More buyers willing to pay top dollar for choice resale flats: analyst

June saw the second highest monthly sales of million-dollar flats.

Singaporeans are willing to fork out more money for choice HDB resale flats, analysts agreed as the recent SRX Media Flash Report revealed that June recorded the second-highest monthly sales of million-dollar flats.

June saw 31 HDB resale flats sold that were priced over $1m. The highest monthly sales were in December 2021 when 36 units were sold.

According to OrangeTee Senior Vice President of Research & Analytics Christine Sun, n the first six months of 2022, 166 million-dollar flats have been sold, which is more than the 106 units sold in the first half of last year. This was also the highest half-year sales on record. 

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“More pricey million-dollar flats have been transacted this year. Based on HDB data from data.gov.sg, 8 units were sold for more than S$1.3 million this year, while only 2 were sold last year. No units were sold for more than S$1.3 million before 2021,” Sun said.

PropNex Head of Research and Content Wong Siew Ying said the nearly record-breaking million-dollar flat sales in June means that buyers are willing to pay top dollar for choice resale flats.

“We expect the number of such transactions to surpass the 259 transactions recorded in 2021, possibly even hitting the 300-mark in 2022. A flat’s generous size and convenient location, panoramic/pleasing view from the unit, and the buyer’s lifestyle preference continue to be key factors driving “million-dollar” sales transactions,” Wong said.