SG, 08 Oct 2020 Even through the worst economic downturn in Singapore's history, 8 government-built flats still sold for above S$1 million in the resale market in September. These recent transactions were more than the 5 HDB flats that sold for more than S$1 million in August.
Ms Christine Sun, head of research and consultancy at property firm OrangeTee, said that the number of such transactions seems to have fallen, with 38 million-dollar HDB resale unit transaction in the first 8 months of 2020, 64 in 2019 and 71 in 2018.
However, she stated that HDB resale transactions with prices between S$800,000 and S$1 million have gone up, implying that the supply of units in the market is sufficient enough in order to stop competition from driving the price of more units above S$1 million.