68 HDB flats resold for at least S$1M in April, most were in Kallang-Whampoa area

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68 HDB flats resold for at least S$1M in April 2024

In April 2024, 68 HDB flats were resold for at least S$1 million.

According to the Singapore Real Estate Exchange (SRX) portal, this figure marks 2.8% of total resale volumes in the month.

Most of the million-dollar transactions came from flats in the Kallang-Whampoa area.

Most pricey HDB flat in April changed hands for S$1.438M

Compared to March which recorded 61 flats sold for at least a million, April had a slight edge with 68 million-dollar flats sold.

The most pricey resale in April was a S$1.438 million 5-room maisonette at Block 139B Lorong 1A Toa Payoh.

Source: Google Maps

The unit boasts a remaining lease of 86 years and 11 months and has a floor area of 117 sqm.

Source: Housing & Development Board

On the other hand, the highest non-mature estate transaction involved a S$1.088 million executive maisonette at Block 286B Toh Guan Road.

Kallang-Whampoa area recorded the most million-dollar transactions

In particular, 15 flats in the Kallang-Whampoa area were sold for at least S$1 million in April. The estate therefore recorded the most million-dollar flats that month.

It was followed by Toa Payoh and Bukit Merah, which recorded nine million-dollar flats each.

Speaking to The Business Times, the head of research and content at PropNex, Ms Wong Siew Ying, pointed out that 11 of the 15 Kallang-Whampoa flats were four-room units in St George’s Towers.

Source: Google Maps

Noting that the flats in St George’s Towers have a remaining lease of about 95 years, she suggested the likelihood that sellers had recently completed their minimum occupation period (MOP) of five years.

More million-dollar transactions could be due to flats’ prime location

As reported by The Business Times, chief research officer of the property portal MOGUL.sg Mr Nicholas Mak listed reasons that could explain the rise in million-dollar resales.

Firstly, he highlighted the group of private property owners who have completed their 15-month wait-out period rule. Thereafter, they would have entered the secondary market in April.

He also noted that owners tend to increase the selling prices for new flats located close to MRT stations.

In April, a 5-room Toa Payoh flat — within walking distance of educational institutions, shopping malls, and an MRT station — was listed online for a whopping S$2 million.