Only 5 HDB estates don't have million-dollar flats: Where are they?

What do Bukit Panjang, Choa Chu Kang, Sembawang, Sengkang and Jurong West have in common?

According to a latest report by property firm Orange Tee & Tie, these are the only five towns in Singapore which have yet to see HDB flat transactions over a million dollars.

The company's second quarterly report on HDB Resale Trends, released on July 12, stated that HDB resale prices had picked up based on flash estimates, edging up for the 13th consecutive quarter.

Average prices of 5-room flats increased the most, rising by 1.9 per cent from $672,674 in Q1 2023 to $685,660 in Q2 2023.

This was followed by prices of executive flats (1.7 per cent from $813,350 to $827,549), while 4-room flats increased by 1.3 per cent from $571,995 to $579,708.

HDB flats in Geylang registered the biggest price growth of 18.7 per cent, followed by those in the Central Area at 8.6 per cent, Bedok at 4.3 per cent and Tampines at 4.1 per cent, the report added.

The report predicted, however, that three towns — Sengkang, Jurong West and Bukit Panjang — may soon give rise to their first million-dollar flats, as current data shows how flats in these estates had already transacted beyond $900,000 this year.

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When it came to which towns were most popular among buyers in Q2, they were Punggol (549 units), Woodlands (541 units), Sengkang (519 units), Yishun (451 units), and Bukit Batok (380 units).

The average price of resale flats in Punggol was $591,905, Woodlands at $530,841, Sengkang at $587,012, Yishun at $495,319, and Bukit Batok at $575,541, according to the report.

Data from data.gov.sg also showed that in terms of proportion of sales, 4-room flats continued to comprise the larger share, rising from 42.6 per cent in Q1 2023 to 45.7 per cent in Q2 2023.

5-room flats increased from 22.6 per cent to 23.4 per cent over the same period.

According to Orange Tee & Tie, Q2 saw 105 resale flats sold for more than $1 million, up from 103 million-dollar flats sold in Q1.

Of these, the most expensive flat recorded in Q2 was a four-room jumbo flat at 50 Moh Guan Terrace which transacted in June for $1.5 million. The next priciest flat was a DBSS unit in Toa Payoh that sold for $1.42 million, also in June.

The prices are a notch higher from the most expensive flats transacted in Q1, which were the $1.4 million flats in Pinnacle@Duxton and Bishan.

In its summary of the outlook for the rest of the year, the company shared that demand for HDB flats may be diverted to the Build-To-Order market due to the launch of several new flats in the second half of the year.

The firm also estimated that resale prices will continue to rise but at a "slower pace" of four to six per cent in 2023 compared to 10.4 per cent in 2022 and 12.7 per cent in 2021.

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candicecai@asiaone.com