Will there be more million-dollar HDB transactions in 2019?

By EdgeProp Singapore / EdgeProp Singapore | January 21, 2019 5:37 PM SGT
In January 2019, a 1,259 sq ft 5-room unit at the DBSS project, City View @ Boon Keng was sold for $1.185 million or $941 psf - EDGEPROP SINGAPORE
In January 2019, a 1,259 sq ft 5-room unit at the DBSS project, City View @ Boon Keng was sold for $1.185 million or $941 psf
Last September, a HDB terrace in Jalan Bahagia changed hands for nearly $1.2 million, making it the priciest HDB unit ever sold at that point in time. The 2,551 sq ft 3-room terrace near Whampoa hit a record price of $1.185 million ($465 psf), smashing the previous $1.18 million record set by a 5-room Bishan DBSS unit sold in February 2017.
But already, this record has been matched in January 2019 when a 1,259 sq ft 5-room unit at the DBSS project, City View @ Boon Keng was sold for $1.185 million or $941 psf.
Elsewhere, a 1,151 sq ft 5-room unit at The Pinnacle@Duxton fetched $1.148 million ($997 psf) in the same month.
ADVERTISEMENT
Will there be more million-dollar HDB transactions in 2019?
Based on HDB data, there were around 71 transactions involving resale HDB units that breached the million-dollar mark in 2018. This is compared to just 46 of such transactions in 2017, and 20 of such transaction in 2016.
“Resale flats that were sold for $1 million and above reached a record high in 2018, the highest since the year 1990,” says Christine Sun, head of research & consultancy at OrangeTee & Tie.
According to Sun, at least 20 of such units were transacted in 4Q2018 despite the year-end holidays, which typically sees slower home sales. She adds that this was higher than the 12 units sold in Q12018 and the 17 units sold in 2Q2018.
Based on these trends, we may expect to see more million-dollar HDB resale transactions in 2019, says OrangeTee & Tie’s Sun.
ADVERTISEMENT
- EDGEPROP SINGAPORE
Sun explains that the consistent uptrend for million-dollar HDB transactions over the past few years is likely to continue because more HDB resale flats in prime locations such as Queenstown, Bukit Merah and Ang Mo Kio will reach their five-year minimum occupation period (MOP) this year and will be ready for resale.
“Moreover, some of these flats are bought at relatively high BTO prices. As such, their resale prices will also be higher correspondingly. Therefore we can expect more of such million-dollar flats to be transacted this year from these prime locations,” Sun concludes.
Do you think there'll be more million-dollar HDB transactions this year? Let us know in the comments section below!
ADVERTISEMENT
Follow Us On
Our Sites
Edgeprop.sg (previously known as The Edge Property Singapore) – is the best property portal for home-seekers, buyers, investors and real estate agents alike in Singapore. On EdgeProp, you will be able to find all the latest news and views, informational guides, historical transactions and rental searches, and research data and analysis.
Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDB flats, landed houses or commercial properties, we bring you Singapore’s the most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions.
Make better decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property and find properties below market value in Singapore. Meanwhile, discover all things en bloc, including Singapore en bloc news, trends and our En Bloc Calculator, which helps to determine the probability of a Singapore project being put up for collective sale.
Web Version 4.5.113
Aside from that, EdgeProp also offers a market trend tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heat map that lets you find out where all Singapore’s most popular property sales locations are, a HDB lease tool that lets you calculate your HDB tenure, an affordability calculator, and a property watch list to track your preferred Singapore property by project or location, as well as new launches.
On the lookout for undervalued property or buying to rent? EdgeProp’s powerful search filters let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools and childcare centres, or a good-value condo with a sea view – so that you find exactly what you are looking for.