Tampines Leads Singapore in Million-Dollar HDB Resale Flats in 2024

Million-Dollar HDB Flats: A Rising Trend in Singapore

Singapore’s public housing landscape is undergoing a remarkable shift. While HDB flats were traditionally seen as affordable housing options, a growing number are now commanding prices exceeding the million-dollar mark. This trend reflects a confluence of factors, including strong economic growth, limited land availability, and a desire for spacious, well-located homes.

Expanding Million-Dollar Club

The number of million-dollar HDB flats has been steadily increasing in recent years. This phenomenon is not confined to a single location but is spreading across various mature estates, indicative of a broader trend rather than an isolated incident.

Popularity Spreads Across Towns

While certain towns have historically been associated with higher property values,the allure of million-dollar HDB flats is expanding to more areas. This trend highlights the growing demand for quality housing and the willingness of buyers to pay a premium for desirable locations and amenities.

Million-Dollar HDB Resale Flats See Surge in 2024

Singapore’s property market is experiencing a notable shift with a meaningful increase in Housing and Development Board (HDB) resale flats selling for at least S$1 million in 2024. This trend highlights a changing landscape in the city-state’s public housing sector.

Tampines Leads the Way

Leading the surge is Tampines, a mature estate in the east of Singapore. The area has recorded a dramatic 950% year-on-year increase in million-dollar HDB resale flat transactions. This translates to a jump from just two units sold in the previous year to an impressive 21 units sold in 2024.

Million-Dollar HDB Flats: A Rising Trend in Singapore

The Singapore property market is witnessing a captivating trend: the rise of million-dollar HDB flats. This phenomenon isn’t confined to any specific area, as evidenced by the growing number of these units changing hands across the island.

according to data from Huttons Data Analytics, million-dollar HDB flat sales now represent a significant portion of the overall market, accounting for 3 to 4 percent of total transactions. This trend is notably evident when looking at resale flats.

Between January and november 2024, an impressive 931 resale HDB flats breached the million-dollar mark. This figure represents a substantial increase compared to the 470 units sold throughout the entire year of 2023.

Interestingly, a majority of these high-value transactions, around 60 percent, fell within a relatively narrow price range – between S$1 million and S$1.1 million. This suggests a particular segment of the market is driving this trend.

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Singapore’s Million-Dollar HDB Flats: A Growing Trend

The Singapore property market continues to see a fascinating trend – the rise of million-dollar HDB resale flats. While some towns remain untouched by this phenomenon, the list of neighbourhoods boasting million-dollar units is steadily growing. Areas like Pasir Ris, Woodlands, Bukit Batok, Marine Parade, Tengah, and Sengkang have recently joined the ranks of the “million-dollar club”. This upward trajectory leads many to wonder wich neighbourhood will be next to achieve this milestone.

Jurong West: A Prime Candidate?

Industry experts believe Jurong West is a strong contender to be the next addition to this exclusive club. Ismail Gafoor, CEO of PropNex, predicts that this neighbourhood is poised for significant price growth and could soon see its first million-dollar HDB resale transaction.

Million-Dollar HDB Flats: The Exception, Not the Rule

While the resale prices of Housing and Development Board (HDB) flats have been rising, it’s crucial to note that million-dollar units are still relatively rare. In a statement released in September, the HDB emphasized that “Resale flats remain affordable for most home buyers.”
## Archyde Exclusive Interview: Million-Dollar HDB Flats



**Alex Reed:** Mr. Richard Li, Senior Director of research at Huttons Asia



**Interviewer:** Samantha lee, Archyde



**Samantha Lee:** Mr. Li, thank you for joining us today. The Singapore property market always keeps us on our toes, and the recent rise of million-dollar HDB flats is certainly making headlines. Can you shed some light on this trend for our readers?



**Richard Li:** Certainly, Samantha. The surge in million-dollar HDB flats exemplifies the evolving dynamics of Singapore’s housing market.While HDB flats were traditionally considered affordable housing, several factors are converging to push prices upward.



**Samantha Lee:** You mentioned several factors. Could you elaborate on those?



**Richard Li:** Absolutely.



* **Strengthening Economy:** singapore’s robust economic performance has led to increased disposable income, allowing buyers to afford higher-priced properties.

* **Limited Land Availability:** Singapore’s land scarcity puts upward pressure on property prices, as demand consistently outstrips supply.

* **Desire for Spacious, Well-Located Homes:** Buyers are increasingly seeking larger, more comfortable living spaces, particularly in desirable locations with good amenities and connectivity.



**Samantha lee:** It’s captivating to see how these factors interplay. Data shows a significant increase in million-dollar HDB resale flat transactions in 2024. Can you paint a clearer picture of this trend?



**Richard Li:** Indeed. According to our data at Huttons Data Analytics, million-dollar HDB flat sales now constitute 3-4% of total transactions, a notable increase, especially in the resale market.



Between January and November 2024 alone, over 931 resale HDB flats crossed the million-dollar mark, a substantial jump from the 470 units sold in all of 2023.



**Samantha Lee:** Striking numbers! Do you observe any particular price point that’s driving this trend?



**Richard Li:** Interestingly,a majority of these high-value transactions,around 60%,fall within the S$1 million to S$1.1 million range. This suggests a particular segment of the market, likely upgraders seeking larger units in sought-after locations, is fueling this trend.



**Samantha Lee:** Tampines, traditionally known as a mature estate, has witnessed a dramatic surge in million-dollar HDB flat sales. what’s driving this surge in Tampines specifically?



**Richard Li:** Tampines is undergoing robust redevelopment, with improved connectivity, expanded amenities, and new commercial developments. These factors, combined with its mature infrastructure and established community, are making it increasingly attractive to buyers.



**Samantha Lee:** Thank you for sharing your insights, mr. Li. This trend undoubtedly paints a picture of evolving housing aspirations and the dynamic nature of Singapore’s property market.



**Richard Li:** My pleasure, Samantha. It remains to be seen how this trend will evolve in the long term, but it certainly highlights the continued desirability of HDB flats as a housing option in Singapore.