In January 2024, Singapore’s property market saw an all-time high for million-dollar HDB flat transactions, with 74 sales recorded. Since then, numerous high-priced sales have occurred, yet this record has remained unbroken.
However, May has brought us to 74 million-dollar HDB resale transactions once again hitting the market.
The gist of the HDB resale scene this month
Million-dollar HDB flat transactions have reached an all-time high (ATH) again this month, with 74 transactions matching the record set in January 2024. Buyers of these high-value flats are often former condo owners looking for better returns after selling their previous units. Despite facing a 15-month rental period, these buyers are now cautious as condo prices hit a record high in April, and interest rates remain elevated.
Despite the record-high volume of million-dollar transactions, HDB resale prices have only increased by 0.3%. This modest rise contrasts sharply with the 1.5% increase in January 2024, when the million-dollar transactions last reached their ATH.
Projections suggest that HDB prices are on track to see a 5 – 6% increase by the end of the year.
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HDB resale prices increased by 0.3% in May 2024 compared to April 2024
In May 2024, HDB resale prices slightly increased by 0.3% from April 2024.
Mature estates experienced a decrease of 0.3%, while non-mature estates saw a more significant increase of 1.1%. Looking at the different room types, prices for 3-room and 4-room flats both increased by 0.1%.
However, 5-room flats experienced a notable price rise of 1.6%, whereas executive flats saw a decrease of 1.1%.
According to the SRX Property Price Index for HDB resale:
- Year-on-year, the overall price increase was 6.0% from May 2023.
- Prices for all room types saw year-on-year increases in May 2024: 3-room by 5.3%, 4-room by 6.4%, 5-room by 6.7%, and executive flats by 3.9%.
- Prices in both mature and non-mature estates increased by 4.8% and 6.5% respectively compared to a year ago.
Looking for HDB flats that will MOP this year? Check out our article here: Full list of BTO projects hitting MOP in 2024/2025 & Our top picks near the MRT
2,513 HDB resale flats transacted in May 2024, a 5.3% increase from April 2024
In May 2024, a total of 2,513 HDB resale flats were transacted, representing a 5.3% increase from April 2024. On a year-on-year basis, resale volume in May 2024 is 11.2% higher than in the previous year.
Breaking it down by room type, the transaction volume for May 2024 was as follows:
- 3-room flats: 26.9% of total volume
- 4-room flats: 43.1%
- 5-room flats: 22.8%
- Executive flats: 7.2%
Looking at the estate types, 59.1% of the resale volume in May 2024 came from non-mature estates, while the remaining 40.9% were from mature estates.
Highest transacted price for a resale flat in May 2024
The highest transacted price for an HDB resale flat in May 2024 was S$1,515,000 for a 5-room flat on Cantonment Road. This high-value sale exemplifies the significant demand for prime locations.
Read more about it here: S$1,515,000 ATH for a unit at Pinnacle @ Duxton, highest ever so far
In non-mature estates, the highest price achieved was S$1,110,000 for an executive apartment on Hougang Ave 6. This indicates that even outside prime locations, high-value transactions are taking place.
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74 Million-dollar HDB resale flats sold in May 2024
In May 2024, there were 74 HDB resale flats sold for at least S$1,000,000. This marks an increase from April 2024, which recorded 64 such units. Million-dollar flats accounted for 2.9% of the total resale volume for the month.
Among the estates, Kallang Whampoa recorded the highest number of million-dollar flats sold, with thirteen units. Bukit Merah followed with twelve units, and Toa Payoh with eight units. Other areas contributing to these high-value transactions include Queenstown, Geylang, Bishan, Bedok, Central Area, Hougang, Ang Mo Kio, Serangoon, Clementi, Pasir Ris, Tampines, Jurong East, Marine Parade, Bukit Timah, Bukit Batok, and Yishun.
While May 2024 didn’t quite break the record for the most million-dollar HDB flat transactions, it certainly indicates a sustained interest in this segment of the market. With overall HDB resale prices expected to rise moderately throughout the year, it will be interesting to see how this trend unfolds in the coming months.
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