Million-dollar HDB Resale Flats Set New Records in January 2024

Wong Siew Ying Head of Research and Content

PerspectivesFebruary 07, 2024

Fresh from a year of record-smashing number of HDB resale flats sold for at least $1 million in 2023 – 470 units to be exact – the enthusiasm for such breed of resale public housing flats has not waned the slightest, heading into 2024. Based on transaction data, there were 74 flats resold for at least $1 million in January, the highest monthly tally since 54 such units changed hands in August 2023 (see Chart 1). In addition, two 5-room units in Toa Payoh fetched more than $1.5 million, rewriting the record price for the most expensive resale flat ever sold.

The 74 units of million-dollar flats resold in January represents a 54% jump from the 48 units transacted in December. Among them, four units are located in non-mature towns (Hougang 2 units, Punggol 1 unit, Woodlands 1 unit). The remaining flats are in Ang Mo Kio, Bedok, Bishan, Bukit Merah, Bukit Timah, Central Area, Clementi, Geylang, Kallang Whampoa, Pasir Ris, Queenstown, Serangoon, Tampines, and Toa Payoh. By flat type, 31 of the million-dollar resale flats are 5-room units, 19 units are 4-room flats, and 24 units are executive flats.

Chart 1: Number of “Million-dollar” HDB Resale Flats sold By Month

Source: PropNex Research, Data.gov.sg

The record price for HDB resale flats was shattered not once but twice in January, when two units were resold for more than $1.5 million – a record held by an adjoined resale flat in Moh Guan Terrace which was transacted in June 2023. Both units are 117-sq m 5-room flats located at The Peak @ Toa Payoh. The unit situated between the 31^st and 33^rd floor fetched $1.54 million, while another unit on the floor ranging between 40^th and 42^nd storey changed hands for about $1.57 million (see Table 2).

Table 2: Top 10 HDB resale flats sold in January 2024 by Transacted Price

Town	Type	Street	Storey range	Floor area SQM	Lease start date	Price	PSF ($)
TOA PAYOH	5 ROOM	LOR 1A TOA PAYOH	40 TO 42	117	2012	$1,568,888	$1,246
TOA PAYOH	5 ROOM	LOR 1A TOA PAYOH	31 TO 33	117	2012	$1,540,000	$1,223
BISHAN	5 ROOM	BISHAN ST 24	40 TO 42	120	2011	$1,458,000	$1,129
CENTRAL AREA	5 ROOM	CANTONMENT RD	46 TO 48	105	2011	$1,450,000	$1,283
BISHAN	EXECUTIVE	SIN MING AVE	16 TO 18	174	1990	$1,400,000	$747
BISHAN	EXECUTIVE	BISHAN ST 12	22 TO 24	163	1987	$1,380,000	$787
BUKIT TIMAH	EXECUTIVE	TOH YI DR	04 TO 06	154	1988	$1,360,000	$820
BUKIT MERAH	5 ROOM	HENDERSON RD	19 TO 21	113	2019	$1,328,888	$1,093
BISHAN	5 ROOM	BISHAN ST 24	10 TO 12	120	2011	$1,311,000	$1,015
BUKIT TIMAH	EXECUTIVE	TOH YI DR	07 TO 09	146	1989	$1,300,000	$827

Source: PropNex Research, Data.gov.sg

It appears that buyers are starting to awake from the year-end market slumber. In January, the resale flat volume rose by 30.7% month-on-month to 2,625 units, from 2,009 units in the previous month (see Chart 2). When compared with January 2023, resale transactions were up by 2.9% from 2,551 units a year ago. Non-mature towns accounted for about 63% of the HDB resale transactions in January, with Sengkang, Woodlands, and Yishun leading sales in the month. Meanwhile, the average transacted resale price rose by 2.2% MOM to $591,343 in January – a new monthly peak.

Chart 2: HDB resale volume and average transacted price by month