by OrangeTee & Tie Pte Ltd.

More HDB resale flats sold for at least $1m in first 9 months of 2022 than in whole of 2021

SRX HDB Resale Data

Singapore, 25 Sep 2022

More Housing Board resale flats have changed hands for at least $1 million in the first nine months of 2022 than in the whole of 2021, as overall property prices continue to edge up. 

As at Sunday, there have been 266 million-dollar HDB resale flat transactions, exceeding the 259 units recorded in 2021, according to HDB data. 

This comes on the back of a robust HDB resale market that has seen prices climb for 26 consecutive months, despite rising interest rates.

OrangeTee & Tie senior vice-president of research and analytics Christine Sun said as prices of million-dollar flats in mature estates have crept up over the past nine months, more people might be turning to non-mature estates for "cheaper alternatives". 

This group of buyers could be willing to shell out top dollar for a unit with desirable qualities such as large floor area with a good view or proximity to MRT stations, she added. 

"Those who have flexible work arrangements or do not need to go to the Central Business District often may not mind living farther away in the suburban areas where units are larger and more affordable," she said.

A report by OrangeTee & Tie released in August said the demand for million-dollar HDB flats may be fuelled by a widening price gap as new condominium units in the suburbs become more expensive.

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