by OrangeTee & Tie Pte Ltd.

Are $1m HDB resale flats going to be ‘normal’ from now on?



Singapore, 14 Jun 2021

SINGAPORE - A record number of Housing Board resale flats changed hands for at least $1 million so far this year - and we are only half way though 2021.

This performance would have been remarkable in any year, let alone a pandemic-stricken one that saw an upswing in property prices, which has set off concerns about home affordability.

A total of 87 million-dollar HDB deals were inked from January to May this year, surpassing the 82 units sold for at least that amount in 2020.

As at May 31, 389 HDB resale flats have sold for more than $1 million since the first such transaction occurred in 2012.

All 11 priciest transactions took place in 2020 and 2021, official HDB data shows.

May's HDB resale prices also climbed for the 11th straight month, despite tightened Covid-19 measures in the latter half that largely curtailed in-person property viewings. If the current trend continues, twice as many million-dollar HDB flats could change hands this year, compared with 2020.

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