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|February 07,2024Million-dollar HDB Resale Flats Set New Records in January 2024
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Fresh from a year of record-smashing number of HDB resale flats sold for at least $1 million in 2023 – 470 units to be exact – the enthusiasm for such breed of resale public housing flats has not waned the slightest, heading into 2024. Based on transaction data, there were 74 flats resold for at least $1 million in January, the highest monthly tally since 54 such units changed hands in August 2023 (see Chart 1). In addition, two 5-room units in Toa Payoh fetched more than $1.5 million, rewriting the record price for the most expensive resale flat ever sold.
The 74 units of million-dollar flats resold in January represents a 54% jump from the 48 units transacted in December. Among them, four units are located in non-mature towns (Hougang 2 units, Punggol 1 unit, Woodlands 1 unit). The remaining flats are in Ang Mo Kio, Bedok, Bishan, Bukit Merah, Bukit Timah, Central Area, Clementi, Geylang, Kallang Whampoa, Pasir Ris, Queenstown, Serangoon, Tampines, and Toa Payoh. By flat type, 31 of the million-dollar resale flats are 5-room units, 19 units are 4-room flats, and 24 units are executive flats.
Chart 1: Number of “Million-dollar” HDB Resale Flats sold By Month
Source: PropNex Research, Data.gov.sg
The record price for HDB resale flats was shattered not once but twice in January, when two units were resold for more than $1.5 million – a record held by an adjoined resale flat in Moh Guan Terrace which was transacted in June 2023. Both units are 117-sq m 5-room flats located at The Peak @ Toa Payoh. The unit situated between the 31st and 33rd floor fetched $1.54 million, while another unit on the floor ranging between 40th and 42nd storey changed hands for about $1.57 million (see Table 2).
Town | Type | Street | Storey range | Floor area SQM | Lease start date | Price | PSF ($) |
TOA PAYOH | 5 ROOM | LOR 1A TOA PAYOH | 40 TO 42 | 117 | 2012 | $1,568,888 | $1,246 |
TOA PAYOH | 5 ROOM | LOR 1A TOA PAYOH | 31 TO 33 | 117 | 2012 | $1,540,000 | $1,223 |
BISHAN | 5 ROOM | BISHAN ST 24 | 40 TO 42 | 120 | 2011 | $1,458,000 | $1,129 |
CENTRAL AREA | 5 ROOM | CANTONMENT RD | 46 TO 48 | 105 | 2011 | $1,450,000 | $1,283 |
BISHAN | EXECUTIVE | SIN MING AVE | 16 TO 18 | 174 | 1990 | $1,400,000 | $747 |
BISHAN | EXECUTIVE | BISHAN ST 12 | 22 TO 24 | 163 | 1987 | $1,380,000 | $787 |
BUKIT TIMAH | EXECUTIVE | TOH YI DR | 04 TO 06 | 154 | 1988 | $1,360,000 | $820 |
BUKIT MERAH | 5 ROOM | HENDERSON RD | 19 TO 21 | 113 | 2019 | $1,328,888 | $1,093 |
BISHAN | 5 ROOM | BISHAN ST 24 | 10 TO 12 | 120 | 2011 | $1,311,000 | $1,015 |
BUKIT TIMAH | EXECUTIVE | TOH YI DR | 07 TO 09 | 146 | 1989 | $1,300,000 | $827 |
Source: PropNex Research, Data.gov.sg
It appears that buyers are starting to awake from the year-end market slumber. In January, the resale flat volume rose by 30.7% month-on-month to 2,625 units, from 2,009 units in the previous month (see Chart 2). When compared with January 2023, resale transactions were up by 2.9% from 2,551 units a year ago. Non-mature towns accounted for about 63% of the HDB resale transactions in January, with Sengkang, Woodlands, and Yishun leading sales in the month. Meanwhile, the average transacted resale price rose by 2.2% MOM to $591,343 in January – a new monthly peak.
Source: PropNex Research, Data.gov.sg
By flat type, the average resale price of executive flats rose at a fast
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