An executive maisonette at Pasir Ris Street 13 and two executive flats in Woodlands was sold for over a million dollars each last month, marking a first for the two estates.
The Pasir Ris Street property, spanning 2,034 sq ft, was sold for S$1,138,888, while the Woodlands flats, both with a floor area of 2,034 sq ft, were sold for S$1.04 and S$1.03 million each, according to property websites 99.co and SRX on June 9.
“With these transactions, Woodlands has become the third non-mature estate to see a resale flat sold for at least a million dollars, following Hougang in 2018 and Yishun earlier in February this year,” wrote 99.co.
The property site noted that 30 million-dollar flats were sold in May, representing 1.4 per cent of the total number of resale flat transactions and coming in second to the all-time record of 36 such flats sold in December 2021.
It also mentioned that among the million-dollar flats sold, 10 were executive, 18 were five-room flats, and two were four-room flats.
“Overall, HDB resale prices have climbed for the 23rd consecutive month, rising by 0.5 per cent in May. Year on year, the price increase is 11.0 per cent,” said 99.co.
“We believe the rise in price and decrease in transactions suggest that the supply in the market is drying up.”
After hearing that the Woodlands flat was resold for such a price, parents have since expressed concern that their children would never have the means to afford housing in the future.
“Even Woodlands HDB flat sold for million dollars. Then town area HDB flats will start selling for S$2M or more. Xiao liao. How can my children afford it?” asked a parent on Facebook.
Prices in Singapore’s residential property sector are expected to continue rising given the tapering supply and increasing interest rates in 2022, the popular property website PropertyGuru predicted last December. /TISG