First million-dollar flats sold in Bukit Batok and Marine Parade in July 2022

Two more HDB estates have joined the million-dollar HDB resale club in July.

Earlier in July, it was reported that a 47-year-old HDB flat in Marine Parade was sold for S$1.01 million, making it the first million-dollar resale flat in the estate. But the estate is not the only estate recording its first S$1 million sale last month.

According to a flash report by 99.co and SRX on the HDB resale market in July 2022, Bukit Batok has recorded its first S$1 million sale. An executive masionette at Bukit Batok Street 25 was sold for S$1.005 million. Spanning 1,776 sq ft, this translates to a price psf of S$566.

This also means that Bukit Batok is the fourth non-mature estate to join the million-dollar club, after Hougang in 2018, Yishun in February 2022 and Woodlands in May 2022.

Last month also saw a new record for the most expensive HDB resale flat ever sold. A 5-room HDB loft apartment at SkyTerrace@Dawson was sold for S$1.418 million, surpassing the previous record of S$1.4 million set by a 5-room flat at City Vue @ Henderson.

In total, 33 resale flats were sold for at least a million dollars in July 2022, surpassing June’s (31) and May’s number (30). This marks the second-highest number of million-dollar flats sold in a month, with the monthly record currently at 36 in December 2021. While the increases are small, there seems to be a trend that the monthly record will soon be surpassed.

Nevertheless, these flats form a small percentage of the total resale transactions in July at 1.4%.

0.7% increase in price, 10.5% increase in transactions

Month-on-month, the overall price increase is 0.7%. Executive flats have seen the highest price increase by 1.2%, followed by 3-room and 4-room flats at 0.6%, and 5-room flats at 0.5%.

Year-on-year, resale prices have increased by 11.6%, with executive flats recording the highest price increase at 13.6%. This is followed by 3-room flats (11.7%), 4-room flats (11.6%) and 5-room flats (11.5%).

The higher price increase for executive flats signifies a greater demand for larger flats.

Last month also saw a resurgence in the resale market, with a 10.5% month-on-month increase in resale transactions. At the same time, it should be noted that June has traditionally been a slower month due to the school holiday.

However, when looking at the yearly transaction figures, resale volume was down 11.3%. This could mean that demand may have been diverted to the HDB BTO/SBF exercise as completion timelines improve.

Which HDB estate do you think will be the next to record its first S$1 million sale? Let us know in the comments section below.

If you found this article helpful, 99.co recommends Hougang HDB flat first in its estate to sell for more than S$1m and New all-time high HDB resale: 5-room HDB in Dawson sold for S$1.418 million.