Singapore sells record number of million-dollar flats in Q4

A total of 134 flats were sold during the quarter.

A record 134 resale flats were sold in Singapore for at least a million dollars in Q4, surpassing the previous record of 128 units in Q3 2023, according to a report from OrangeTee. In 2023, 470 million-dollar flats were transacted, surpassing 2022’s record of 369 units. 

“Flats in Choa Chu Kang, Jurong West, Sembawang and Sengkang have yet to have a million-dollar flat transaction. However, Sengkang may be the next town to see a million-dollar flat transaction as there were 12 units sold for at least S$900,000 historically, whereas other towns like Jurong West (3 units), Choa Chu Kang (2 unit), Sembawang (0 units) have fewer or none of such transactions,” the report added.

Here’s more from OrangeTee:

Sales Volume

Owing to the large number of BTO flats launched in Q4, more Singaporeans have turned to the primary market to purchase a HDB flat. Consequently, fewer sales were observed in the HDB resale market last quarter. 

Based on HDB flash estimates, resale volume decreased by 2.3 per cent from 6,592 units in Q3 2023 (up to 28 September) to 6,440 units in Q4 2023 (up to 28 December). For the whole year (up to 28 December), total resale volume is 26,628, 3.8 per cent lower than the same period in 2023 at 27,686 units. 

Based on HDB transactions from data.gov.sg, the proportion of 5-room flats dipped from 22.9 per cent in Q3 2023 to 21.9 per cent in Q4 2023. Conversely, other flat types saw a rise in sales, such as executive flats which rose marginally from 5.9 per cent to 6.0 per cent. Similarly, smaller units like 2-room, 3-room and 4-room flats climbed from 2.8 per cent to 2.9 per cent, 24.6 per cent to 24.8 per cent, and 43.8 per cent to 44.4 per cent, respectively. 

The most popular towns in Q4 2023 were Sengkang (497 units), Punggol (487 units), Woodlands (462 units), Hougang (431 units) and Tampines (407 units).