‘Someone earned a lot off their BTO,’ says netizen of S$1.5 million Clementi HDB resale

SINGAPORE: On Jan 1, a flat in Clementi set the record for the highest HDB resale transaction, changing hands for S$1.5 million, according to a report in the property portal 99.co.

The previous record holder was a flat that was resold last November for S$1,488,888. 99.co pointed out that these high resale prices reinforce “how firm prices have become in this part of the market” and suggest that the price ceiling in the area is “still being tested.”

Local Reddit users commenting on the sale also pointed out the high price the HDB flat fetched, with one noting, “94 and a half years left on the lease, someone earned a lot off their BTO… Remember when we were complaining about 1million dollar HDBs?”

Indeed, a few short years ago, HDB flats re-selling for S$1 million were all but unthinkable.

New price record set at Clementi

The current top-selling HDB flat at Clementi is located between the 32nd and 36th floors at Clementi Crest at Block 445B on Clementi Avenue 3. Because the unit spans 1,216 sq ft, it means that the flat was resold at S$1,233 psf.

The lease for Clementi Crest began in 2021; therefore, the unit still has 94 years and 6 months remaining, which 99.co says is likely to have contributed to the high price it fetched.

As with all property, location is important, and the central location of the project, as well as the unit’s high floor level, were points in its favour.

What netizens are saying

A commenter on Reddit pointed out that with the rate of inflation, HDB flats getting resold for S$2 million may not be far away.

“Inflation and the concept of compounding are easy enough to understand. What people still don’t understand is that the large numbers we have used as anchors will very soon be irrelevant. Remember ‘Who wants to be a millionaire?’ It came out in 1998. The prize is still $1m – but that is just over $500k in today’s dollars. The first $1m HDB was sold in 2012. We hit $1.65m in 2025 (13 years later). At the same rate, we’ll hit $2m in 2029. That’s just 4 years,” they wrote.

Another pointed out that the problem is not just in Singapore. “The entire world is facing a reduction in affordability of housing, and it seems we are following suit.”

“Of the 41 flats that have been sold after MOP, only 1 did not sell for a million (selling for $980k). I thought $1 million flats were the exception, not the norm,” a Reddit user commented.

“Clementi is such a turnaround kid. When I was young, 30 years ago, it was a sleepy town, and people would be like, ‘Clementi, where?’ Geographically, it is not exactly near central, yet if you live near the MRT, it is very convenient. I like this town, but it has definitely gentrified over the years,” weighed in a Reddit user./TISG

Read also: Owner of newly MOP-ed 5-room Clementi flat likely walked away with over 100% profit!