Demand for resale flats since the end of the Circuit Breaker has pushed prices and sales to new highs. According to the HDB Price Index in Q2 2021, resale flat prices climbed 3% from Q1 2021, growing for the fifth consecutive quarter since Q2 2020. Prices were also 11% higher compared to a year ago.
In fact, 2021 has already seen a record of million-dollar HDB resale flats transactions, with 159 at the time of writing. This figure has already surpassed the 82 recorded in the entire 2020, which was the previous record.
While these are mostly exclusive in mature estates, experts say that we could soon see million-dollar flats in non-mature estates by next year based on pricing trends. For example, prices of 5-room flats in non-mature estates have grown by 11% in Q1 2021 compared to a year ago, which is faster than the 6.9% in mature estates.
So with resale prices on the uptrend, will we see more million-dollar flats in non-mature estates?
Where Are Million-Dollar HDB Flats Located?
At the time of writing, there have been 422 million-dollar HDB flats transacted since 2012. Apart from an executive apartment in Hougang that was sold for $1 million in 2018, the remaining 12 are located in mature estates, according to official data from data.gov.sg:
|
Estate |
No. of million-dollar flats |
|
Ang Mo Kio |
3 |
|
Bishan |
85 |
|
Bukit Merah |
38 |
|
Bukit Timah |
21 |
|
Central Area |
135 |
|
Clementi |
14 |
|
Geylang |
1 |
|
Hougang |
1 |
|
Kallang/Whampoa |
37 |
|
Serangoon |
5 |
|
Toa Payoh |
46 |
|
Queenstown |
67 |
Data as at 13 September 2021
Which Estates Have Flats That Are Trending Towards $1 Million?
Million-dollar HDB flats have so far happened exclusively in the 11 estates above, but with resale flat prices rising across the island, will we see million-dollar flats in other HDB estates soon?
Taking a look at official data from data.gov.org, below is the list of flats that have transacted from $850,000 to below $1 million so far this year:
|
Town |
Flat type |
Street name |
Floor area (sqm) |
Flat model |
Lease commence date |
Resale price |
|
BUKIT BATOK |
EXECUTIVE |
BT BATOK ST 25 |
144 |
Apartment |
1997 |
968000 |
|
BEDOK |
EXECUTIVE |
LENGKONG TIGA |
146 |
Maisonette |
1989 |
968000 |
|
MARINE PARADE |
5 ROOM |
MARINE TER |
120 |
Standard |
1975 |
950000 |
|
MARINE PARADE |
5 ROOM |
MARINE DR |
120 |
Standard |
1977 |
943000 |
|
MARINE PARADE |
5 ROOM |
MARINE TER |
117 |
Standard |
1975 |
938000 |
|
BEDOK |
EXECUTIVE |
LENGKONG TIGA |
146 |
Maisonette |
1989 |
920000 |
|
TAMPINES |
MULTI-GENERATION |
TAMPINES ST 42 |
166 |
Multi Generation |
1987 |
920000 |
|
TAMPINES |
EXECUTIVE |
TAMPINES ST 82 |
145 |
Apartment |
1995 |
915000 |
|
BEDOK |
EXECUTIVE |
BEDOK STH AVE 2 |
143 |
Apartment |
1995 |
915000 |
|
PUNGGOL |
5 ROOM |
PUNGGOL PL |
147 |
Premium Apartment Loft |
2012 |
910000 |
|
BEDOK |
EXECUTIVE |
BEDOK STH AVE 2 |
142 |
Apartment |
1993 |
909000 |
|
BEDOK |
EXECUTIVE |
BEDOK STH AVE 2 |
143 |
Apartment |
1995 |
900000 |
|
MARINE PARADE |
5 ROOM |
MARINE CRES |
126 |
Standard |
1975 |
900000 |
|
MARINE PARADE |
5 ROOM |
MARINE DR |
120 |
Standard |
1977 |
900000 |
|
MARINE PARADE |
5 ROOM |
MARINE DR |
120 |
Standard |
1977 |
895000 |
|
TAMPINES |
EXECUTIVE |
TAMPINES ST 82 |
148 |
Apartment |
1995 |
891888 |
|
BEDOK |
EXECUTIVE |
LENGKONG TIGA |
154 |
Maisonette |
1989 |
890000 |
|
CHOA CHU KANG |
EXECUTIVE |
CHOA CHU KANG ST 64 |
182 |
Premium Maisonette |
1998 |
890000 |
|
TAMPINES |
EXECUTIVE |
TAMPINES ST 21 |
150 |
Maisonette |
1984 |
890000 |
|
TAMPINES |
5 ROOM |
TAMPINES CTRL 8 |
109 |
DBSS |
2014 |
888888 |
|
JURONG EAST |
EXECUTIVE |
TOH GUAN RD |
145 |
Maisonette |
1998 |
885000 |
|
JURONG EAST |
EXECUTIVE |
JURONG EAST ST 21 |
143 |
Maisonette |
1998 |
885000 |
|
TAMPINES |
EXECUTIVE |
TAMPINES AVE 5 |
146 |
Maisonette |
1989 |
883000 |
|
MARINE PARADE |
5 ROOM |
MARINE DR |
122 |
Standard |
1977 |
880000 |
|
BEDOK |
EXECUTIVE |
LENGKONG TIGA |
149 |
Maisonette |
1989 |
880000 |
|
BUKIT BATOK |
EXECUTIVE |
BT BATOK ST 25 |
165 |
Maisonette |
1997 |
880000 |
|
BEDOK |
5 ROOM |
BEDOK RESERVOIR CRES |
105 |
DBSS |
2014 |
880000 |
|
TAMPINES |
EXECUTIVE |
TAMPINES AVE 5 |
145 |
Apartment |
1985 |
880000 |
|
BUKIT BATOK |
EXECUTIVE |
BT BATOK ST 25 |
165 |
Maisonette |
1997 |
878000 |
|
BEDOK |
EXECUTIVE |
LENGKONG TIGA |
150 |
Maisonette |
1989 |
875000 |
|
BEDOK |
EXECUTIVE |
LENGKONG TIGA |
146 |
Maisonette |
1989 |
875000 |
|
PASIR RIS |
EXECUTIVE |
PASIR RIS DR 6 |
153 |
Maisonette |
1989 |
870000 |
|
MARINE PARADE |
5 ROOM |
MARINE TER |
120 |
Standard |
1975 |
868888 |
|
JURONG EAST |
EXECUTIVE |
TOH GUAN RD |
145 |
Maisonette |
1998 |
868000 |
|
YISHUN |
EXECUTIVE |
YISHUN AVE 4 |
181 |
Apartment |
1992 |
868000 |
|
TAMPINES |
MULTI-GENERATION |
TAMPINES ST 42 |
166 |
Multi Generation |
1987 |
865000 |
|
MARINE PARADE |
5 ROOM |
MARINE TER |
122 |
Standard |
1975 |
865000 |
|
TAMPINES |
EXECUTIVE |
TAMPINES ST 21 |
148 |
Maisonette |
1984 |
863000 |
|
PASIR RIS |
EXECUTIVE |
PASIR RIS ST 51 |
148 |
Maisonette |
1992 |
860800 |
|
YISHUN |
MULTI-GENERATION |
YISHUN AVE 4 |
179 |
Multi Generation |
1987 |
860000 |
|
TAMPINES |
MULTI-GENERATION |
TAMPINES ST 42 |
166 |
Multi Generation |
1987 |
860000 |
|
YISHUN |
MULTI-GENERATION |
YISHUN ST 61 |
171 |
Multi Generation |
1987 |
860000 |
|
BEDOK |
EXECUTIVE |
BEDOK STH AVE 2 |
147 |
Apartment |
1993 |
860000 |
|
WOODLANDS |
EXECUTIVE |
WOODLANDS AVE 1 |
189 |
Apartment |
1994 |
860000 |
|
TAMPINES |
5 ROOM |
TAMPINES CTRL 8 |
109 |
DBSS |
2014 |
859000 |
|
BUKIT PANJANG |
EXECUTIVE |
JELEBU RD |
125 |
Premium Apartment |
2003 |
858888 |
|
MARINE PARADE |
5 ROOM |
MARINE TER |
120 |
Standard |
1975 |
858000 |
|
BEDOK |
EXECUTIVE |
BEDOK RESERVOIR RD |
144 |
Apartment |
1993 |
858000 |
|
PASIR RIS |
5 ROOM |
PASIR RIS DR 1 |
105 |
DBSS |
2015 |
858000 |
|
TAMPINES |
EXECUTIVE |
TAMPINES ST 82 |
147 |
Apartment |
1995 |
855000 |
|
MARINE PARADE |
5 ROOM |
MARINE CRES |
126 |
Standard |
1975 |
855000 |
|
JURONG EAST |
EXECUTIVE |
JURONG EAST ST 21 |
144 |
Apartment |
1998 |
855000 |
|
BEDOK |
EXECUTIVE |
BEDOK RESERVOIR RD |
142 |
Apartment |
1984 |
855000 |
|
BEDOK |
5 ROOM |
BEDOK CTRL |
112 |
Improved |
2010 |
853000 |
|
MARINE PARADE |
5 ROOM |
MARINE TER |
117 |
Standard |
1975 |
853000 |
|
JURONG EAST |
EXECUTIVE |
JURONG EAST ST 21 |
145 |
Maisonette |
1998 |
850000 |
|
MARINE PARADE |
5 ROOM |
MARINE TER |
120 |
Standard |
1975 |
850000 |
|
BEDOK |
EXECUTIVE |
CHAI CHEE AVE |
145 |
Apartment |
1996 |
850000 |
|
BUKIT PANJANG |
EXECUTIVE |
JELAPANG RD |
142 |
Maisonette |
1999 |
850000 |
|
BEDOK |
EXECUTIVE |
BEDOK RESERVOIR RD |
143 |
Apartment |
1984 |
850000 |
|
JURONG EAST |
EXECUTIVE |
JURONG EAST ST 21 |
144 |
Maisonette |
2000 |
850000 |
|
MARINE PARADE |
5 ROOM |
MARINE TER |
120 |
Standard |
1975 |
850000 |
|
TAMPINES |
EXECUTIVE |
TAMPINES ST 82 |
149 |
Apartment |
1995 |
850000 |
|
JURONG EAST |
EXECUTIVE |
JURONG EAST ST 21 |
138 |
Maisonette |
2000 |
850000 |
|
WOODLANDS |
EXECUTIVE |
WOODLANDS AVE 1 |
189 |
Apartment |
1994 |
850000 |
|
WOODLANDS |
EXECUTIVE |
WOODLANDS ST 81 |
176 |
Apartment |
1994 |
850000 |
The flats share these common characteristics:
- They are close to current or upcoming amenities such as schools, MRT stations, malls, eateries
- The flats are bigger flats or rare flat types that are no longer in production such as executive maisonette, DBSS, executive apartment, and multi-generation (jumbo) flat
- Aside from a few 5-room and DBSS flats, most are older flats ranging from 20 to 53 years old
Based on the table above, the flats are spread across these 11 estates:
|
Estate |
No. of HDB flats transacted |
|
Bedok |
16 |
|
Bukit Batok |
3 |
|
Bukit Panjang |
2 |
|
Choa Chu Kang |
1 |
|
Jurong East |
7 |
|
Marine Parade |
14 |
|
Pasir Ris |
3 |
|
Punggol |
1 |
|
Tampines |
13 |
|
Woodlands |
3 |
|
Yishun |
3 |
A total of 66 flats have transacted from $850,000 to $968,000 so far this year. Of these, seven are in non-mature estates and four in mature estates.
Estates With The Highest Growth in Asking Prices
Are these trends an indication of the next estate(s) that will see a million-dollar flat? To get a better picture, we took the 11 estates above and looked at the number of listings with asking prices from $850,000 to below $1 million on PropertyGuru:
|
Estate |
No. of listings from $850,000 to below $1 million in Q1 2021 |
No. of listings from $850,000 to below $1 million in Q2 2021 |
Quarter-over-quarter difference |
|
Bedok |
129 |
193 |
64 |
|
Bukit Batok |
23 |
29 |
6 |
|
Bukit Panjang |
5 |
19 |
14 |
|
Choa Chu Kang |
3 |
5 |
2 |
|
Jurong East |
77 |
83 |
6 |
|
Marine Parade |
79 |
54 |
-25 |
|
Pasir Ris |
29 |
45 |
16 |
|
Punggol |
3 |
2 |
-1 |
|
Tampines |
153 |
202 |
49 |
|
Woodlands |
31 |
47 |
16 |
|
Yishun |
67 |
72 |
5 |
Based on the table above, there was a significant jump in listings with asking prices from $850,000 to under $1 million in all but two estates (Marine Parade and Punggol). Bedok saw the highest increase in the number of listings, from 129 in Q1 2021 to 193 in Q2 2021. This was followed by Tampines (from 153 to 202), Woodlands from (31 to 47), Pasir Ris (from 29 to 45), and Bukit Panjang (from 5 to 19).
Conclusion
Based on resale flat transactions on data.gov, Bedok, Marine Parade, and Tampines are the top three estates with the most transactions from $850,000 to below $1 million so far this year.
Meanwhile, according to asking prices on PropertyGuru, Bedok, Tampines, and Woodlands had recorded the most listings from $850,000 to below $1 million from Q1 2021 to Q2 2021.
Therefore, it would seem it would appear that Bedok, Marine Parade, and Tampines are likely the next estates to see a million-dollar flat. As for the next non-mature estate to see a million-dollar flat, it could be in Bukit Batok, Bukit Panjang, or Woodlands.
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