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May 08, 2024
Rebound In HDB Resale Volume In April: Sengkang Posted First-Ever Million-Dollar Resale Flat Transaction
Wong Siew Ying
Head of Research and Content at PropNex Realty
The demand for HDB resale flats remained stable in April, with the resale volume rising by 16.2% to 2,384 units from 2,051 units resold in March. The increase in resale transactions snapped two straight months of decline in sales, amidst the seasonal lull and Lunar New Year festivities earlier in the year. When compared with April 2023, transactions were up by 9.5%.
Of note in April, Sengkang town posted its very first million-dollar resale flat transaction, with a 143-sq m maisonette changing hands for exactly $1 million. It is one of 68 flats resold for at least $1 million during the month. At the time of writing, only three HDB estates have not witnessed any million-dollar resale flat deals - being Jurong West, Choa Chu Kang, and Sembawang.
Meanwhile, the average transacted resale price stayed relatively resilient from March to April, dipping slightly by 0.9% month-on-month to about $591,500 in April (see Chart 1). On a year-on-year basis, the average resale price was up by 3.0% from $573,981 in April 2023.
In Q1 2024, the HDB resale price index climbed by 1.8% QOQ, building on the 1.1% QOQ growth in the previous quarter. This came as the resale volume in the quarter rose by 8% QOQ to 7,068 deals – the highest quarterly sales since Q3 2022 where 7,546 HDB resale flats were resold.
Chart 1: HDB resale volume and average transacted price by month
Source: PropNex Research, Data.gov.sg (as at 3 May 2024)
Table 1: Average transacted HDB resale flat prices by Flat Type in last six months
Flat Type | Nov-23 | Dec-23 | Jan-24 | Feb-24 | Mar-24 | Apr-24 | MOM % change |
3-ROOM | $420,409 | $412,651 | $420,936 | $424,956 | $422,998 | $430,110 | 1.7% |
4-ROOM | $593,082 | $597,880 | $597,705 | $599,686 | $610,418 | $604,626 | -0.9% |
5-ROOM | $691,162 | $698,665 | $712,135 | $691,786 | $706,353 | $710,615 | 0.6% |
EXECUTIVE | $839,811 | $822,098 | $865,608 | $843,499 | $851,162 | $871,600 | 2.4% |
Source: PropNex Research, Data.gov.sg (as at 3 May 2024)
Looking at the transaction data by towns and flat types, the average resale price in several segments posted MOM increase. In particular, executive flats in mature towns rose by 5.7% MOM to more than $973,400 in April, supported by the sale of 15 “million-dollar” resale flats – in Ang Mo Kio, Bedok, Bishan, Bukit Timah, Geylang, Queenstown, Tampines, and Toa Payoh - in the month. This was followed by 4-room and 3-room flats where the average price rose by 1.9% MOM and 1.5% MOM respectively. Over in non-mature estates, it was the 3-room flat type which led price growth, increasing by 2.6% MOM to about $417,860 in April 2024 (see Table 2).
Table 2: Average transacted HDB resale flat prices in Mature and Non-mature towns
Source: PropNex Research, Data.gov.sg (as at 3 May 2024)
In April 2024, mature towns made up the top 3 lists of estates in PropNex’s ranking of average transacted resale prices on a per square foot basis ($PSF) by flat types (see Table 3). The highest average PSF price for 4-room flats in April was $952 psf in Queenstown, while the Central Area and Bukit Timah garnered the highest average unit resale price for 5-room flats and executive flats in during the month at $955 psf and $854 psf, respectively.
Table 3: Top 3 towns by Average $PSF transacted price by flat type in April 2024 (and corresponding price in previous month)
4-Room | |||||
Top 3 | Mar-24 | Apr-24 | |||
QUEENSTOWN | $798 | $952 | |||
KALLANG/WHAMPOA | $845 | $846 | |||
BUKIT MERAH | $847 | $833 | |||
5-Room | Executive | ||||
Top 3 | Mar-24 | Apr-24 | Top 3 | Mar-24 | Apr-24 |
CENTRAL AREA | $969 | $955 | BUKIT TIMAH | - | $854 |
BUKIT MERAH | $702 | $788 | QUEENSTOWN | $724 | $777 |
QUEENSTOWN | $821 | $772 | BISHAN | $739 | $772 |
Source: PropNex Research, Data.gov.sg (as at 3 May 2024)
Chart 2: Proportion of HDB Resale Transactions by Price Range
Source: PropNex Research, Data.gov.sg (as at 3 May 2024)
Based on the sales data, 32.8% of resale flats sold in April were priced at below $500,000, compared to 30.9% in the previous month. Meanwhile, about 64.3% of the flats resold in the month were priced at between $500,000 and just under $1 mil – down from 66.2% in March. The proportion of resale flats sold for at least $1 million accounted for 2.9% of the resale deals in April – marginally lower than the 3% recorded in March (See Chart 2).
In April 2024, there were 68 flats resold for at least $1 million, representing an 11% jump over the 61 units transacted in the previous month (see Chart 3). This takes the total number of such flats resold to 253 units in the first four months of 2024, on track to possibly exceed the 469 units sold in the whole of 2023.
Of the 68 flats resold for at least $1 million in April, seven units are located in non-mature towns - one each in Sengkang, Bukit Panjang, Hougang, Woodlands, and Yishun, and two units in Jurong East. The remaining such flats are located in Ang Mo Kio (5 units), Bedok (2), Bishan (2), Bukit Merah (9), Bukit Timah (3), Central Area (1), Clementi (2), Geylang (1), Kallang Whampoa (15), Queenstown (8), Tampines (4), and Toa Payoh (9). By flat types, 24 of the units are 4-room flats, 22 units are 5-room units, and 22 are executive flats.
Notably, this is the highest number of 4-room resale flats which fetched at least $1 million in a month – tipping over the 20-unit mark for the first time. These 4-room resale flats are situated in Bukit Merah, Kallang Whampoa, Queenstown, and Toa Payoh. In particular, 11 of the 4-room flats are at St. George’s Towers in Kallang Whampoa near to the Boon Keng MRT station. It is likely that the sellers had recently fulfilled their 5-year minimum occupation period; the flats resold at St. George’s Towers still have a balance lease of about 95 years. These deals, in turn, have boosted the number of million-dollar resale flats sold in Kallang Whampoa in a month to a high of 15 units in April.
Chart 3: Number of “Million-dollar” HDB Resale Flats sold By Month
Source: PropNex Research, Data.gov.sg (as at 3 May 2024)
The priciest HDB resale flat sold in April was a 5-room flat in Lorong 1A Toa Payoh, which fetched $1.438 million (see Table 4). The 117-sq m DBSS unit is located on a floor ranging between 22nd and 24th floor and has a remaining lease of more than 86 years.
Town | Type | Street | Storey range | Floor area SQM | Lease start date | Price | PSF ($) |
TOA PAYOH | 5 ROOM | LOR 1A TOA PAYOH | 22 TO 24 | 117 | 2012 | $1,438,000 | $1,142 |
CENTRAL AREA | 5 ROOM | CANTONMENT RD | 37 TO 39 | 107 | 2011 | $1,425,000 | $1,237 |
BUKIT TIMAH | EXECUTIVE | TOH YI DR | 10 TO 12 | 146 | 1988 | $1,410,000 | $897 |
TOA PAYOH | 5 ROOM | LOR 1A TOA PAYOH | 25 TO 27 | 117 | 2012 | $1,400,000 | $1,112 |
BUKIT TIMAH | EXECUTIVE | TOH YI DR | 10 TO 12 | 146 | 1988 | $1,330,000 | $846 |
BUKIT MERAH | 5 ROOM | BOON TIONG RD | 16 TO 18 | 115 | 2001 | $1,295,000 | $1,046 |
BUKIT TIMAH | EXECUTIVE | TOH YI DR | 10 TO 12 | 146 | 1989 | $1,288,000 | $820 |
BUKIT MERAH | 5 ROOM | KIM TIAN RD | 28 TO 30 | 113 | 2013 | $1,280,000 | $1,052 |
QUEENSTOWN | 5 ROOM | DOVER CRES | 34 TO 36 | 124 | 2012 | $1,252,888 | $939 |
BUKIT MERAH | 5 ROOM | BOON TIONG RD | 10 TO 12 | 115 | 2005 | $1,250,000 | $1,010 |
Source: PropNex Research, Data.gov.sg (as at 3 May 2024)
PropNex has previously announced that one of its real estate salespersons has transacted a 5-room resale flat in Boon Tiong Road for $1.588 million, a new record price for HDB resale flats. The option to purchase was executed on 28 April 2024, and the transaction is yet to be reflected in the sales data for the month of April. We expect that the entry could be reflected in May’s transaction data.
