Singapore buildings

SINGAPORE: In the latest report from and SRX for Dec 2023, HDB prices wrap up 2023 at an all-time high, with overall HDB resale prices showing a 0.6% uptick compared to Nov 2023.

In addition, as expected last month, Mr Luqman Hakim, Chief Data & Analytics Officer at, stated that the HDB resale transaction volume saw a 6% decline at the year’s end. He also added that it is expected for “volume to pick up again in 2024Q1.”

HDB resale prices

The Housing and Development Board (HDB) resale prices exhibited a modest increase of 0.6% when compared to Nov 2023, according to data from the SRX Property Price Index for HDB Resale. The uptick was observed across both Mature and Non-Mature Estates, with prices rising by 0.4% and 0.5%, respectively.

Resale Prices
Photo: 99-SRX

Breaking down the figures by room types, the month saw a diverse trend. Prices for 3-room units increased by 0.1%, 4-room units saw a 1% rise, 5-room units experienced a 0.5% increase, while Executive units recorded a 0.2% upswing.

See also  Netizen: “I can't believe this is S'pore HDB flat... Very disgusting & smelly” rubbish bin next to lift area

From a year-on-year perspective, the overall HDB resale prices showed a notable increase of 5.8% from Dec 2022.

The surge was consistent across all room types, with 3-room units rising by 4%, 4-room by 7.1%, 5-room by 4.9%, and Executive by 5.1%.

Additionally, mature and non-mature real estate prices increased by 5.9% and 5.5%, respectively, compared to the same period in the previous year.

HDB resale volume

Despite the positive price trends, the transaction volume witnessed a dip in Dec 2023. A total of 2,006 HDB resale flats were transacted, indicating a 6.2% decrease from Nov 2023.

Resale Volume
Photo: 99-SRX

On a year-on-year basis, the resale volume for Dec 2023 was 10.5% lower than the corresponding period in the previous year.

The resale volume by room type, HDB 4 Room units contributed the most at 44.6%, followed by 3 Room at 25.9%, 5 Room at 23.5%, and Executive at 6.0%.

Non-Mature Estates accounted for 61.8% of the resale volume in Dec 2023, while Mature Estates contributed the remaining 38.2%.

See also  Man pays companies to falsely declare him as their employee and contribute to his CPF so that he can get housing loan to buy HDB flat

Million-dollar flats transaction

The highest transacted price for a resale flat in Dec 2023 reached $1,420,000, achieved by a 5 Room Flat at Cantonment Rd.

Notably, in Non-Mature Estates, an executive apartment at Woodlands St 81 secured the highest transacted price at $1,038,000.

The month also witnessed a notable increase in the number of million-dollar flats sold.

In Dec 2023, 47 HDB resale flats were transacted for at least $1,000,000, showing an increase from the 45 units recorded in Nov 2023. These million-dollar transactions constituted 2.3% of the total resale volumes for the month.

Million-dollar flats
Photo: 99-SRX

Ang Mo Kio has recorded seven units of million-dollar flats sold, followed closely by Kallang Whampoa with six units.

Monthly Volume of Million-Dollar Resale Flats by Town
Photo: 99-SRX

Other regions contributing to this high-end market segment included Bukit Merah, Queenstown, Toa Payoh, Central Area, Clementi, Bishan, Bukit Timah, Woodlands, Serangoon, Jurong East, and Geylang./TISG