September 17, 2021

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Demand for resale flats since the end of the Circuit Breaker has pushed prices and sales to new highs. According to the HDB Price Index in Q2 2021, resale flat prices climbed 3% from Q1 2021, growing for the fifth consecutive quarter since Q2 2020. Prices were also 11% higher compared to a year ago. 

In fact, 2021 has already seen a record of million-dollar HDB resale flats transactions, with 159 at the time of writing. This figure has already surpassed the 82 recorded in the entire 2020, which was the previous record.

While these are mostly exclusive in mature estates, experts say that we could soon see million-dollar flats in non-mature estates by next year based on pricing trends. For example, prices of 5-room flats in non-mature estates have grown by 11% in Q1 2021 compared to a year ago, which is faster than the 6.9% in mature estates.

So with resale prices on the uptrend, will we see more million-dollar flats in non-mature estates?

 

Where Are Million-Dollar HDB Flats Located? 

At the time of writing, there have been 422 million-dollar HDB flats transacted since 2012. Apart from an executive apartment in Hougang that was sold for $1 million in 2018, the remaining 12 are located in mature estates, according to official data from data.gov.sg:

Estate	No. of million-dollar flats
Ang Mo Kio	3
Bishan	85
Bukit Merah	38
Bukit Timah	21
Central Area	135
Clementi	14
Geylang	1
Hougang	1
Kallang/Whampoa	37
Serangoon	5
Toa Payoh	46
Queenstown	67

Data as at 13 September 2021

 

Which Estates Have Flats That Are Trending Towards $1 Million?

Million-dollar HDB flats have so far happened exclusively in the 11 estates above, but with resale flat prices rising across the island, will we see million-dollar flats in other HDB estates soon?

Taking a look at official data from data.gov.org, below is the list of flats that have transacted from $850,000 to below $1 million so far this year:

Town	Flat type	Street name	Floor area (sqm)	Flat model	Lease commence date	Resale price
BUKIT BATOK	EXECUTIVE	BT BATOK ST 25	144	Apartment	1997	968000
BEDOK	EXECUTIVE	LENGKONG TIGA	146	Maisonette	1989	968000
MARINE PARADE	5 ROOM	MARINE TER	120	Standard	1975	950000
MARINE PARADE	5 ROOM	MARINE DR	120	Standard	1977	943000
MARINE PARADE	5 ROOM	MARINE TER	117	Standard	1975	938000
BEDOK	EXECUTIVE	LENGKONG TIGA	146	Maisonette	1989	920000
TAMPINES	MULTI-GENERATION	TAMPINES ST 42	166	Multi Generation	1987	920000
TAMPINES	EXECUTIVE	TAMPINES ST 82	145	Apartment	1995	915000
BEDOK	EXECUTIVE	BEDOK STH AVE 2	143	Apartment	1995	915000
PUNGGOL	5 ROOM	PUNGGOL PL	147	Premium Apartment Loft	2012	910000
BEDOK	EXECUTIVE	BEDOK STH AVE 2	142	Apartment	1993	909000
BEDOK	EXECUTIVE	BEDOK STH AVE 2	143	Apartment	1995	900000
MARINE PARADE	5 ROOM	MARINE CRES	126	Standard	1975	900000
MARINE PARADE	5 ROOM	MARINE DR	120	Standard	1977	900000
MARINE PARADE	5 ROOM	MARINE DR	120	Standard	1977	895000
TAMPINES	EXECUTIVE	TAMPINES ST 82	148	Apartment	1995	891888
BEDOK	EXECUTIVE	LENGKONG TIGA	154	Maisonette	1989	890000
CHOA CHU KANG	EXECUTIVE	CHOA CHU KANG ST 64	182	Premium Maisonette	1998	890000
TAMPINES	EXECUTIVE	TAMPINES ST 21	150	Maisonette	1984	890000
TAMPINES	5 ROOM	TAMPINES CTRL 8	109	DBSS	2014	888888
JURONG EAST	EXECUTIVE	TOH GUAN RD	145	Maisonette	1998	885000
JURONG EAST	EXECUTIVE	JURONG EAST ST 21	143	Maisonette	1998	885000
TAMPINES	EXECUTIVE	TAMPINES AVE 5	146	Maisonette	1989	883000
MARINE PARADE	5 ROOM	MARINE DR	122	Standard	1977	880000
BEDOK	EXECUTIVE	LENGKONG TIGA	149	Maisonette	1989	880000
BUKIT BATOK	EXECUTIVE	BT BATOK ST 25	165	Maisonette	1997	880000
BEDOK	5 ROOM	BEDOK RESERVOIR CRES	105	DBSS	2014	880000
TAMPINES	EXECUTIVE	TAMPINES AVE 5	145	Apartment	1985	880000
BUKIT BATOK	EXECUTIVE	BT BATOK ST 25	165	Maisonette	1997	878000
BEDOK	EXECUTIVE	LENGKONG TIGA	150	Maisonette	1989	875000
BEDOK	EXECUTIVE	LENGKONG TIGA	146	Maisonette	1989	875000
PASIR RIS	EXECUTIVE	PASIR RIS DR 6	153	Maisonette	1989	870000
MARINE PARADE	5 ROOM	MARINE TER	120	Standard	1975	868888
JURONG EAST	EXECUTIVE	TOH GUAN RD	145	Maisonette	1998	868000
YISHUN	EXECUTIVE	YISHUN AVE 4	181	Apartment	1992	868000
TAMPINES	MULTI-GENERATION	TAMPINES ST 42	166	Multi Generation	1987	865000
MARINE PARADE	5 ROOM	MARINE TER	122	Standard	1975	865000
TAMPINES	EXECUTIVE	TAMPINES ST 21	148	Maisonette	1984	863000
PASIR RIS	EXECUTIVE	PASIR RIS ST 51	148	Maisonette	1992	860800
YISHUN	MULTI-GENERATION	YISHUN AVE 4	179	Multi Generation	1987	860000
TAMPINES	MULTI-GENERATION	TAMPINES ST 42	166	Multi Generation	1987	860000
YISHUN	MULTI-GENERATION	YISHUN ST 61	171	Multi Generation	1987	860000
BEDOK	EXECUTIVE	BEDOK STH AVE 2	147	Apartment	1993	860000
WOODLANDS	EXECUTIVE	WOODLANDS AVE 1	189	Apartment	1994	860000
TAMPINES	5 ROOM	TAMPINES CTRL 8	109	DBSS	2014	859000
BUKIT PANJANG	EXECUTIVE	JELEBU RD	125	Premium Apartment	2003	858888
MARINE PARADE	5 ROOM	MARINE TER	120	Standard	1975	858000
BEDOK	EXECUTIVE	BEDOK RESERVOIR RD	144	Apartment	1993	858000
PASIR RIS	5 ROOM	PASIR RIS DR 1	105	DBSS	2015	858000
TAMPINES	EXECUTIVE	TAMPINES ST 82	147	Apartment	1995	855000
MARINE PARADE	5 ROOM	MARINE CRES	126	Standard	1975	855000
JURONG EAST	EXECUTIVE	JURONG EAST ST 21	144	Apartment	1998	855000
BEDOK	EXECUTIVE	BEDOK RESERVOIR RD	142	Apartment	1984	855000
BEDOK	5 ROOM	BEDOK CTRL	112	Improved	2010	853000
MARINE PARADE	5 ROOM	MARINE TER	117	Standard	1975	853000
JURONG EAST	EXECUTIVE	JURONG EAST ST 21	145	Maisonette	1998	850000
MARINE PARADE	5 ROOM	MARINE TER	120	Standard	1975	850000
BEDOK	EXECUTIVE	CHAI CHEE AVE	145	Apartment	1996	850000
BUKIT PANJANG	EXECUTIVE	JELAPANG RD	142	Maisonette	1999	850000
BEDOK	EXECUTIVE	BEDOK RESERVOIR RD	143	Apartment	1984	850000
JURONG EAST	EXECUTIVE	JURONG EAST ST 21	144	Maisonette	2000	850000
MARINE PARADE	5 ROOM	MARINE TER	120	Standard	1975	850000
TAMPINES	EXECUTIVE	TAMPINES ST 82	149	Apartment	1995	850000
JURONG EAST	EXECUTIVE	JURONG EAST ST 21	138	Maisonette	2000	850000
WOODLANDS	EXECUTIVE	WOODLANDS AVE 1	189	Apartment	1994	850000
WOODLANDS	EXECUTIVE	WOODLANDS ST 81	176	Apartment	1994	850000

The flats share these common characteristics:

1. They are close to current or upcoming amenities such as schools, MRT stations, malls, eateries
2. The flats are bigger flats or rare flat types that are no longer in production such as executive maisonette, DBSS, executive apartment, and multi-generation (jumbo) flat 
3. Aside from a few 5-room and DBSS flats, most are older flats ranging from 20 to 53 years old

Based on the table above, the flats are spread across these 11 estates:

Estate	No. of HDB flats transacted
Bedok	16
Bukit Batok	3
Bukit Panjang	2
Choa Chu Kang	1
Jurong East	7
Marine Parade	14
Pasir Ris	3
Punggol	1
Tampines	13
Woodlands	3
Yishun	3

A total of 66 flats have transacted from $850,000 to $968,000 so far this year. Of these, seven are in non-mature estates and four in mature estates.  

 

Estates With The Highest Growth in Asking Prices

Are these trends an indication of the next estate(s) that will see a million-dollar flat? To get a better picture, we took the 11 estates above and looked at the number of listings with asking prices from $850,000 to below $1 million on PropertyGuru:

Estate	No. of listings from $850,000 to below $1 million in Q1 2021	No. of listings from $850,000 to below $1 million in Q2 2021	Quarter-over-quarter difference
Bedok	129	193	64
Bukit Batok	23	29	6
Bukit Panjang	5	19	14
Choa Chu Kang	3	5	2
Jurong East	77	83	6
Marine Parade	79	54	-25
Pasir Ris	29	45	16
Punggol	3	2	-1
Tampines	153	202	49
Woodlands	31	47	16
Yishun	67	72	5

Based on the table above, there was a significant jump in listings with asking prices from $850,000 to under $1 million in all but two estates (Marine Parade and Punggol). Bedok saw the highest increase in the number of listings, from 129 in Q1 2021 to 193 in Q2 2021. This was followed by Tampines (from 153 to 202), Woodlands from (31 to 47), Pasir Ris (from 29 to 45), and Bukit Panjang (from 5 to 19). 

 

Conclusion

Based on resale flat transactions on data.gov, Bedok, Marine Parade, and Tampines are the top three estates with the most transactions from $850,000 to below $1 million so far this year. 

Meanwhile, according to asking prices on PropertyGuru, Bedok, Tampines, and Woodlands had recorded the most listings from $850,000 to below $1 million from Q1 2021 to Q2 2021.

Therefore, it would seem it would appear that Bedok, Marine Parade, and Tampines are likely the next estates to see a million-dollar flat. As for the next non-mature estate to see a million-dollar flat,  it could be in Bukit Batok, Bukit Panjang, or Woodlands. 

 

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