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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.

SRX’s data showed 47 flats sold for at least S$1 million, just eight short of the August 2023 peak.

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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.

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That’s a sign of INFLATION ie: the value of your “money” is depreciating. GST not helping.

Land is the only resource that the gov can continually make money from, hence causing the prices (even for public housing) to keep going up is the way to ensure continual revenues for the gov coffers. Questions on HDB prices: 1) About 80% of the 1m-mark transactions are for NEWER flats that does NOT seems to meet the 5-year MOP. This is according to HDB’s ownself website records. Typically for say a resale done last year (2023), where the year of lease is listed 2019. How can 2019 + 5 = 2023 resale? Typically HDB will list the remaining lease… Read more »

The govt should not be looking for ways to suppress the housing prices but looks at ways to make them affordable for the true blue citizens. As previously suggested, one easy to make the public housing affordable is to remove the land cost during sales.

Once the citizens owned the housing, they would also want the prices to be determined by market demands and not suppressed by cooling measures.

, … when coe’s eventually follows suit, all in SillyPore will enjoy the perfect scenario, which’ll all count towards big big bragging rights !!!

C’mon now, … how could you possibly claim to be the most expensive city on planet earth, … if you didn’t happen to have the costliest electrical engineer, the mostest numbers of mp’s for a village, the world’s most expensive public housing to go with, … the world’s most expensive piece of paper with permission to buy a set of wheels !!!

Now that’s the privilege of being a SillyPorean indeed !!!

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