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Which HDB towns sold the most flats in 2024?

Which HDB towns sold the most flats in 2024?
PHOTO: Stackedhomes

2024 was quite the year for resale flats. We saw little real loss of momentum, despite many earlier claims that the rising prices couldn't be sustained. We even saw notable transactions, such as one flat reaching over $1.7 million, and a 3-room unit that hit the $900,000 mark.

But which HDB towns saw the biggest volume of transactions, and where are Singaporeans rushing to for their homes? Here's a breakdown of the most active parts of the HDB market for year-end 2024:

Breakdown of resale flat transaction volumes for 2024

Estate 3 ROOM 4 ROOM 5 ROOM EXECUTIVE MULTI-GENERATION Total
SENGKANG 171 1042 718 125   2,056
WOODLANDS 274 882 626 214   1,996
TAMPINES 421 867 506 150 2 1,946
PUNGGOL 259 1,007 646 33   1,945
JURONG WEST 399 764 567 170   1,900
YISHUN 478 896 311 90 3 1,778
BUKIT BATOK 429 810 305 75   1,619
HOUGANG 308 672 288 144   1,412
BEDOK 536 453 252 61   1,302
CHOA CHU KANG 85 655 407 127   1,274
ANG MO KIO 571 308 144 15   1,038
BUKIT MERAH 379 433 183     995
SEMBAWANG 111 485 256 71   923
KALLANG/WHAMPOA 416 375 111 15   917
BUKIT PANJANG 119 370 275 85   849
TOA PAYOH 366 299 108 17   790
QUEENSTOWN 339 273 69 4   685
PASIR RIS 18 279 195 186   678
GEYLANG 308 248 61 24   641
JURONG EAST 230 171 118 39   558
CLEMENTI 270 201 67 14   552
SERANGOON 97 197 88 58   440
BISHAN 51 188 105 38 1 383
CENTRAL AREA 81 68 24     173
MARINE PARADE 78 34 28     140
BUKIT TIMAH 12 22 16 12   62
Grand Total 6,806 11,999 6,474 1,767 6 27,052

Some of the numbers are routine and expected, and not specific to 2024. Most transactions, for instance, were for 4-room flats, because these are the most ubiquitous form of housing in Singapore. Likewise, mature and central areas saw the lowest number of transactions (although usually the highest prices) due to reasons of scarcity and higher prices.

However, there are some notable trends in the above:

1. Tampines joined Sengkang and Woodlands in the top three

It's not too surprising to see Sengkang, Woodlands, Punggol, etc. having higher transaction volumes, as these are less mature areas where prices tend to be lower. Tampines however, is a mature town and a regional centre of the east, so we wouldn't have expected it to be in the top three.

PHOTO: Stackedhomes

However, a closer look shows that a high number of more affordable 3-room flats (421 units) are driving up the volume in Tampines. Besides this, Tampines Central (the area where Tampines MRT station and malls like Century Square are clustered) is quite different from Tampines North or Tampines South.

These two parts of Tampines are less developed, and prices here will be lower for some time to come. There are also planned future developments for these parts of Tampines, which may spark interest for those looking at the long term.

2. 3-room flats saw high demand in Yishun, Ang Mo Kio, and Tampines

Ang Mo Kio saw the biggest number of 3-room flat transactions (571 units). Ang Mo Kio is a mature estate, and flats here can command high prices; 4-room flats here can hit the million-dollar mark. The number of 3-room flat purchases may reflect buyers who are willing to compromise on space, in exchange for better amenities.

Yishun saw the next highest number of 3-room flats (478) with Tampines following up at 421 units. As stated above, some parts of Tampines are cheaper than the famed Tampines hub. The 3-room flats purchased in these Yishun, and the less-pricey parts of Tampines, may reflect buyers who are prioritising affordability right now.

3. A possible grab for the most affordable large flats in Woodlands and Pasir Ris

Resale flat prices are high right now, so those who want large executive flats may be in a bit of a bind. The solution seems to be executive flats in less mature areas: Woodlands saw the highest number of executive flats transacted (214 units), while Pasir Ris followed at 186 units. The third highest (170 transactions) was also in the lower-cost area of Jurong West, followed by Hougang.

It seems that at prevailing prices, those who need larger homes will have to settle for the fringe areas. It may also be no coincidence that Jurong West, Hougang, Woodlands and Pasir Ris are the first recipients of the latest round of HDB's Home Improvement Scheme. This may mitigate the greater age/lease decay of some of some executive flats.

4. Plus flats may change the HDB landscape in the coming year

Plus flats were introduced at the very end of 2024, with the first Plus BTO launch site being in Bayshore (it's still under construction). One differing factor between Plus and Prime is that a Plus flat isn’t necessarily near the city centre; Bayshore, for instance, is far out on the fringes of the East Coast. All a flat needs to have Plus status is to be close to the hub of its specific neighbourhood — the spot where the train station, mall, market & food centre, etc. are located.

This could introduce a new dynamic even in non-central parts of Singapore. In particular, it could drive demand for existing resale flats located near their neighbourhood hubs, but which are not subject to Plus housing restrictions like a 10-year MOP.

We may see some effects from this toward the end of the coming year, or perhaps a bit later.

PHOTO: Stackedhomes

This article was first published in Stackedhomes.

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