Bukit Batok & Marine Parade join million-dollar club as HDB resale flats fetch record prices in July

Along with Hougang and Yishun, Bukit Batok and Marine Parade have joined an exclusive club. HDB resale flats in these two areas were sold for over one million dollars in July, says a recent report.

In Marine Parade, an HDB flat was sold for S$1.01 million, the first resale flat to fetch that price in that estate, while in Bukit Batok Street 25, an executive masionette was sold for S$1.005 million.

“Bukit Batok is the fourth non-mature estate to join the million-dollar club, after Hougang in 2018, Yishun in February 2022 and Woodlands in May 2022,” 99.co said on Aug 4.

In early July, the site reported that 5-room HDB flat at SkyTerrace @ Dawson sold for an all-time high of $1.418 million.

Two months ago another 5-room flat, this time at City Vue @ Henderson, had set the record, selling for S$1.4 million.

And last week, it was reported that a Hougang Central flat recently sold for S$1.073 million, another example of the notable rise in public housing prices.

The flat is a single-floor HDB Executive Apartment, measuring 1,485 sq ft and was built in 1999.

Propnex agent Kum Soon Ho said that the Executive Apartment had only been on the market for less than a month.

99.co added that 33 resale flats in all were sold for over a million dollars last month. In June, 31 flats were sold at this price, and in May, there were 30.

The record for the highest number of million-dollar flats sold in a month is 36, which occurred in December of last year. 

In June in a Bloomberg interview, Liu Thai Ker, the man behind Singapore’s Housing Development Board who is also known as “the architect of modern Singapore” expressed concerns over Singapore’s high property prices.

More and more properties in Singapore costing millions of dollars have been reported, as the property market has gotten pricier.

The average private property now costs about 15 times of median household earnings, which is higher than in New York, London and San Francisco, Bloomberg noted.

“I do worry that nowadays, public housing prices is really a business venture than actually solving the housing need. 

I feel that the implication may not be very good for the economic development of Singapore,” Mr Liu said.

/TISG

Public housing price surge: Executive Apartment in Hougang sells for S$1.073 million