Are million-dollar HDBs the new norm? Over 750 resale flats are listed for S$1M+ in S’pore

HDB flats listed and sold for over S$1 million are becoming an increasingly common sight in Singapore.

As of 31 May 2024, 757 HDBs are listed for over S$1 million on property listing platform PropertyGuru, and 729 are listed on 99.co. Of these flats, 29 are selling for over S$1.5 million on PropertyGuru, and 28 on 99.co.

Most of these million-dollar flats are concentrated along the Kallang-Whampoa area, Toa Payoh, Bukit Merah, Tiong Bahru, Clementi, Queenstown, and Ang Mo Kio.

HDB resale prices have continued to rise over the past decade. In the first quarter of 2024, HDB resale prices rose by 1.8 per cent, marking the sixteenth consecutive quarter of growth.

Resale transaction volumes for Q1 2024 also notched a quarterly increase of 8 per cent from 6,547 transactions in Q4 2023 to 7,068 transactions, with a record number of 185 HDB resale flats sold at a minimum price of S$1 million. This is 38.1 per cent higher than the previous quarter, which saw 134 million-dollar flats sales.

Only three towns out of Singapore’s 24 HDB towns and three estates – Jurong West, Choa Chu Kang, and Sembawang – have yet to record a resale transaction crossing S$1 million, but analysts expect this to change soon.

Earlier this month, a 5 room HDB in Bukit Merah spanning 1,206 square feet was sold for S$1.588 million, marking the most expensive resale flat to be sold to date.

Around the same time, two resale units in Toa Payoh and Sengkang, each listed for S$2 million respectively, sparked heated debates online. However, the authorities were quick to debunk the Sengkang listing as “misleading” and the Toa Payoh listing as “unrealistic”, warning that they will not condone behaviour “that seeks to disrupt the market or fan consumer sentiment”.

Featured Image Credit: PropertyGuru