SG Buildings

SINGAPORE: March witnessed a surge in million-dollar Housing and Development Board (HDB) flat transactions, with 61 units changing hands, according to unofficial estimates.

This figure marks an increase of 11 units compared to the previous month, accounting for approximately 3% of the total transaction volume.

SRX and 99.co’s resale HDB market estimate report revealed notable transactions across various regions of Singapore.

Among them, a five-room HDB flat in Boon Tiong Road, Tiong Bahru, took the spotlight as the highest-priced transaction, fetching an impressive $1.45 million.

This sale set the tone for March, marking the first resale HDB flat to surpass the million-dollar mark.

Nine resale units in Toa Payoh were sold for at least $1 million last month. Additionally, Kallang-Whampoa, Redhill, and Clementi each saw seven million-dollar HDB flats change hands.

The remaining million-dollar units were scattered across various neighbourhoods, including Hougang, Queenstown, Serangoon, Yishun, and others.

Last month’s million-dollar sales were part of a new record set during the first quarter of 2024, which saw a whopping 185 resale flats resold for over a million dollars.

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Nonmature estates saw an increase in million-dollar transactions, with 76 five-room and 53 executive flats sold for over a million dollars each.

The surge in million-dollar transactions within the HDB resale market reflects ongoing trends in Singapore’s housing landscape.

Factors such as location, amenities, and housing demand continue to influence the pricing dynamics within the HDB market, with certain areas commanding higher premiums due to their desirable attributes and accessibility.

Prices have continued to rise, even amidst economic uncertainties and global challenges, which has caused concern in some quarters, given the need for affordable housing.

Government intervention, such as introducing further property cooling measures to curb hefty price tags on resale flats, would perhaps help address these concerns for the people of Singapore.