HDB Estates With Flats Trending Towards $1 Million: Where Will The Next Estate Be?

·8-min read
HDB Estates With Flats Trending Towards $1 Million: Where Will The Next Estate Be?
HDB Estates With Flats Trending Towards $1 Million: Where Will The Next Estate Be?

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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