Record Number Of HDB Units Sell For S$1M Or More, Resale Prices Rise For 6th Straight Month
A record 54 HDB units were transacted for at least S$1 million in August, the highest number per month to have hit the costly mark.
Last month also saw an over 20% increase in HDB flats sold compared to July, the majority being four-room units.
Resale prices grew by 0.6%, marking the sixth consecutive month that prices have increased.
However, the rate of increase in prices for 2023 has proved to be slower than that of the past two years.
54 units crack S$1 million price
The Singapore Real Estate Exchange (SRX) released the data on HDB sales for August today (7 Sep).
While Singaporeans are well aware of how expensive HDB homes are, units cracking the S$1 million ceiling is still a rare occurrence.
Last month, however, 54 HDB resale flats apparently sold for at least S$1 million, the highest number to date. The volume of units proved a substantial increase from 32 in July and even the previous highest of 40 in January.
Source: SRX
The most expensive of these was a 5-room unit at Cantonment Road that sold for a whopping S$1.48 million.
Most of the million-dollar flats came from “mature” estates, with Bukit Merah, Central Area, Ang Mo Kio, and Kallang/Whampoa accounting for over half of them.
The costliest non-mature estate HDB unit was a Woodlands apartment that sold for S$1.08 million. This is slightly below the price of a Woodlands flat that sold for S$1.15 million in July.
HDB resale prices & volume increasing
The 54 million-dollar units comprised 2.2% of the total resale units in August at 2,473. This number was a 20.3% increase from July’s sales and the second highest of the year after January.
The volume was also a 6.4% increase from Aug 2022. Most of the resale flats sold, which made up 44.6% of the total, were 4-room flats, with 3-room units at 26.3% and 5-room flats close behind at 22.8%.
Source: SRX
More than half of these flats, or 59.7%, were from non-mature estates.
Along with the increase in volume was a slight rise in prices by 0.6% from July. This was the sixth consecutive month of price increase since Feb and March 2023.
SRX Property Index (SPI). Source: SRX
The price increase from Jan-Aug 2023 was 4.8%, slower than 2022’s 6.4% and 2021’s 9.2%, according to The Straits Times.
Meanwhile, prices of 3-room flats fell slightly by 0.4%, while 4-room, 5-room, and executive unit prices increased by 0.9%, 1.5%, and 1.6% respectively.
These figures come in contrast to condo prices, which have fallen for two months consecutively.
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