HDB resale prices up 0.4% in November; 45 units sold for at least S$1 million

SINGAPORE: Singapore’s Housing and Development Board (HDB) resale market witnessed a steady rise in prices during November 2023, according to data from the Singapore Real Estate Exchange (SRX) issued on Thursday (7 Dec).

The latest figures indicate a 0.4 per cent increase in resale prices from the previous month, marking a 5.4 per cent year-on-year surge.

The month saw 2,138 HDB resale units changing hands, reflecting a 2.8 per cent decrease from October 2023’s transaction levels. On a year-on-year basis, there was a marginal 0.1 per cent decline in resale volume.

November’s data also highlighted a notable increase in the number of HDB resale flats transacted for at least S$1,000,000 (approximately US$744,576).

45 such units were sold, signifying a rise from the 41 units recorded in October 2023.

In August this year, there are 54 HDB resale flats were transacted for at least S$1 million.

The highest transacted price for a resale flat in November 2023 was S$1,460,000, achieved by a 5-room Flat situated at Henderson Road.

Resale prices in non-mature estates experienced a 0.5 per cent growth over November, whereas in mature estates, prices dipped marginally by 0.03 per cent compared to the prior month.

Analyzing price trends by room types, 3 Room prices saw a 0.1 per cent increase, 4 Room prices rose by 0.3 per cent, 5 Room prices experienced a decrease of 0.8 per cent, and Executive prices increased by 0.2 per cent.

Year-on-year comparisons reveal an overall price hike of 5.4 per cent since November 2022. Prices for all room types exhibited increases over the same period: 3 Room by 4.3 per cent, 4 Room by 6.4 per cent, 5 Room by 4.7 per cent, and Executive by 6.1 per cent.

Mature and non-mature estates witnessed price increases of 5.7 per cent and 5.5 per cent respectively from a year ago.

Regarding the breakdown of November 2023’s resale volume, 25.5 per cent were 3 Room flats, 45.3 per cent were 4 Rooms, 22.3 per cent were 5 Rooms and 7.0 per cent were Executive units.

Non-Mature Estates accounted for 60.7 per cent of the resale volume, while Mature Estates contributed 39.3 per cent.

Henderson Road five-room flat sold for S$1.46 million in November 2023

Among the million-dollar flats transacted in November 2023, a five-room flat in Henderson Road topped the list at S$1.46 million.

This HDB flat, nestled within Block 95C of City Vue @ Henderson, spanning floors 31 to 33, achieved this notable transaction price.

However, despite its impressive value, this particular unit at City Vue @ Henderson secures the position of the second-highest HDB sale in Bukit Merah.

Separately, an executive apartment in Hougang Street 31 within the non-mature estates secured the second-highest price tag, slightly over S$1.04 million.

Bukit Merah recorded the largest volume of million-dollar flats transacted at nine units, followed by six units in Kallang Whampoa.

Additional million-dollar flats were sold across various areas including Ang Mo Kio, Queenstown, Bishan, Toa Payoh, Clementi, Bukit Batok, Central Area, Serangoon, Woodlands, Geylang, Hougang, and Bedok.

Toa Payoh’s five-room resale flat sets Singapore’s price record at S$1.56 million

In Singapore, the record for the priciest resale flat in Singapore is held by a five-room flat in Toa Payoh, which was sold for S$1.56 million in November.

ERA, a real estate agency reported that the unit is situated at The Peak, a Design, Build, and Sell Scheme development situated along Lorong 1A in Toa Payoh.

Meanwhile, the record-holder for 4-room HDB units remains with a property in Tiong Bahru.

The unit in Blk 50 Moh Guan Terrace in Tiong Bahru was sold for a record-breaking S$1.5 million in June this year, marking it the most expensive HDB resale flat ever sold.

Despite being a 50-year-old property, with its lease commencing in 1973 and a remaining lease of 48 years and 8 months, the flat’s high price tag is unexpected considering that demand and prices are typically lower for homes with a shorter remaining lease.

In 2020, there were 321 transactions for 4-room HDB units, which marginally decreased to 310 in 2021 and 309 in 2022.

As of the current year, 295 transactions have been recorded, suggesting a potential stabilization in the market—although it should be noted that these numbers might still increase in the remaining two months.