Last month, we recorded a total of 120 million-dollar HDB resale transactions, signaling heightened demand in the HDB resale market. These transactions, which set new all-time high (ATH) prices in the towns of Hougang, Geylang, and Queenstown, underscore the growing demand and rising value of HDB flats across Singapore.
This article covers three million-dollar HDB resales on the same day.
Table of contents:
- All-time-high for Hougang
- All-time-high for Geylang
- Another all-time-high for Queenstown
- Price comparison between the three transactions
- Price comparison with the national ATH
- Conclusion
All-time-high for Hougang
A 5-room flat located at 231 Hougang Street 21 achieved a new record high price for the town. This property, occupying the 10th to 12th floors and covering an area of 1,528.48 sqft, was sold for S$1,150,000 on 1 August 2024.
The graph above shows is there was a sharp 96.18% increase in price trends between 2009 and 2024, showcasing heightened demand for the units in development.
Below, we look at the recent million-dollar transactions from the Hougang estate:
| Street | Type | Model | Floor | Area (sqm) | Lease | Resale Price (S$) | Date |
|---|---|---|---|---|---|---|---|
| Hougang St 21 | 5RM | Model A-Maisonette | 10-12 | 142 | 1984 | 1,150,000 | 2024-08-01 |
| Hougang St 21 | EXE | Maisonette | 13-15 | 156 | 1984 | 1,150,000 | 2024-03-01 |
| Hougang Ave 6 | EXE | Maisonette | 7-9 | 149 | 1990 | 1,100,000 | 2024-05-01 |
| Hougang Ave 6 | EXE | Maisonette | 13-15 | 149 | 1990 | 1,090,000 | 2024-07-01 |
| Hougang St 21 | 5RM | Model A-Maisonette | 10-12 | 142 | 1984 | 1,088,000 | 2024-06-01 |
| Hougang St 31 | EXE | Apartment | 7-9 | 141 | 1999 | 1,088,000 | 2024-03-01 |
| Hougang St 21 | EXE | Apartment | 10-12 | 146 | 1984 | 1,080,000 | 2022-09-01 |
| Hougang St 21 | EXE | Maisonette | 10-12 | 156 | 1984 | 1,080,000 | 2024-01-01 |
| Hougang St 31 | EXE | Apartment | 16-18 | 143 | 2000 | 1,078,000 | 2023-08-01 |
| Hougang Ctrl | EXE | Apartment | 7-9 | 138 | 1997 | 1,072,888 | 2022-07-01 |
Hougang has experienced consistent growth in property values over time. The recent transaction highlights the increasing attractiveness of the area.
Read this: Double Executive S$1.15M ATH: Hougang and Bedok sharing the title
Heartland Mall and Kovan Market and Food Centre are at its doorstep, and Kovan MRT station is just a 10-minute walk away. Parents with young children will also appreciate the proximity to reputable schools like Maris Stella High School, St. Gabriel’s Primary School, and Paya Lebar Methodist Girls’ School (Primary).
What makes 231 Hougang Street 21 so sellable?
The high resale value of this flat is largely attributed to its prime location near key amenities. The property’s spacious layout and mid-level location, which offers a balance of accessibility and privacy, further enhance its appeal to potential buyers. Additionally, the area is well-served by various amenities, including shopping centers, supermarkets, and eateries, enhancing the convenience for residents.
Hougang is known for its family-friendly environment, with parks, playgrounds, and community facilities that cater to families and children. As an established estate, Hougang offers a mature and stable living environment with a well-developed infrastructure. Furthermore, ongoing and planned developments in the area can boost property values, attracting buyers looking for long-term investment potential.
All-time-high for Geylang
A transaction occurred at 60 Dakota Crescent in Geylang. The 5-room flat, situated on the 4th to 6th floors and spanning 1,474.66 sqft, was resold for S$1,128,000 on the same date.
In the graph above, there was a 74.07% price trend increment from 2009 and 2024, indicating a great demand for units in 60 Dakota Crescent, possibly due to the limited number of units available.
In the table below, we see the recent million-dollar transactions in the Geylang estate:
| Street | Type | Model | Floor | Area (sqm) | Lease | Resale Price (S$) | Date |
|---|---|---|---|---|---|---|---|
| Dakota Cres | 5RM | Model A-Maisonette | 4-6 | 137 | 1983 | 1,128,000 | 2024-08-01 |
| Dakota Cres | 5RM | Model A-Maisonette | 4-6 | 139 | 1984 | 1,105,000 | 2023-06-01 |
| Pine Cl | 5RM | Improved | 16-18 | 110 | 2000 | 1,100,000 | 2022-10-01 |
| Pine Cl | 5RM | Improved | 7-9 | 110 | 2000 | 1,100,000 | 2023-09-01 |
| Jln Tiga | 5RM | Improved | 19-21 | 110 | 2005 | 1,098,888 | 2024-06-01 |
| Geylang East Ave 1 | EXE | Maisonette | 16-18 | 146 | 1987 | 1,088,888 | 2024-05-01 |
| Cassia Cres | 5RM | Improved | 19-21 | 120 | 1998 | 1,088,000 | 2024-02-01 |
| Dakota Cres | 5RM | Model A-Maisonette | 4-6 | 140 | 1983 | 1,080,000 | 2023-09-01 |
| Circuit Rd | 4RM | Model A | 13-15 | 93 | 2020 | 1,080,000 | 2024-06-01 |
| Geylang East Ave 1 | EXE | Maisonette | 13-15 | 146 | 1987 | 1,068,888 | 2024-06-01 |
This property is renowned for its proximity to Dakota MRT, located right at its doorstep, and its short 5-minute walk to Old Airport Road Food Centre. Families are particularly drawn to this area due to its convenient access to the city centre via numerous public transportation options and the availability of reputable educational institutions such as Kong Hwa School, Broadrick Secondary School, Haig Girls’ School, and Tao Nan School.
What makes 60 Dakota Crescent so sellable?
Geylang is known for its rich cultural heritage and diverse food scene, making it an attractive location for many buyers. The area’s proximity to amenities such as markets, eateries, and upcoming developments has increased property values. The lower floor level of the flat offers convenient access while providing adequate elevation to minimise street-level noise and activity.
Moreover, the high demand for limited supply in Geylang drives up the average price of available units. The area’s well-connected public transportation options make commuting to various parts of Singapore convenient, which is a significant factor for buyers. The vibrant community and active lifestyle options available in Geylang further add to the desirability of properties in this location.
Another all-time-high for Queenstown
In July, we recorded an ATH transaction of a 4-room HDB flat at SkyTerrace @ Dawson, selling for S$1,300,000. This month, another 4-room HDB flat in the same development has set a new record for Queenstown. The property, located between the 34th and 36th floors, spans 1,022.57 sqft and was sold for S$1,380,000.
Read this: A 4-room unit at SkyTerrace @ Dawson was sold for S$1.3M
We continue with a brief look at the latest million-dollar transactions from the Queenstown estate:
| Street | Type | Model | Floor | Area (sqm) | Lease | Resale Price (S$) | Date |
|---|---|---|---|---|---|---|---|
| Dawson Rd | 5RM | Premium Apartment Loft | 37-39 | 122 | 2016 | 1,418,000 | 2022-07-01 |
| Dawson Rd | 4RM | Premium Apartment Loft | 34-36 | 95 | 2016 | 1,380,000 | 2024-08-01 |
| Dawson Rd | 5RM | Premium Apartment Loft | 40-42 | 122 | 2016 | 1,328,000 | 2021-12-01 |
| Dawson Rd | 5RM | Premium Apartment | 40-42 | 108 | 2016 | 1,300,000 | 2022-11-01 |
| Dawson Rd | 4RM | Premium Apartment Loft | 40-42 | 97 | 2016 | 1,300,000 | 2024-07-01 |
| Mei Ling St | EXE | Maisonette | 10-12 | 156 | 1995 | 1,288,000 | 2022-07-01 |
| Strathmore Ave | 5RM | Improved | 7-9 | 117 | 2011 | 1,280,000 | 2024-03-01 |
| Dawson Rd | 5RM | Premium Apartment | 40-42 | 108 | 2016 | 1,270,000 | 2022-10-01 |
| Dawson Rd | 5RM | Premium Apartment | 31-33 | 104 | 2016 | 1,270,000 | 2023-08-01 |
| Dawson Rd | 5RM | Premium Apartment | 16-18 | 104 | 2016 | 1,270,000 | 2024-07-01 |
The property’s appeal lies in its proximity to the city centre and Queenstown MRT, just a 10-minute walk away. It is also surrounded by many amenities, including IKEA Alexandra, Alexandra Mall, Anchorpoint Centre, Alexandra Village, 85 Redhill Food Centre, and ABC Brickworks Food and Market Centre.
What makes units from 90 Dawson Road sellable?
Queenstown’s appeal lies in its central location, well-developed infrastructure, and scenic views. In the case of 90 Dawson Road units, it is due to their panoramic views and increased privacy. The area’s appeal is also enhanced by its proximity to renowned schools and educational institutions, making it a favored choice for families with children. Anticipated infrastructural developments in the vicinity are expected to drive up property values and attractiveness. The public transport options, which include nearby MRT stations and bus services, offer convenient access to other parts of the city. The modern designs and efficient layouts of the units cater to contemporary buyers, and the scenic city views from higher floors provide a peaceful living environment.
Additionally, the existence of community facilities such as community centers and sports complexes further adds to the convenience for residents.The high floor level of this flat offers panoramic views of the surrounding cityscape, a feature highly coveted by buyers. With Queenstown’s reputation as one of Singapore’s oldest and most established housing estates adds to its allure, it contributes to the high resale value of properties in the area.
Price comparison between the three transactions
Comparing the resale prices of these three ATH properties reveals interesting insights:
Notably, in 2024, 231 Hougang Street 21 saw an average price of S$935,781 with six transactions, 60 Dakota Crescent achieved an ATH price of S$1,128,000 with one transaction, and 90 Dawson Road recorded an average price of S$1,089,667 with six transactions.
Now, why is 60 Dakota Crescent’s average price higher than the other two? From a glance, it’s because the other two have more transactions, thus making their averages lower. In a more detailed look, there are many attributes that can contribute to it, naming a few; having limited supply with high demand, connectivity and accessibility, and future development potential. We’ll keep an eye out for more transactions from 60 Dakota Crescent in the future.
Price comparison with the national ATH
The transactions in these towns have set records, but none have reached the national ATH price of S$1,588,000. The highest-end transactions influence this national benchmark in the most sought-after locations.
Find out if you can afford it with our: Affordability calculator
Several factors may explain why the national ATH remains unmet:
- The national ATH often reflects the most exclusive and rare properties, potentially in more central or premium areas.
- Market conditions and economic factors also play a crucial role, affecting buyers’ willingness to pay top dollar.
- Policies and trends in the broader real estate market can influence national prices differently compared to town-specific trends.
2024 saw an average resale price of S$1,122,018, with a volume of 553 transactions, reflecting a substantial increase in price and transaction volume over the years. Starting from the giant leap in numbers between 2020 and 2021, we are currently looking at a pricing and volume trend that will further increase throughout the coming years.
Conclusion
The recent resale prices in Hougang, Geylang, and Queenstown reflect the active and changing HDB resale market. These transactions highlight the demand for well-located, high-quality flats in different parts of Singapore. As the market continues to evolve, it is expected that more towns will reach new price levels, influenced by market conditions, economic trends, and policy changes.
The future of million-dollar HDB resale trends appears promising, with potential for further appreciation in property values across Singapore. For buyers and investors, staying informed about these trends and understanding the factors driving them will be essential for making strategic decisions in the real estate market.
Properties for you
3
2
3
2
3
2
3
2
3
2
2
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
4
3
4
3
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
4
2
3
2
3
2
2
2
4
2
3
2
3
2
4
3
3
2
3
2
3
2
4
3
3
2
3
2
3
2
3
2
3
2
3
2
2
2
4
3
3
2
4
3
2
1
2
1
2
2
3
2
2
2
3
1
3
2
3
1
2
1
3
2
2
2
3
2
3
2
4
3
3
2
5
2
2
2
2
1
2
2
2
2
4
2
3
2
3
2
3
2
2
1
2
1
3
2
3
2
2
2
3
2
2
1
2
2
3
2
3
2
2
2
4
3
3
2
2
2
3
2
3
2
2
1
2
2
2
1
2
2
2
2
3
2
3
2
3
1
3
2
3
2
1
1
2
1
3
2
4
2
2
2
3
1
3
2
3
2
2
1
2
2
Disclaimer: This information is intended solely for general informational purposes. 99.co makes no claims or guarantees regarding the information’s accuracy, completeness, or suitability, including, but not limited to, any assertion or assurance regarding its appropriateness for any specific purpose, to the maximum extent allowed by law. Despite all efforts to ensure that the information presented in this article is current, reliable, and comprehensive at the time of publication, it should not be used as the sole basis for making financial, investment, real estate, or legal decisions. Furthermore, this information is not a replacement for professional advice tailored to your unique personal circumstances, and we disclaim any responsibility for decisions made using this information.
About Azhann Rosmin
Azhann Rosmin is a writer who has 6 years of professional forte. He specialises in writing about real estate and lifestyle topics. His coverage mostly focuses on HDBs, condos, BTOs, and landed houses while also favouring topics of food, nightlife, and technology. He has worked in multiple writing positions that include cryptocurrency, fintech, e-commerce, fashion, and cosmetics. Azhann graduated with a bachelor's degree in Applied Linguistics and also writes poetry.
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.
Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
Join our social media communities!
Facebook | Instagram | TikTok | Telegram | YouTube | Twitter
