Record number of million-dollar HDB flats sold in June as resale prices climb 1.8%

THE number of million-dollar Housing and Development Board (HDB) flats resold hit an all-time high in June, nearing 100 units, while resale prices clocked record gains.

Flash estimates from SRX and 99.co released on Monday (July 8) showed that HDB resale prices jumped 1.8 per cent in June, extending gains for the ninth straight month.

Resale prices rose across all room types and in both mature and non-mature estates from the previous month.

Resale volumes, however, were down 13.1 per cent on the month to 2,184 flats resold, compared with the 2,513 flats that changed hands in May. Compared with the corresponding period a year ago, resale volumes were 17.5 per cent higher.

HDB flats sold for at least S$1 million accounted for 4.4 per cent of total resale volumes, rising 29.7 per cent on the month to 96 units in June, compared with 74 units transacted in May.

Kallang Whampoa recorded the most million-dollar transactions with 18 units changing hands, while 11 units each were sold in Geylang and Bukit Merah.

Healthy demand for four-room flats

Overall, by room type, four-room flats were the most popular during the month, raking in 44 per cent of total volumes. Meanwhile, demand for three-room and five-room resale flats were evenly matched, accounting for 24.8 per cent and 24.2 per cent of resale volumes, respectively. Around 6.9 per cent of resale transactions involved executive flats.

More than half (57.7 per cent) of resale flat transactions were from non-mature estates.

When it came to resale prices, four-room flats registered the highest month-on-month increase at 1.8 per cent, followed closely by three-room and five-room resale prices, which each added 1.6 per cent. Executive flat resale prices, meanwhile, were up 1.1 per cent.

Resale prices were up 2.6 per cent in mature estates and 1.3 per cent higher in non-mature estates compared with May, based on SRX and 99.co data.

Year on year, overall prices were up 7.3 per cent. Mature and non-mature estate resale prices were up 6.7 per cent and 7.3 per cent, respectively.

Four-room flats had the highest increase in resale prices, at 7.5 per cent, followed by five-room flats at 7.3 per cent, three-room flats at 6.5 per cent, and executive flats at 6.2 per cent.

The highest transacted price for a resale flat was S$1.6 million for a five-room unit at Boon Tiong Road. In non-mature estates, the most expensive flat resold was S$1.2 million for a five-room flat at Hougang Street 21.

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This article was first published in The Business Times. Permission required for reproduction.