31 HDB resale flats were transacted for at least a million dollars last month, according to the 99.co and SRX Flash Report on the HDB resale market in June 2022.

This brings the total number of million-dollar flats sold in the first half of 2022 to 166, a 57% increase from the 106 million-dollar flats sold in the same period last year.

June’s number also marks the second-highest number of million-dollar flats transacted in a month, surpassing May’s record of 30. The current all-time record was in December 2021 with 36 of such flats sold.

Nevertheless, these sales represent a tiny percentage of the total number of resale flats at 1.4%, out of the 2,139 resale flats sold last month said 99.co and SRX.

Third million-dollar flat sold in Yishun

A 1,765 sq ft executive apartment at Yishun Street 61 was sold for S$1m last month, becoming the third million-dollar HDB resale flat in Yishun. With the flat completed in 1987, the flat has about 64 years remaining lease.

This transaction makes Yishun become the non-mature estate with the highest number of million-dollar flats sold at three. Other non-mature estates that have recorded such sales so far are Woodlands with two units sold in May, and Hougang with one unit sold back in 2018.

More 4-room flats breaching the million-dollar mark

Last month also saw eight 4-room resale flats sold for at least a million dollars. In comparison, there were only two such transactions in May.

This is a trend that 99.co have previously written about last month. While 5-room flats and executive apartments generally make up the million-dollar-flat club, the property portal have been seeing more 4-room flats breaching the million-dollar mark.

HDB developments that have recorded such sales include Pinnacle@Duxton and Tiong Bahru View.

Analysts said the continual price growth in the HDB resale market does not come as a surprise as buyers’ confidence has improved substantially amid the economy reopening.

“Our economy is almost fully reopened and growth has picked up faster than in many other countries,” said OrangeTee & Tie’s senior vice president of research and analytics Christine Sun in speaking to CNA.

She added that the public housing market is usually less susceptible to macroeconomic fluctuations, and that critical drivers such as Singapore’s employment rate and income growth remain healthy, keeping demand stable.

Additionally, as Build-to-Order (BTO) construction delays persist, first-time buyers who are unwilling to wait out long completion times are also turning to the secondary market, said Dr Tan Tee Khoon, Country Manager of PropertyGuru Singapore.