Expect more million-dollar resale deals for HDB flats in 2022: analysts

There could be as many as 350 million-dollar deals by end 2022.

Demand for resale flats may have dipped in August, but the number of HDB flats expected to be resold at a price of over S$1m in 2022 is still on track to surpass last year’s numbers, property analysts said.

Developers are expected to hold prices firm thanks to demand still outweighing supply, strong employment rate and growing purchasing power of would-be buyers, said Christine Sun, senior vice president of research & analytics, OrangeTee & Tie.

“With a strong employment rate and income growth, there is little impetus for sellers to drop prices now. We may expect more sellers, especially new flats in mature estates to test the million-dollar mark. Hence, we may see more million-dollar transactions in the coming months,” said Sun.

As many as 350 HDB flat deals with a S$1m price tag can be closed in 2022, according to Sze Tech Lee, head of research, Huttons Asia.

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He noted that this was due to cash-rich buyers chasing after larger homes. In August, despite overall HDB sales falling in the ghost month, another 33 homes were sold for at least S$1m.

“The Lunar Seventh Month did not hold back buyers from buying their dream homes. However the higher interest rates have shifted some buyers to non-mature estates where prices are more affordable,” Lee said. He explained that these buyers are less willing to pay higher prices, which may have translated into a 0.2% price gain in non-mature estates in August–reportedly the smallest price gain since June 2020, when prices in non-mature estates contracted by 1%.

In total, there are already 232 S$1m HDB flats resold as of August, with at least 11 more flats resold in the price range in September, said Siew Ying Wong, head of research and content, Propnex Realty. 

“This means there are at least 243 ‘million-dollar’ HDB resale flats so far in 2022 – looking odds-on to beat the record 259 units resold last year,” Wong added.

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