The number of flats sold on the resale market for a million dollars or more has reached a record high and is unlikely to slow down in 2025, according to property experts. Real estate agency ERA Singapore told AsiaOne that 1,003 million-dollar resale flats have been transacted in 2024 as of Wednesday (Dec 24), more than double the 470 recorded last year.
Real estate agency Huttons Asia had also earlier said in November that in the first 11 months of the year, 931 of such million-dollar transactions have already been recorded, which make up for between three and four per cent of the total number of flats sold in 2024. The agency said that around 60 per cent of the million-dollar flat transactions in 2024 are in the price range of $1 to $1.1 million.'The presence of HDB resale flats transactions at $1 million or more is already a regular feature in Singapore's public housing market,' Nicholas Mak, chief research officer of real estate platform Mogul.sg told AsiaOne. 'Similar to chicken rice being priced at $8 or more a plate at some food courts, million-dollar HDB resale flats are also a product of inflation.' Eugene Lim, ERA Singapore's key executive officer, concurred that the rise in million-dollar flats is in 'line with expectations' with buyers coveting flats in mature estates. 'Buyers are willing to pay a premium for such flats in Toa Payoh, Central, Bishan, and Kallang Whampoa with excellent connectivity and amenities,' he told AsiaOne. 'Since these HDB towns are largely developed, there are fewer plots available for HDB to build new flats. 'Consequently, the flats in mature estates that recently reach the minimum occupation period are highly coveted by buyers and many are willing to shell out a premium for such flats.' The rising private property prices has also led to buyers turning to the public housing market instead, said Li