Million-dollar flat transactions hit all-time high again

HDB resale transactions posted the highest volume since June 2010

Million dollar HDB flat transactions hit 120 transactions in July, breaking the 100 transaction mark. This represents 3.9% of total transactions, a report by  99.co said.

The total number of million-dollar transactions for 2024 has also exceeded the number of million-dollar transactions in 2023, with a total of 543 transactions in 2024 so far compared to 470 transactions for the whole of 2023.

Out of the 120 ‘million dollar’ transactions, 47 of these transactions come from new projects that MOP-ed in the past 5 years (lease commencement starting in 2017) such as Ghim Moh Edge , St. George’s Tower and Mcnair Towers. 

Meanwhile, HDB Resale prices increased slightly in July as volume increased significantly. At 3,049 resale transactions, July posted the highest volume of transactions since June 2010.

Whilst July has always been the month where resale volume picks up after the June holidays, this year saw a marked increase that can only suggest that more private property owners are downgrading to HDBs, albeit of the premium-type and/or premium-location ones, with a marked increase of million dollar homes also supporting this view.

Breaking it down by room type, 24.9% of the volume came from 3-rooms, 46% from 4-rooms, 23.5% from 5-rooms and 5.6% from Executive Condominiums. 

The highest transacted price for resale flats was $1.56m for a 5-room flat on Bishan St 24.

In terms of price increase, 3-room prices increased by 0.3%, 4-room prices increased by 1.3%, 5-room prices decreased by 0.1%, and executive prices increased by 1.3%.

Overall, the price increased by 7.6% YoY