Record number of million-dollar HDB resale flats sold
72 flats sold for at least $1m from January to November, up from 64 last year
The number of Housing Board resale flats sold for $1 million or more has hit a new high, following 13 transactions done last month, according to data from real estate portal SRX released yesterday.
The 72 million-dollar flats sold from January to last month compare with 64 such units for the whole of last year.
SRX's flash estimates for last month also reveal that HDB resale prices rose for the fifth consecutive month, though the volume of transactions dipped.
At the top end of the HDB resale market, a five-room unit at The Pinnacle@Duxton sold for $1,248,000, which was the highest transacted price registered for a resale flat last month.
Meanwhile, a five-room Design, Build and Sell Scheme flat in Parkland Residences in Hougang sold for $810,000, recording the highest resale price in non-mature estates.
PropNex head of research and content Wong Siew Ying said buyers of million-dollar HDB flats may be willing to pay so much because of their central locations, the convenience of being near the city and the amenities available.
She added that as private condo prices have remained resilient throughout the pandemic, some buyers may have turned to the HDB resale market for flats that better fit their budget and housing needs.
"A family-size private condo in the suburbs could cost $1.5 million, but for $1 million or so, the buyer can get a relatively similar-sized HDB resale unit on a high floor and in a prime spot near the city," she said.
In the overall HDB resale market, prices rose 1 per cent last month from October.
Last month's resale prices are 5 per cent higher than a year ago but 9.5 per cent lower than their peak in April 2013.
Prices in non-mature estates climbed 1.3 per cent compared with October, while those in mature estates rose by 0.7 per cent.
The number of resale transactions last month dropped 4.3 per cent from October to 2,331, according to SRX data.
This volume, though, was 21.7 per cent higher than in the same month last year.
Commenting on the fewer number of transactions, OrangeTee & Tie head of research and consultancy Christine Sun said that this could be a result of sellers raising their asking prices following recent market exuberance and stellar sales inked over the past few months.
She added that many resale flats are currently transacted above valuation.
Million-dollar flats for November
- The Pinnacle@Duxton, Cantonment Road, five-room $1,248,000
- City View @ Boon Keng, 9 Boon Keng Road, five-room $1,200,000
- The Pinnacle@Duxton, five-room $1,170,000
- The Pinnacle@Duxton, five-room $1,130,000
- The Peak @ Toa Payoh, 139A Lorong 1A Toa Payoh, five-room $1,090,000
- The Pinnacle@Duxton, five-room $1,030,000
- 173 Bishan Street 13, executive $1,028,000
- The Pinnacle@Duxton, four-room $1,020,000
- Tiong Bahru View, 10A Boon Tiong Road, four-room $1,020,000
- SkyTerrace @ Dawson, 90 Dawson Road, five-room $1,010,000
- Trivelis, 311C Clementi Avenue 4, five-room $1,009,888
- Teck Ghee Vista, 310B Ang Mo Kio Avenue 1, five-room $1,008,888
- Trivelis, five-room $1,000,188