, Singapore

Million-dollar flat transactions expected to surpass 2020 levels in H1

Sales of high-end HDB resale flats have soared to 90% of 2020 levels in the first four months of 2021.

Million-dollar HDB resale flat transactions reached 74 in the first four months of 2021, more than 90% of the 82 units sold for the whole of last year, according to data released by SRX.

Senior vice president of research and analytics Christine Sun said with the trajectory of million-dollar HDB resale transactions, a new record may be inked in May.

The resale of million-dollar HDB flats have steadily risen after a slight dip in 2019 to 64 from 71 in 2018.

A five-room 120 sqm DBSS at Bishan Street 24 was sold for $1.25m in April, the second-highest priced resale flat on record just slightly below the priciest flat sold at $1.258m for a five-room HDB flat at Pinnacle at Duxton in September last year.

Meanwhile, Sun said construction delay of Build-To-Order (BTO) flats will continue due to manpower shortages and supply chain disruptions and is likely to drive up demand for HDB flat sales.

“The situation may be further aggravated if there are more construction delays stemming from the recent resurgence of cases in the community and dormitories. Couples who do not wish to defer their wedding or family planning may buy a completed home. There are also buyers who are turning to the secondary market as they may wish to avoid the uncertainty of not knowing when their flats can be constructed or if there may be further delays since the pandemic is still evolving,” Sun said.

PropNex’s head of research and content Wong Siew Ying agreed with Sun saying that HDB resale prices continued to rise amidst persistent strong demand and tight availability of resale flats.

“The improved economic outlook, projected delays in the completion of new BTO flats, as well as firm private home prices are some key factors that have spurred demand for resale HDB flats. The recent announcement of restrictions on arrivals from countries in the Indian sub-continent could further exacerbate the manpower crunch in the construction sector, leading to a much longer waiting time for new BTO flats,” Wong added.

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Singapore Business Review in your inbox
It will apply to vaccines administered in Singapore under SAR.
Its startups may now receive up to US$250,000 investment.
The Lion City also has the highest insurance penetration amongst the six markets at 5.9%.
The bank will anchor up to US$200m or 40% of the fund size, whichever is lower.
A wholly-owned subsidiary of WeWork is occupying 56,977 sq ft of Prime’s California property.
The jobless rate during the quarter also eased, but remained elevated.
The notes are expected to be issued on June 23rd.
Its IP coverage for vaccine complications now include those approved by WHO under EUL.
The Lion City ranks 13th most expensive location for expatriates in the world.
Due to construction delays, buyers may prefer "ready-to-move-in" properties.
Wilmar International saw the sharpest decline during Thursday's trading, with a 1.52% drop.
Its skilled talent pool, logistical network, government funding and physical infrastructure helped it maintain its competitive position as a biomedical hub.
Singapore millennials were found to be more stressed than the global average.
Almost four-fifths (76%) of Singaporean consumers are not satisfied with generic credit offers from their banks, with 24% willing to offer more information in exchange for better rates or lower fees, a FICO study revealed.