Over 500 flats predicted to sell for over a million dollars in 2024: analyst

This comes as the record for “most expensive flat” ever sold was broken recently.

Singapore might log more than 500 HDB flats sold for million dollars and above this 2024, a real estate expert said.

This comes as the record for the “most expensive HDB flat” ever sold was broken by a 5-room DBSS flat or premium public housing on Toa Payoh. The property, which occupied level 40 to 42 at 139A Lor 1 Toa Payoh, sold for over S$1.568m.

As of January 26, about 56 flats have been sold for over a million dollars. Huttons’ Asia senior director of data analytics Lee Sze Teck said that the number may rise by almost tenfold by the end of the year.

“There may be more than 500 million-dollar flats in 2024. Million-dollar flats are becoming common as owners’ expectations are raised when they see that their neighbours have sold their flat for a million dollars or more,” Lee noted.

“Furthermore, with policy change to flat classification from Oct 2024, many owners are holding firm to their asking prices as their flats do not come with resale restrictions,” he added.

Previously, the record for being the most expensive flat sold was held by an adjoined flat at Moh Guan Terrace, which sold for $1.5m.