Woodlands & Pasir Ris Have Just Become ‘Million-Dollar’ HDB Estates

If there’s one thing that continues to feel more and more expensive for Singaporeans across the country, it’s probably property prices.

And it seems like that continues to be the case even for Housing Development Board (HDB) resale flats.

Based on a flash report carried out by 99.co and SRX in May this year, the prices of HDB resale flats have increased for the 23rd month in a row.

Just in May alone, prices rose by 0.5%.

On the other hand, the report also found that resale volume fell by 5.1% in May as compared to April, meaning that the demand for resale flats is still higher than the supply.

According to the same report, 2,156 resale flats were transacted in May according to 99.co.

42.4% of sales came from 4-room flats, 25.3% came from 5-room flats, 24.4% came from 3-room flats, 6.3% came from executive flats and the rest came from 1-room, 2-room and multi-generational flats.

Price Increase in Resale Flats: Highest in Four-Room Flats

The overall price increase in HDB resale flats as compared to May 2021 was 11.0%, with four-room flats having the greatest rise at an 11.9% increase.

Executive and three-room flats also saw a price increase of 11.5%, while the price of 5-room flats increased by 10.9%.

Regions With Most Expensive and Cheapest Resale Flats

In terms of median resale prices, resale flats were the most expensive in Bukit Timah (S$840,000), Bishan (S$738,000) and Queenstown (S$706,000) according to transactions compiled up till 6 June.

In contrast, resale flats were the cheapest in Ang Mo Kio ($430,000), Bedok ($442,500), and Yishun ($450,000) according to overall median resale prices.

Million-Dollar Resale HDB Flats Sold This Year

In May this year, two executive resale flats in Woodlands and one in Pasir Ris were sold for more than $1 million.

This marks the first time that both estates have a resale flat sold for over $1 million.

All three units were 189sqm in size.

The Pasir Ris executive mansionette, located at Pasir Ris Street 13, was sold for $1,138,888.

As for the two units in Woodlands, one of them was located along Woodlands Street 83 and was sold at $1.04 million.

The other flat located along Woodlands Street 81 was sold at $1.03 million.

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30 flats that cost over $1 million were sold in May this year, an increase from the 22 units in April.

The number of such flats is also the second-highest number since December last year.

Five of the million-dollar flats were sold in Bishan, while Bukit Merah followed closely behind with four.

Toa Payoh, Central Area, Ang Mo Kio and Queenstown all had three units over $1 million that were sold in May.

The other million-dollar flats came from Kallang/Whampoa, Clementi, Serangoon, Pasir Ris, Woodlands and Yishun.

Apart from that, a five-room HDB resale flat at Henderson was sold for a record high price of $1.4 million in May.

99.co also shared the minimum gross monthly income one should earn in order to afford a resale flat in various neighbourhoods this year.

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