SG Buildings

SINGAPORE: In April 2024, Housing and Development Board (HDB) resale prices in Singapore continued their upward trend, marking a 0.9% month-on-month (MoM) increase and a 6.0% year-on-year (YoY) rise, as per data from and SRX.

Singapore Business Review reported that price surge was observed across different estate types. Mature estates saw a 0.9% MoM increase, while non-mature estates recorded a 0.4% uptick.

However, 5-room units experienced a slight price dip of 0.3% MoM. 3-room, 4-room, and Executive flats saw price hikes of 1.2%, 1.1%, and 2.3% MoM, respectively.

Year-on-year comparisons showed price increases across all room types, with 4 Room units leading at 7.1% YoY, followed by 3 Room (6.2% YoY), Executive (5.7% YoY), and 5 Room (4.5% YoY).

Sales volume mirrored the price trend, with a notable 15.7% MoM increase in resale transactions, totalling 2,387 units in April 2024.

Compared to the previous year, resale volume also saw a 9.0% YoY rise.

According to The Business Times, Property analysts from Huttons and OrangeTee said the reduced Build-To-Order (BTO) launches have tightened the supply of new flats, prompting buyers to turn to the resale market.

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Huttons Asia chief executive Mark Yip suggests that seasonal effects might also play a role, with more transactions typically occurring in the second and third quarters of the year.

Increased grants for first-time buyers have bolstered affordability, making resale flats more attractive.

Moreover, OrangeTee Group chief researcher and strategist Christine Sun said an upturn in the global economic outlook may have encouraged prospective buyers to enter the market.

The buoyancy in prices extended across both mature and non-mature estates, with prices up 0.9% and 0.4% MoM, respectively. On a yearly basis, resale prices in mature estates increased by 5.9%, while non-mature estates saw a 5.6% rise.

The majority of transactions were concentrated in four-room flats (45.1%), followed by three-room (25.7%), five-room (23.4%), and executive flats (5.8%).

Non-mature estates accounted for most transactions, representing 62.1%, while mature estates comprised the remaining 37.9%.

Million-dollar transactions increased in April

Another notable trend in April was the increase in million-dollar transactions. The highest-priced unit, a five-room flat in Toa Payoh, fetched S$1.438 million, while in non-mature estates, an executive flat in Toh Guan Road sold for S$1.088 million.

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The number of flats sold for over S$1 million rose to 68 units, comprising 2.8% of total resale volumes.

According to Nicholas Mak, chief research officer at, this uptick is due to private property owners entering the resale market after fulfilling their 15-month wait-out period.

Additionally, sellers near MRT stations or newer developments may have raised their asking prices, perceiving HDB flats as investments rather than just homes.

Kallang-Whampoa led in million-dollar transactions, with 15 units changing hands, followed by Toa Payoh and Bukit Merah, each recording nine transactions.

Of the 15 units sold in Kallang-Whampoa, 11 were four-room units at St George’s Towers, located near Boon Keng MRT station. This surge in activity may possibly be due to sellers fulfilling their minimum occupation period.

It is likely that the sellers had recently fulfilled their five-year minimum occupation period; the flats in St George’s Towers still have a balance lease of about 95 years,” said Wong Siew Ying, head of research and content at PropNex. /TISG

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Read also: 99-SRX: HDB resale market shows 0.5% upturn amidst muted BTO launch