Resale HDB prices went up 0.3% despite fewer units sold in March

In March alone, 61 apartments were sold for more than one million dollars. This is an increase on the 50 sales in February.

HDB resale properties sold for more than $1 million were divided into 19 units with four rooms, 24 units with five rooms, 16 executive apartments, and 2 multi-generational homes.

Most were in mature estates, like Toapayoh, Kallang/Whampoa and Bukit Merah, while nine of them were non-mature towns, including Bukit Panjang Jurong East Yishun and Hougang.

Prices of Housing Board Resale Flats increased for the sixth month in a row in March. Analysts attribute the price increase to the firm demand for bigger units and an increasing number of multi-million dollar flat transactions.

Data from Singapore Real Estate Exchange, (a real estate website), and Singapore Real Estate Exchange showed flash figures on April 8. Prices rose by 0.3 percent in March.

Price increases of 6.2 percent per annum.

Despite slower growth in prices, the rate of overall growth over the previous six months has accelerated.

HDB’s resale property prices increased by 3.8 percent between September of 2023 and the end of March 2024. The previous six-month period (March to September, 2023) saw a 2.3% rise.

In light of the recent sharper increases in prices, it is possible that sales have slowed.

Resale flats sales fell in March by 3.3 percent to an approximate 2,063 apartments, according to SRX/

Resale volume decreased by 9.8 % compared with March 2023.

There could have been some shift in demand to HDB’s sale exercise of more than 4,100 build-to-order flats as well as 1,500 Sale-of-Balance Flats that took place in February.

emerald of katong balance units chart

These transactions accounted for approximately 3 percent of all transactions in the month of March. That’s a higher percentage compared to 2,3 percent in February.

The most valuable resale unit was a 5,202 sq ft five-room apartment between the 19th to 21st floor at Block 9A Boon Tiong Road, Tiong Bahru. Sold for $1.45million.

A 1,765-square-foot multigenerational flat in Yishun Avenue 4 fetched a record $1.2M, the top transaction for a nonmature estate during March.

In Hougang six executive flats have been sold each for more than $1 million – this is the highest number in a year of transactions worth at least $1,000,000 in the small town.

An increase in demand for large flats (five rooms or more) due to the private home owners that have sold their homes, and are now entering the HDB Resale market after completing their 15 month wait-out period.

The waitout period is a temporary measure implemented in September of 2022.

In February, the price of five room apartments rose by 1 %, while that of three rooms flats fell 0.1 % and executive units decreased 0.5 %.

Seven of the nine million dollars flat transactions registered in Toa Payoh are at Toa Payoh Crest. The project recently reached the five-year minimum tenure period.

Toa Payoh Crest’s location is excellent, as it is near MRT station, schools, and other amenities. We are likely to witness more such deals in the coming months.

In March, the proportion of transactions involving flats with a remaining term of lease greater than 90 years was higher at 26.8 %. This is a slight increase from February’s 26.4 %.

Because newer flats usually fetch higher prices, they may have contributed to overall resale rates.

The number of transactions for million-dollar apartments will remain high in the month of April. According to April 8 data she stated that 16 resale units have sold so far this month for at minimum $1 million.

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