In case it hasn’t been clear in May and many times in June, the number of million-dollar HDB resale flats sold has been on a steady rise. This shouldn’t be a surprise with the forecast of increasing prices coupled with the fact that 166 transactions over $1 million dollars were recorded in the first half of 2022. And Q3 2022 is on track to hit or exceed that pattern.
There were 66 million-dollar HDB resale flats transacted in July and August according to Data.gov.sg, with the majority of them being in Bishan, Bukit Merah, and Toa Payoh. The usual suspects like The Peak @ Toa Payoh and maisonettes in Bishan made a recurring appearance, and we can expect them to appear in the Q4 2022 rundown too.
With an average of 83 resale transactions crossing the million-dollar mark per quarter, it looks like Q3 2022 is set to surpass that number. Especially considering that there were already 17 sales made in September alone as of 14th September 2023. This brings the current total to 80, and we’re still left with 2 more weeks till the quarter ends.
Hougang joins the million-dollar HDB club
Image for illustration only – this is not the million-dollar HDB in Hougang!
It’s a little surprising that Hougang only saw its first HDB flat resold for over $1M in July. Other fringe estates like Woodlands, Yishun, and Pasir Ris have already joined the club earlier in the year, which makes Hougang’s late entry just a tad overdue.
The sale was made in July 2022 for a 1,485sqft, mid-floor executive apartment at Block 852 Hougang Central. With a remaining lease of 73 years, it transacted for $1.07M which is par for the course compared to similar sales in the region.
Hougang HDB flats are thriving. Image for illustration only.
Image credit: TheSmartLocal
The rising resale prices in Hougang are to be expected, especially considering the planned developments like the Cross Island Line, an Estate Upgrading Programme, and new neighbourhood parks.
Paya Lebar Air Base next door is also set to become a sprawling district featuring residential and commercial sites, and Hougang residents can take full advantage of the upcoming amenities.
Maisonettes in Bukit Timah & Tampines break records & make firsts
Block 6 Toh Yi Drive.
Image credit: Google Maps
If you thought that the July and August resale statistics were impressive, then September is about to sweep you off your feet. First, a 5-room maisonette on Toh Yi Drive just sold for $1.28M, a record-breaking price for the HDB estate. The unit spans a whopping 1,572sqft across the 2 floors.
This sale makes this maisonette the fourth-most expensive maisonette to be sold in Singapore, trailing behind 2 Bishan and a Queenstown flat. The 3 others were sold for a fraction over $1.28M as well, which might indicate that this is the ceiling for maisonette sale prices.
Next, we also have Tampines scoring its first million-dollar HDB sale. Public records show that a 1,657sqft maisonette at Block 856D on Tampines Street 82 was sold for $1.01M in September. While the unit is located next to Our Tampines Hub, it’s quite a ways away from the MRT station. Its price might be due to the expansive floor plan and the potential developments in Tampines.
More million-dollar HDBs are being sold in Singapore
An increase in the number of million-dollar HDBs changing hands is a symptom of a more significant issue: rising HDB resale flat prices. In fact, August marks the 26th straight month that HDB resale prices have increased. This is in spite of rising interest rates, although that might have encouraged house hunters to turn to non-mature estates like Woodlands and Yishun.
Still, property experts posit that the rise of million-dollar HDB flats is not going away anytime soon. If you were thinking of buying one of these said units, you might want to lock in your offer now before it rises further.
Read related housing news:
- Clementi and Sembawang among most expensive resale estates in Q2 2022
- Singaporeans prefer Kallang/Whampoa for November 2022’s BTO
- Comparing rental rates in 2021 vs 2022
- Guide to the URA Masterplan
Cover image credit: TheSmartLocal
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