Table of contents:
- Million-dollar flat trend
- 4R million-dollar transactions
- Clementi
- Geylang
- Ang Mo Kio
- Bishan
- Toa Payoh
- Queenstown
- Bukit Merah
- Kallang/Whampoa
- In-depth analysis and insight
- Conclusion
The Singapore property market has recently experienced a significant increase in the sale of million-dollar 4-room flats. This trend indicates a shift in buyer preferences, with a growing number of homeowners showing interest in investing substantial amounts in centrally located, well-furnished, and strategically positioned flats.
Factors contributing to these high valuations include the scarcity of prime real estate, the availability of modern amenities, and the convenience of proximity to business districts and reputable schools. These properties often offer panoramic views, modern interiors, and access to exclusive facilities, making them highly desirable in a competitive market.
As such, in the rest of the article below, we attempt to analyse and provide insights on the 4-room million-dollar flat sale trends that have been on the uptick recently.
Million-dollar flat trend
The increasing prices are an indication of the overall health of Singapore’s economy and the growing wealth of its residents. With demand consistently surpassing supply, the real estate market now sees million-dollar transactions as a regular occurrence rather than an exception.
As per the above graph, we can see the first big jump in volumes starting in 2021. Whether it was because of COVID or a sudden spike in demand and value, it looks like the million-dollar HDB flat trend is here to stay for the time being, looking at the present trajectory.
Read this: Million-dollar HDB flats are hiding a worrying resale price trend. Here’s proof.
This trend is not confined to large, luxurious condominiums, but is also evident in the sale of 4-room flats, traditionally known as more modest family homes. The willingness of buyers to pay premium prices for these properties highlights a broader trend of increasing property values and the growing status associated with owning a million-dollar home in Singapore.
Below, we list down neighbourhoods that have transacted 4-room million-dollar flats:
All graphs below will have overall million-dollar transactions per neighbourhood to showcase contrast with the 4-room transactions.
310 4R million-dollar transactions overall
Clementi
Clementi is known for its well-planned infrastructure, amenities, and community. Located in the western part of the island, it offers a blend of residential comfort and urban convenience.
The area features facilities such as shopping malls, eateries, schools, and parks. With efficient public transport links, including the Clementi MRT station and an extensive bus network, residents enjoy seamless connectivity to other parts of Singapore.
Throughout 2022 to 2024, the average price of these transactions remains relatively stable, around the S$1 million mark, with a slight decrease in 2023 followed by a minor increase in 2024.
In 2022, there was a single 4-room million-dollar transaction. However, in 2023, there is a noticeable but relatively low increase in transaction volume (2 transactions).
By 2024, the volume of million-dollar transactions in Clementi rose to 4 transactions, indicating a growing market trend.
Geylang
Geylang is known for its cultural richness and urban living. The area features traditional shophouses, busy markets, and diverse eateries offering authentic local cuisine.
Geylang’s residential areas provide access to essential amenities such as schools, healthcare facilities, and supermarkets, making it a comfortable and convenient living environment. The neighbourhood is well-connected by public transport, with multiple MRT stations and bus routes facilitating easy travel across the city.
The only instance of 4-room million-dollar transactions happened in 2024 for Geylang, with 4 transactions in total so far. In contrast, we see 15 million-dollar transactions overall for 2024.
Ang Mo Kio
Ang Mo Kio is known for its family-friendly environment and comprehensive amenities. This mature estate features a harmonious blend of residential and commercial spaces, providing convenient access to facilities such as shopping malls, hawker centres, and recreational parks. Ang Mo Kio Central serves as a bustling hub, offering a variety of retail and dining options.
The neighbourhood is also home to reputable schools, making it an attractive choice for families with children. With efficient public transport options, including the Ang Mo Kio MRT station and an extensive bus network, residents enjoy seamless connectivity to other parts of Singapore.
The first 4-room million-dollar transactions in Ang Mo Kio were made in 2023 with 3 transactions and repeated themselves in 2024. The towering difference may seem jarring between overall million-dollar transactions and 4-room ones but the sprouting of such numbers might give way to upticks in volumes sooner rather than later.
Bishan
Bishan is known for its strategic location, amenities, and community. The well-developed estate offers a mix of residential, commercial, and recreational spaces, providing a balanced lifestyle for residents. Bishan is home to shopping destinations like Junction 8, eateries, healthcare facilities, and schools, including Raffles Institution.
The neighbourhood is well-served by public transport, with the Bishan MRT station connecting the North-South and Circle lines, providing convenient access to various parts of the city. Bishan is also known for its lush greenery, with Bishan-Ang Mo Kio Park offering outdoor activities and leisure.
The towering volume trends of Bishan’s million-dollar transactions eclipse those of 4-rooms showing significant demand. Though there was a significant jump between 2022 and 2023 (from 1 transaction to 8 transactions), Bishan currently only has 1 4-room million-dollar transaction under its belt.
Toa Payoh
Toa Payoh is one of Singapore’s oldest HDB neighbourhoods, known for its rich history and progressive development. As a mature estate, it offers a variety of amenities, including shopping centres, eateries, and recreational facilities. The area’s central location provides excellent connectivity through the Toa Payoh MRT station and a comprehensive bus network.
Toa Payoh is also recognised for its community-centric facilities such as the Toa Payoh Town Park, public libraries, and sports complexes, fostering a strong sense of community among residents. Additionally, the area is home to numerous schools and healthcare facilities, making it an attractive choice for families.
Starting in 2021, Toa Payoh showed a promising climb in volume for 4-room million-dollar transactions. From 1 transaction to 3 to 12 to finally 26 in 2024, marking a substantial demand for 4-room HDBs in Toa Payoh. We could perhaps see an equalisation of the volumes between the overall million-dollar transactions and the 4-room ones soon.
Queenstown
Queenstown is the first satellite town in Singapore. Situated in the central-western part of the island, Queenstown offers a blend of old-world charm and contemporary living. The area is well-served by the Queenstown MRT station and an extensive bus network, providing connectivity to the rest of Singapore.
Residents can access amenities such as shopping centres like Anchorpoint and IKEA Alexandra, various dining options, and recreational facilities such as the Queenstown Sports Centre and parks. The neighbourhood is also home to reputable schools and healthcare services, making it a popular choice for families.
We spy a lonesome million-dollar transaction for Queenstown way back in 2012. From 2020 to 2024, Queenstown saw a total of 52 4-room million-dollar transactions. The numbers seem to start to dwindle between 2023 and 2024 but hopefully, to the sellers and owners, they will bounce right back up!
Bukit Merah
Bukit Merah is known for its vibrant community and convenient location. Situated near the city centre, Bukit Merah offers residents easy access to a wide range of amenities, including shopping malls like Tiong Bahru Plaza and VivoCity, diverse dining options, and numerous recreational facilities.
The neighbourhood is well-connected by public transport, with several MRT stations such as Tiong Bahru and Redhill, as well as an extensive bus network. Bukit Merah is also home to various parks and green spaces, providing residents with opportunities for outdoor activities and relaxation.
From 2018 to 2024, Bukit Merah saw 54 million-dollar transactions for 4-room units. Still much a way to go to catch up with their overall million-dollar counterpart but things should be looking up for Bukit Merah.
Kallang/Whampoa
Kallang/Whampoa is known for its central location and diverse amenities. Situated close to the city centre, the area offers a mix of urban convenience and community-centric living. Kallang/Whampoa features a range of shopping and dining options, such as City Square Mall and the hawker centres at Whampoa Drive.
The neighbourhood is well-served by an extensive public transport network, with several MRT stations including Boon Keng, Bendemeer, and Kallang providing easy access to other parts of Singapore. In addition, the area is home to reputable schools, healthcare facilities, and various parks, including Kallang Riverside Park.
The merged Kallang/Whampoa neighbourhood saw upticks of million-dollar transactions from 2020 to 2024, for sure. Comparatively, for 4-room transactions, we see a total of 49 units sold between 2021 and 2024. There was also a slight drop in the average price between 2021 and 2022 but it bounced right back up to steady across 2023 and 2024.
In-depth analysis and insight
The recent increase in sales of million-dollar 4-room flats in Singapore’s property market indicates a shift in buyer preferences towards centrally located, well-furnished, and strategically positioned flats. Contributing factors include the scarcity of prime real estate, modern amenities, and proximity to business districts and reputable schools.
These properties often offer panoramic views, high-quality interiors, and access to exclusive facilities, making them desirable in a competitive market.
An analysis of transaction trends from 2022 to 2024 indicates consistent demand for high-end 4-room flats in various neighbourhoods in Singapore. For example, there has been a stable average price around the S$1 million mark in Clementi, with transaction volumes increasing from one sale in 2022 to four in 2024. This suggests a potentially growing market trend, with more buyers willing to invest in these premium properties. Similarly, Geylang saw a significant entry into the million-dollar 4-room flat market in 2024, indicating a potential emerging trend.
Read this: Million-dollar HDB resale flats: What’s the hype and how it’s impacting you?
Various neighbourhoods in Singapore, including Ang Mo Kio and Bishan, have shown interesting trends in real estate transactions. In Ang Mo Kio, there was an increase in the number of million-dollar transactions for 4-room flats in 2023, and a slight increase in 2024, suggesting growing interest in this family-friendly area. Bishan, known for its strategic location and amenities, experienced a significant increase in transactions from 2022 to 2023, followed by a decrease in 2024.
Overall, the data indicates that million-dollar transactions for 4-room flats are becoming more common across different parts of Singapore, reflecting broader economic growth and evolving market dynamics.
Conclusion
The increasing prevalence of million-dollar 4-room flat transactions in Singapore reflects a notable shift in the property market. Buyers are showing increased interest in high-end, strategically located properties with modern amenities and convenience. This trend indicates the overall activity in Singapore’s economy and the increasing wealth of its residents.
The steady demand and consistent prices in neighbourhoods such as Clementi, as well as the emerging interest in areas like Geylang and Ang Mo Kio, demonstrate a broadening market for luxury HDB flats. These trends are influencing perceptions of public housing, positioning it as a valuable investment.
Read this: Navigating the surge of million-dollar HDB resale flats in Singapore
Recent trends indicate a sustained interest in million-dollar 4-room flats, suggesting the continued robustness of this market segment. Ongoing urban planning and development projects aimed at improving the livability and appeal of different neighbourhoods are expected to sustain the demand for premium HDB units.
Transaction trends offer insights into the evolving landscape of Singapore’s property market, where the boundaries between public and private housing are becoming less distinct. This shift reflects changing buyer preferences and indicates a dynamic and mature real estate market poised for further growth and transformation.
HDB properties for you
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