Singapore Property Price Set to Explode Upwards in 2024?
TLDR Understanding the factors influencing property prices in Singapore for 2024 can help in making informed decisions. Despite high rental...
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TLDR
Singapore’s HDB resale market has entered a new phase, with at least 13 flats sold for $1.5 million or more—most transacted between May and July 2024. These record-breaking flats are usually large (jumbo, maisonette, or 5-room DBSS), in central locations like Tiong Bahru, Bishan, Toa Payoh, and Pinnacle@Duxton, and often situated on upper floors of mega developments. Demand is driven by scarcity, size, location, and unique features. If you’re considering buying or selling, timing and personal circumstances matter; prices have surged recently but future trends will depend on market sentiment and policy changes. For strategic advice, an objective, data-driven approach is essential to navigate Singapore’s dynamic property market.
We are now in the age of $1.5 million HDB flats.
Singaporeans no longer react to HDB flats priced over $1 million; now, only those above $1.5 million catch our eye.
The first $1.5 million HDB flat was sold in Tiong Bahru in May 2023 – a 4-room jumbo flat at 50 Moh Guan Terrace in Bukit Merah. Since then, many HDB flats have sold for $1.5 million or more.
Currently, the most expensive HDB flats in Singapore are two 5-room units in Tiong Bahru, each selling for $1.588 million in the resale market.
We Are Now In The Era Of $1.5 Million HDB Flats
We are closely monitoring HDB flats that sell for $1.5 million and above. Currently, we have identified around 13 HDB resale flats that have sold for this price.
We will examine each of these flats to understand why they are considered the “most expensive public housing flats” in Singapore.
#1 Tiong Bahru: 4-Room Jumbo Flat For $1.5 Million
The first HDB flat to reach $1.5 million was a 4-room Jumbo flat in Bukit Merah sold in 2013. This resale flat is still the only Jumbo flat, and also the largest and oldest (completed in 1973) HDB flat to sell for $1.5 million or more. The 4-storey block is within walking distance of Tiong Bahru MRT station, schools, and supermarkets.
Project Details:
– Date: June 2023
– Sale Price: $1.5 million
– Flat Type: 4-Room (Jumbo Flat)
– Area: 176 sqm
– Remaining Lease: 49 years (Lease commenced in 1973)
#2 The Peak @ Toa Payoh: 5-Room DBSS Flat For $1.569 Million
Built in 2012, The Peak @ Toa Payoh is a DBSS that became the first HDB flat to sell for over $1.5 million in 2024, following a six-month period without any such sales.
Out of the 13 HDB flats sold for more than $1.5 million, four are units at The Peak @ Toa Payoh.
The 40-42 storey development is within walking distance of three MRT stations: Braddell MRT, Toa Payoh MRT, and Caldecott MRT.
Project Details:
– Date: January 2024
– Sale Price: $1.569 million
– Flat Type: 5-Room (DBSS)
– Area: 117 sqm
– Remaining Lease: 87 years (Lease commenced in 2012)
#3 The Peak @ Toa Payoh: 5-Room DBSS Flat For $1.54 Million
In January 2024, the second of four units at The Peak @ Toa Payoh sold for over $1.5 million. This unit was slightly cheaper than the first one and was on a lower floor, which aligns with the usual belief that higher-level units tend to be more expensive.
Project Details:
– Date: January 2024
– Sale Price: $1.54 million
– Flat Type: 5-Room (DBSS)
– Area: 117
– Remaining Lease: 87 years (Lease commenced in 2012)
#4 Pinnacle@Duxton: 5-Room Flat For $1.515 Million
One of the most famous HDB developments is on the list of the priciest public housing flats in Singapore.
Situated in the CBD at Tanjong Pagar, Pinnacle@Duxton features 7 blocks, each 50 storeys tall. Notably, the blocks are linked by skybridges on the 26th and 50th storeys.
Project Details:
– Date: May 2024
– Sale Price: $1.515 million
– Flat Type: 5-Room
– Area: 106 sqm
– Remaining Lease: 86 years (Lease commenced in 2011)
#5 Natura Loft (Bishan): 5-Room DBSS Flat For $1.5 Million
Completed in 2011, Natura Loft is a DBSS project with three units among the 13 HDB flats in Singapore that have sold for over $1.5 million.
It’s not surprising that an HDB flat in Bishan sold for more than $1.5 million in May 2024, as Bishan has many desirable condominium projects and an area of landed properties.
Natura Loft is centrally located in Bishan, within walking distance of Bishan MRT and 1km from the popular Catholic High School.
Project Details:
– Date: May 2024
– Sale Price: $1.5 million
– Flat Type: 5-Room
– Area: 120 sqm
– Remaining Lease: 86 years (Lease commenced in 2011)
#6 Bishan: Executive Maisonette For $1.5 Million
This Executive Maisonette in Bishan, leased since 1992, is the second oldest HDB flat sold for over $1.5 million.
A unique feature of this unit is that it is the only Maisonette on the list and slightly smaller than the Jumbo flat mentioned earlier. It is located directly across from the Natura Loft DBSS project, which has four units on this list.
As a result, four out of the 13 units sold for over $1.5 million are in Bishan.
Project Details:
– Date: May 2024
– Sale Price: $1.5 million
– Flat Type: Executive Maisonette
– Area: 172 sqm
– Remaining Lease: 67 years (Lease commenced in 1992)
#7 Tiong Bahru: 5-Room Flat For $1.588 Million
The most expensive HDB flat sold in Singapore so far is a 5-Room flat in Tiong Bahru, which sold for $1.588 million in June 2024.
This flat is part of a 48-floor building and offers many amenities, including easy access to Redhill and Tiong Bahru MRT stations, nearby schools, and trendy cafes and restaurants.
Project Details:
– Date: June 2024
– Sale Price: $1.588 million
– Flat Type: 5-Room
– Area: 113
– Remaining Lease: 94 years (Lease commenced in 2019)
#8 Tiong Bahru: 5-Room Flat For $1.588 Million
Another 5-Room unit in Tiong Bahru, sold for $1.588 million in June 2024, shares the title of the most expensive. Located nearby, this development has many appealing features that justify the high price.
Project Details:
– Date: June 2024
– Sale Price: $1.588 million
– Flat Type: 5-Room
– Area: 112
– Remaining Lease: 91 years (Lease commenced in 2012)
#9 The Peak @ Toa Payoh: 5-Room DBSS Flat For $1.54 Million
The third unit at The Peak @ Toa Payoh sold for over $1.5 million in June 2024. Although it was sold almost six months after the previous unit in the same DBSS development, it fetched the same price. This is notable since both units were the same size and on the same floors.
Project Details:
– Date: June 2024
– Sale Price: $1.54 million
– Flat Type: 5-Room (DBSS)
– Area: 117
– Remaining Lease: 87 years (Lease commenced in 2012)
#10 Natura Loft (Bishan): 5-Room DBSS Flat For $1.538 Million
Natura Loft is a new development for HDB units priced at $1.5 million or more, and it’s the second of three units. Bishan is known for its expensive HDB flats, including another Maisonette across the street from Natura Loft, also selling for $1.5 million or more.
Project Details:
– Date: June 2024
– Sale Price: $1.538 million
– Flat Type: 5-Room
– Area: 120 sqm
– Remaining Lease: 86 years (Lease commenced in 2011)
#11 Tiong Bahru: 5-Room Flat For $1.5 Million
The oldest and youngest HDB flats sold for $1.5 million or more are both in Tiong Bahru. This 5-Room unit is the same size and from the same development as the one mentioned in #7.
Project Details:
– Date: June 2024
– Sale Price: $1.5 million
– Flat Type: 5-Room
– Area: 113
– Remaining Lease: 94 years (Lease commenced in 2019)
#12 The Peak @ Toa Payoh: 5-Room DBSS Flat For $1.504 Million
In June 2024, the third and fourth units at The Peak @ Toa Payoh sold for over $1.5 million, but this unit was a bit cheaper.
Looking at the details, this 5-Room unit was slightly smaller than the earlier three sold in the development. It was just 3 sqm smaller and on a similar floor to the third unit (#9), yet it was nearly $35,000 cheaper. This shows the extra value placed on an ideal HDB flat, which is why they fetch the highest prices.
Project Details:
– Date: June 2024
– Sale Price: $1.504 million
– Flat Type: 5-Room
– Area: 114
– Remaining Lease: 87 years (Lease commenced in 2012)
#13 Natura Loft (Bishan): 5-Room DBSS Flat For $1.568 Million
The latest unit sold for over $1.5 million was from Natura Loft in July 2024. This indicates two things: 1) more HDB units from Natura Loft and other developments may continue to sell at high prices in Singapore; and 2) we can expect more HDB flats to sell for over $1.5 million, as 10 of the 13 units that have reached this price were sold between May and July 2024.
Project Details:
– Date: July 2024
– Sale Price: $1.568 million
– Flat Type: 5-Room
– Area: 120 sqm
– Remaining Lease: 86 years (Lease commenced in 2011)
$1.5 Million HDB Flats Are Usually In Mega Developments, Centrally-Located And Larger-Than-Most
Many HDB flats sold for $1.5 million or more are part of large developments, often tall buildings with the priciest units on the upper floors offering great views.
These flats are usually centrally located, with several in The Peak @ Toa Payoh, Tiong Bahru, Natura Loft in Bishan, and Pinnacle@Duxton in Tanjong Pagar.
Additionally, these flats are typically larger and rare. Apart from the Jumbo flat in Tiong Bahru and the maisonette in Bishan, seven others are DBSS units, and the Pinnacle@Duxton is a special development.
Notably, 10 of the 13 $1.5 million HDB flats were sold in just three months, from May to June 2024, indicating a rise in HDB prices, particularly in certain developments.
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
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