2023 ends with record high HDB resale prices; 47 units sold for at least S$1 million in December
The close of 2023 marked a record-breaking surge in Housing and Development Board (HDB) flat resale prices, escalating by 5.8% from December 2022. \n \nSRX's data showed 47 flats sold for at least S$1 million, just eight short of the August 2023 peak.
SINGAPORE: The conclusion of 2023 saw an unprecedented surge in resale prices for Housing and Development Board (HDB) flats, reaching an all-time high with a significant 5.8% increase compared to December 2022.
Data released by the Singapore Real Estate Exchange (SRX) on Monday (7 Jan) revealed a notable rise in the number of HDB resale flats transacted for at least S$1 million.
December 2023 recorded 47 such transactions, surpassing November 2023's 45 units.
Breaking down the statistics further, resale prices in mature estates saw a growth of 0.4% from November 2023, while non-mature estates experienced a slightly higher increase of 0.5%.
Analyzing the year-on-year figures, mature estates exhibited a price surge of 5.9%, while non-mature estates followed closely behind with a 5.5% increase.
Examining different room types, four-room flats showed the highest monthly increase of 1%, trailed by five-room units (0.5%), executive flats (0.2%), and three-room flats (0.1%).
Comparing prices year-on-year, four-room flats displayed the most substantial increase at 7.1%, followed by executive flats (5.1%), five-room units (4.9%), and three-room flats (4%).
In December 2023, the total number of HDB resale flats transacted stood at 2,006, marking a 6.2% decrease from November 2023.
However, when considering the year-on-year perspective, resale volume in December 2023 is 10.5% lower compared to the previous year.
Breaking down the resale volumes by room type, 44.6% comprised four-room flats, while 25.9% were three-room flats.
Additionally, 23.5% were from five-room flat transactions, while executive units accounted for the remaining 6%.
Evaluating estates, non-mature estates dominated the resale volumes, accounting for 61.8%, while mature estates contributed the remaining 38.2% in December.
Million-dollar flat sales constitute 2.3% of December's HDB resale market
In December 2023, the number of million-dollar flats sold surged to 47 transactions, a mere eight transactions shy of the all-time high set in August 2023.
This spike comes after 45 such transactions were recorded in November 2023.
These million-dollar transactions accounted for 2.3% of the total resale volumes in December, signifying a substantial segment of the market.
Ang Mo Kio led the sales with seven units sold, closely followed by Kallang Whampoa with six units.
Other areas contributing to these high-value transactions included Bukit Merah, Queenstown, Toa Payoh, Central Area, Clementi, Bishan, Bukit Timah, Woodlands, Serangoon, Jurong East, and Geylang.
One notable transaction was a five-room flat in Cantonment Road, which set the record for the highest transacted price at S$1.42 million for a resale flat in that month.
Additionally, within non-mature estates, an executive apartment in Woodlands Street 81 achieved the highest transacted price at S$1.04 million.
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 2023, 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.
