Record-breaking 96 HDB resale flats sold for over S$1 million in June

The HDB resale market continues to sizzle, with June 2024 marking a new high for million-dollar flat transactions. This follows a trend we’ve seen throughout the year – in January, we witnessed the first record broken, then again in May with 74 flats reaching the million-dollar mark. 

But June surpassed both, with a staggering number close to hitting 100. 

Table of content:

• The overview of things
• HDB resale prices climb
• Decline in resale volume
• Highest transacted prices in June 2024
• A surge in million-dollar transactions
• The new ATH for million-dollar flats sold is 29.73% higher than the last record high
• So, why are more 4-room flats hitting the million-dollar mark? 

The overview of things

Around 23 of these million-dollar transactions stemmed from recently MOP-ed projects in central locations like Cheng San Court, City Vue @ Henderson, St George Towers, Macpherson Spring, and Toa Payoh Apex.  

HDB resale prices also saw a strong increase of 1.8%, setting a new ATH. The last significant rise was back in February 2021, with a 1.9% month-on-month increase. The trend of low supply and high demand continues, suggesting that this upward trajectory is likely to persist.

Looking for more HDB flats that MOP-ed recently besides the projects mentioned above? Check out our article here: Full list of BTO projects hitting MOP in 2024/2025 & Our top picks near the MRT

HDB resale prices climb

June 2024 saw HDB resale prices rise by 1.8% compared to May 2024.

Mature and non-mature estates experienced increases of 2.6% and 1.3%, respectively. Specifically, prices for 3-room flats increased by 1.6%, 4-room flats by 1.8%, 5-room flats by 1.6%, and executive flats by 1.1%.

According to the SRX Property Price Index for HDB Resale:

• Year-on-year, the overall price increase was 7.3% from June 2023.
• Year-on-year, prices for all room types increased: 3-room by 6.5%, 4-room by 7.5%, 5-room by 7.3%, and executive by 6.2%.
• Prices in both mature and non-mature estates rose by 6.7% and 7.3%, respectively, from a year ago.

Decline in resale volume

A total of 2,184 HDB resale flats were transacted in June 2024, marking a 13.1% decrease from May 2024. 

However, year-on-year, the resale volume for June 2024 was 17.5% higher than the previous year. 

By room type, 24.8% of the volume came from 3-room flats, 44% from 4-room flats, 24.2% from 5-room flats, and 6.9% from executive flats. Breaking it down by estate, 57.7% of the resale volume in June 2024 came from non-mature estates, while 42.3% came from mature estates.

Highest transacted prices in June 2024

The highest transacted price for a resale flat in June was achieved by a 5-room flat at Boon Tiong Rd, selling for S$1,588,000. In non-mature estates, the highest price was S$1,088,000 for a 5-room flat at Hougang St 21.

Read more: Bukit Merah matches yet another national high as City Vue @ Henderson hits S$1.588M

Check your affordability with 99.co’s affordability calculator!

A surge in million-dollar transactions

There were 96 HDB resale flats transacted for at least S$1,000,000 in June 2024, up from 74 in May 2024. These million-dollar flats represented 4.4% of the total resale volume for the month. 

Kallang Whampoa recorded 18 million-dollar flats sold, followed by Geylang and Bukit Merah with 11 units each. Other areas contributing to these transactions included Toa Payoh, Bishan, Ang Mo Kio, Clementi, Queenstown, Serangoon, Yishun (yes, you read that right), Central Area, Hougang, Bedok, Marine Parade, Bukit Timah, Pasir Ris, Tampines, and Woodlands.

The new ATH for million-dollar flats sold is 29.73% higher than the last record high

Out of the 96 million-dollar transactions, 35 were 4-room flats, accounting for 36.46%. Meanwhile, 42 were 5-room flats, making up 43.75%, and 18 were executive flats, which comprised 18.75%.

If you add these percentages, you’ll get 98.96%. This is because the remaining percentage goes to one multigenerational flat that was sold for S$1,028,000. Most of the million-dollar transactions in the month came from 5-room HDBs, which is not surprising given their larger size and appeal to families needing more space.

However, what is surprising is there were more 4-room million-dollar sales than executive sales. More 4-room flats reached the million-dollar mark compared to executive flats, and they were close to matching the 5-room transactions, with just seven fewer sales.

Interested in upcoming new launches for the year? Take a look at your options here: 8 new launches expected in Q2 of 2024

So, why are more 4-room flats hitting the million-dollar mark? 

There are a few key reasons why more 4-room HDB resale flats are reaching the S$1 million mark. 

First, 4-room flats are generally more affordable than larger units, making them attractive to young families and seniors looking to downsize. This high demand, coupled with a limited supply of new flats in desirable locations, pushes prices up. 

Second, location plays a major role. Flats in mature estates, close to MRT stations and amenities, tend to command higher prices. Some million-dollar 4-room flats are even in central areas like Toa Payoh and Bukit Merah. 

Looking for a property close to an MRT station of your choice? Check out 99.co’s MRT map here.

Third, newer flats built in the 2010s and onwards are more likely to hit the million-dollar mark. Buyers are increasingly valuing a longer remaining lease on the flat. 

Lastly, the overall HDB resale market has seen significant price increases in recent years. As 5-room flats become less affordable for some buyers, the demand for larger 4-room units rises, pushing their prices up as well.

This trend of million-dollar 4-room flats is expected to continue, especially in popular and well-located areas.

What do you think of the new million-dollar flats ATH in June? Share your thoughts in the comments section below or on our Facebook page.