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SINGAPORE – The number of Housing Board (HDB) resale flats sold for $ 1 million or more each has reached a new record, following 13 transactions in November, according to data from the SRX real estate portal released on Thursday (10 from December).
The $ 72 million apartments sold from January to November this year compare to 64 such units for all of 2019.
SRX’s preliminary estimates for November also reveal that HDB resale prices increased for the fifth consecutive month, although transaction volume fell.
At the higher end of HDB’s resale market, a five-bedroom unit at The Pinnacle @ Duxton sold for $ 1,248,000, which was the highest transaction price on record for a resale floor in November.
Meanwhile, a five-bedroom design-build-sell (DBSS) condo at Parkland Residences in Hougang sold for $ 810,000, posting the highest resale price in immature properties.
PropNex’s head of research and content, Wong Siew Ying, said that buyers of million-dollar apartments in HDB may be willing to pay as much due to its central location, the convenience of being close to the city and the available amenities. .
He added that since private condo prices have remained resilient during the pandemic, some buyers may have turned to HDB’s resale market for apartments that better fit their budget and housing needs.
“A private family-size condo in the suburbs could cost $ 1.5 million, but for $ 1 million or so, the buyer can get a relatively similarly sized HDB resale unit on a high floor and in a prime location near the city, “he said.
In the general HDB resale market, prices were up 1 percent last month from October. November resale prices are 5% higher than a year ago, but 9.5% lower than their April 2013 peak.
Prices on immature farms were up 1.3 percent year-on-year, while those on mature farms rose 0.7 percent.
The number of resale transactions in November fell 4.3 percent from October to 2,331, according to data from SRX.
However, this volume was 21.7% higher than the same month last year.
Of the HDB apartments sold last month, 41.9% were four-bedroom apartments, 26.6% were five-bedroom apartments, 22.1% were three-bedroom apartments, and 8.2% were apartments. executives. The rest of the transactions involved multi-generational, one- and two-bedroom apartments.
Commenting on the lower number of transactions, Orange Tee & Tie’s director of research and consulting, Christine Sun, said this could be the result of sellers raising their selling prices following the recent exuberance of the market and sales. stellar signed in recent months.
He added that many resale floors are currently trading above valuation.
SRX data showed that the overall median transaction on value X (TOX) was $ 1,000 positive in November, although this was a $ 2,000 drop compared to October.
The TOX median measures whether people are overpaying (in the case of positive TOX) or underpaying (when there is negative TOX) relative to the SRX Property X estimated market value for apartments.
Flats in Serangoon posted the highest mean TOX with $ 11,000 positives, while those in Bishan had the lowest median TOX with $ 12,000 negatives.
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