Record 1,000 HDB resale flats hit $1m in 2024: Market anomaly or new norm?

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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...

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.

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.

"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. "We have also observed private property downgraders willing to pay a premium for HDB resale flats after selling their homes," he added.

But Lee Sze Teck, senior director of data analytics at Huttons Asia, said that the changes may have a minimal impact on resale prices in the long run.

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