The Sale of Expensive Flats Reached a New Peak

The HDB unrolled an apartment resale event in the second half of this year, an event that exceeded all expectations. Homebuyers were much more interested in large, 5-room apartments, rather than in smaller, more affordable units. Thus, the units that had a price tag of at least $1 million were sold contrary to what was expected, a new peak being reached this way in a year when poor performances on the real estate market were foreseen. It seems that this is indeed a surprising year, from all points of view.


The information made public by the SRX this December revealed that 13 transactions completed in November, during the resale of HDB units, regarded 5-room units. All of the units sold during the January to November period summed up a value of $72 million, which exceeds the 64-threshold recorded by all the twelve months of 2019. However, the SRX also underlined the fact that the prices of HDB units increased, while the transactions volumed recorded a downward trend. This explains why the value is so large, despite the fact that sales are not as they used to be.


One particular 5-room flat stands out in the crowd, as it was sold for the highest price in the previous month. More precisely, we are talking about a unit provided by The Pinnacle @ Duxton, which found new owners for no less than $1,248,000. Regarding the resale of flats in November, this was the highest selling price. Of course, there were more affordable 5-room flats available as well. For instance, the units provided by Parkland Residences, located in Hougang, were sold for the price of $810,000. Still, taking into account that this is a non-mature real estate, the prices of these units were above average.


According to Wong Siew Ying, who is the head of research and content at PropNex, homebuyers were willing to pay $1 million or more on flats due to their location and the advantage of being close to a wider range of amenities. Being close to the city center is for many residents an advantage worth paying for. Also, Ms. Ying mentioned the fact that private apartments recorded no decreases in price during the health crisis. This can also be a good reason people turned to HDB units, which are more in the affordable range. In other words, homebuyers paid less to meet their needs and wishes regarding a home.


It is enough to consider that a condo located in the suburbs, adequate for a family, sells for price tags around $1.5 million. HDB resale flats of the same size, however, sold for $1 million or slightly over. Besides a smaller price tag, homebuyers are enjoying similar living spaces and the benefit of being located in central areas of the city. Since October, HDB resale flats recorded a price increase of only 1%. While it is true that the month of November brought an increase of 5% to these prices, the rise is still lower than the 9.5% increase recorded in April 2013.


Regarding HDB resale flats, the past eleven months of 2020 sold 21,876 units. Experts expect that by the end of this year, there will be 23,000 to 24,000 units of this kind sold. If this happens, there will be similar transaction values with 2019, when 23,714 HDB resale units found new owners.




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The Most Expensive Flats in Toa Payoh Were Highly Sought-after

Many events on the real estate market in Singapore managed to amaze the specialists, who expected to see significant changes due to the pandemic’s influence. The same happened with flats recently launched in Toa Payoh. The priciest HDB apartments of this November launch enjoyed the highest amount of attention from homebuyers. More precisely, the five-room flats of the new development got six times more applicants than expected. It appears that the elevated price tags for these spacious units didn’t discourage home seekers, who swarmed into making applications to get such a unit.


To the awe of everyone, the five-room HDB housing named Bartley Beacon, which is the new development launched in Toa Payoh, enjoyed a large deal of attention. How much does such a flat cost? Prices for these units vary between $627,000 and $726,000, without adding the grants that also have to be paid. Being the most generous apartments of the development, they were highly appreciated by applicants. There were four-room apartments available as well, but they only got three times the number of applicants for each unit, so they were slightly less popular.

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