August 2023 sees record high: 54 HDB resale flats sold for at least S$1 million

SINGAPORE: August 2023 witnessed a significant surge in the resale market for Housing and Development Board (HDB) flats in Singapore.

A total of 54 HDB resale flats were transacted for at least $1,000,000, marking a notable increase compared to July 2023, which saw 32 such transactions, and June of the same year, with 34 million-dollar flat sales.

This is also the highest volume of resale flats transacted for at least $1 million to date, according to data from the Singapore Real Estate Exchange (SRX) issued on Thursday (7 September).

These transactions accounted for 2.2% of the total resale flat market activity for the month.

The surge was led by various neighborhoods, with Bukit Merah taking the lead by recording nine units of million-dollar flat sales.

The Central Area followed closely with eight units, while Ang Mo Kio and Kallang/Whampoa each recorded six units.

A diverse range of neighborhoods also contributed to this surge, including Queenstown, Toa Payoh, Bukit Timah, Clementi, Bishan, Woodlands, Hougang, Marine Parade, Geylang, Tampines, and Serangoon.

The highlight of this unprecedented boom in the million-dollar HDB resale market was the highest transacted price achieved by a 5-room unit at The Pinnacle@Duxton, which sold for an impressive $1,480,000.

Notably, even in Non-Mature Estates, the highest transacted price was an impressive $1,080,888 for an Executive Apartment at Woodlands St 81.

0.6% uptick in HDB resale prices in August 2023

SRX also reported a modest 0.6% uptick in HDB resale prices in August 2023 when compared to the preceding month, July 2023.

Analyzing the data further, it’s evident that Non-Mature Estates experienced a 0.5% price increase, while Mature Estates displayed more robust growth at 1.3%, as compared to July 2023.

Delving into the specifics of room types, 3 Room flat prices saw a slight dip of 0.4%. In contrast, 4 Room flat prices increased by a noteworthy 0.9%, while 5 Room flat prices surged by 1.5%.

The Executive flat category led the pack with a significant 1.6% increase in prices during the same period.

Price gains Year-on-Year

The latest data from the SRX Property Price Index for HDB Resale reveals a significant year-on-year surge in both prices and transaction volumes, indicating a dynamic and thriving market.

The HDB resale market has seen remarkable price growth, with a substantial 7.2% increase in prices from August 2022, according to the SRX Property Price Index.

This increase in prices extends across all room types, with year-on-year gains of 6.3% for 3-room flats, 8.2% for 4-room flats, 7.2% for 5-room flats, and an impressive 8.0% for Executive flats.

Furthermore, both Mature and Non-Mature Estates witnessed robust year-on-year price growth, standing at 7.2% and 7.3%, respectively, compared to the previous year.

2,473 HDB resale flats transacted in August 2023

August 2023 recorded a remarkable surge in transaction volumes, with 2,473 HDB resale flats changing hands.

This represents an astonishing 20.3% increase from the previous month, July 2023.

On a year-on-year basis, resale volume in August 2023 surged by 6.4%, showcasing sustained interest in the HDB resale market.

A closer look at the data for August 2023 reveals that the majority of transactions involved 4-room flats, accounting for 44.6% of the total volume.

Meanwhile, 5-room flats contributed 22.8%, 3-room flats made up 26.3%, and Executive flats represented 6.3% of the total transactions.

In terms of estates, Non-Mature Estates dominated the market, contributing 59.7% of the resale volume in August 2023, with the remaining 40.3% coming from Mature Estates.