed signs of improvement with a notable 5.3% increase from last year, and has now exceeded pre-COVID levels (YTD September 2019). Recovery continues to be driven by steady growth in both ADR and occupancy.Sydney transaction volume totalled AUD 338.3 million to YTD Q3 2024, including a handful of notable sales such as Courtyard by Marriott North Ryde, Novotel Parramatta, Woolstore 1888 by Ovolo and Holiday Inn Bondi Junction.Outlook: Demand continues to improve with a strong forecast for summer monthsSydney hotels are benefiting from an ongoing recovery in corporate/MICE demand, driven by the market’s reputation as a global business hub and key gateway city. The resurgence of international visitor numbers and Chinese tourists is anticipated to drive future demand.Despite challenging economic conditions and elevated borrowing costs, investor interest in Sydney remains robust. This can be attributed to favourable underlying fundamentals, the tightly-held nature of the market, limited new supply and a positive long-term outlook.Note: Sydney Hotels refer to all grades of accommodation and includes both hotels and serviced apartments.

Commercial Hotel

2 days ago

Delhi prime residential sales more than double to 8,183 units in Q3