SINGAPORE: More and more HDB flats with resale prices exceeding one million are popping up all across Singapore. Recently, a HDB flat in Yishun was sold for 1.2 million, setting a new record high for the area.

According to data from 99.co, the flat is a multi-generational unit that was resold on March 1 for $1.2 million.

99.co attributes the surge in resale prices in Yishun primarily to its prime location and growing appeal among homebuyers. Analysts point to factors such as proximity to essential amenities and excellent transportation links as key drivers behind the escalating property values in the neighborhood.

Nestled close to three MRT stations, the close proximity to public transport make flats in Yishun an attractive choice for prospective homeowners. The presence of primary and secondary schools, as well as junior colleges, further enhances the desirability of the location among young couples and families alike.

Experts suggest that Yishun has emerged as a sought-after residential hub due to its comprehensive urban planning initiatives and ongoing development projects.

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The proliferation of multi-generational units, renowned for their spacious layouts and versatility, across Yishun also drives robust demand within the resale market.

Meanwhile, Bukit Panjang witnessing a similar million dollar trend in property prices, with two resale flats in the area selling for over a million dollars each. One unit, with a remaining lease of 78 years, exchanged hands for $1,007,788, while another, with a remaining leasehold period of 74 years, was sold for $1 million in April.

As homebuyers continue to prioritize factors such as size, location, amenities, and future development prospects, the million dollar trend may continue to persist, despite the property market cooling measures implemented by the authorities.