HDB Estates With Flats Trending Towards 1 Million Dollars in Singapore 2024: Where Will The Next Estate Be?

It was just in July 2024 that million-dollar HDB resale transactions hit an all-time-high with 120 units changing hands, only dipping in August with 104 units sold. In addition, to combat the high-price, low-demand scenario, HDB and the Ministry of National Development (MND) announced new property cooling measures on 19 August 2024 that lowered the loan-to-value limit for HDB housing loans from 80% to 75%, the fourth round since December 2021.

The number of million-dollar HDB resale flats 2024 has way exceeded the volume of million-dollar HDB resale flats sold in 2023. As of 18 September 2024, 710 million-dollar HDBs have been sold this year, versus 470 for the whole of 2023.

In addition, HDB million-dollar resale units are not exclusive to mature estates. Non-mature estates including Yishun, Woodlands, Bukit Panjang and even Sengkang have already registered million-dollar resale HDB transactions – and it is likely that we will be seeing more very soon.

Watch Our Video on Whether Singaporeans Would Consider Buying an HDB Million-Dollar Flat

Where Are Million-Dollar HDB Flats Located? 

At the current rate of million-dollar HDB flat transactions, we may be on track to seeing close to 1,000 million-dollar HDB transactions by the year’s end – not yet taking into account the new cooling measures, though. According to official data from data.gov.sg (as of 18 September 2024):

There are now million-dollar HDB flats in 23 estates, up from just 17 estates two years ago. Some of the new entrants include Bukit Panjang, where the first million-dollar HDB resale flat was recorded in September 2023, Jurong East, and most recently in May 2024, Sengkang. As resale flat prices continue rising across the island (the highest record this year was $1,588,000, a 5-room HDB flat at Henderson Road – halfway to 2 million-dollar HDB!), will million-dollar HDB flats be seen in every estate very soon?

Breakdown of Number of HDB Flats Trending Towards $1 Million by Flat Type

To determine this, we took a look at official data from data.gov.org and filtered the list of flats that transacted between $850,000 to below $1 million so far this year (as of 18 September 2024). Of the 1,612 flats that fit this criterion, here is the breakdown:

Just to be clear, the two 3-room HDB flats that made the list can be considered outliers. One of them is located in the Kallang/Whampoa estate and is a rare type of HDB terrace house, which may explain its higher transaction price. The other 3-room HDB flat is a recently MOP-ed unit at 10A Boon Tiong Road, between floors 34 to 36 and fetched a cool $860,000 for its high-floor, great views and location – although it is not unheard of that more 3-room HDB flats are breaking the $800,000 ceiling.

Of course, there are also more and more 4-room HDB flats and above getting closer to the million-dollar mark. They all share common characteristics such as:

1. Being close to current or upcoming amenities such as schools, MRT stations, malls, eateries – generally located in mature estates

2. For those 4-room units, they comprise a slew of newly MOP-ed flats in mature estates, or are older flats with a larger floor area of 100 sqm and above.

3. The bigger flats fetch a higher price due to a larger floor area, and these also include rare flat types that are no longer in production such as executive maisonette, DBSS, executive apartment, and multi-generation (jumbo) flats

Breakdown of Number of HDB Flats Trending Towards $1 Million by HDB Estates

The construction delays of the pandemic may seem like ages ago, but HDB resale flat prices are still impacted by it. According to data.gov.sg, the HDB Resale Price Index climbed from 131 points in Q1 2019 (the beginning of Covid-19) to 187.9 points in Q2 2024. That’s over 43% increase in overall HDB resale flat prices in the span of just five years!

Therefore, it’s no surprise that all HDB estates and towns in Singapore (with the exception of Tengah as it is very new) have flats which transacted in the $850,000 to just under $1,000,000 range:

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

Not counting the flats that already are in the million-dollar HDB flat club, it seems we can expect Choa Chu Kang and Jurong West to see million-dollar HDB flats soon. We have chosen these estates as they have a sizable volume of HDB resale flats trending towards the $1 million mark, leaving Sembawang out as its only transaction that fit the criteria was at the bare minimum of the price range, a maisonette sold at $850,000.

There are three Executive Apartments at 341/342 Choa Chu Kang Loop transactions in Choa Chu Kang but they are in the low $900,000s – so not so soon. Meanwhile, in Jurong West, there were two maisonettes sold at $960,000 and $980,000 respectively at 469 and 471 Jurong West Street 41 – and it is likely the first Jurong West million-dollar HDB will be seen here soon as well.

Also, looking at the volume of flats transacting at the almost million-dollar mark, we can expect more of such million-dollar HDB transactions from Bukit Batok, Bukit Panjang, Jurong East, Pasir Ris, Punggol, Sengkang and Yishun.

For those of us who are worried about million-dollar HDB resale flats becoming the norm, not to worry. These only make up a small percentage of the total transactions (around 3%). You can check the latest resale statistics on the HDB website or check out our useful Singapore Resale HDB Price Guide to figure out how much you should be paying. In addition, the new property cooling measures will also take a few months to take effect.

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