Other Housing Board resale flats sold for at least $1 million in Jan 2021 were located across various heartlands of Singapore in:
- Tanjong Pagar - Cantonment Road
- Toa Payoh - Lorong 1A
- Clementi - Avenue 3
- Ghim Moh - Ghim Moh Link
- Commonwealth - Commonwealth Drive
- Bishan - Bishan Street 12
- Bukit Merah - Bukit Merah View
- Serangoon - Serangoon Avenue 2
The overall price increase was 7.7 per cent compared with last year, but still 7 per cent lower than the peak in April 2013. A total of 2,501 HDB resale flats changed hands last month, a marginal 0.5 per cent increase from last December, but the resale volume was 30.3 per cent higher than in January last year.
The bulk of the sales volume came from four-room flats, which made up 41.7 per cent of all sales transactions, followed by five-room flats (26.2 per cent), three-room flats (21.5 per cent) and executive flats (9 per cent), with two-room flats making up the remainder.
The strong demand for public housing has continued to prop up resale prices and is expected to be sustained in the coming months, with prices rising by 2 per cent to 5 per cent this year, said Ms Christine Sun, OrangeTee & Tie's senior vice-president of research and analytics.
The rising price index indicated that the typical sellers are asking for higher prices and the buyers are willing to pay the higher prices. In fact some HDB resale flats were sold above their valuation amounts, which meant that buyers paid cash to the seller for the difference between the transaction price and the valuation amount, adding that such cash-over-valuation transactions would accelerate the rise in HDB resale prices.
Kiwi Lim from Huttons Asia believe that this domestic demand for housing may be spurred on by Covid as families are now choosing to pay a premium to live in bigger flats with a great view and convenient location as they are spending much more time at home now due to the Covid pandemic. There were a total of 82 million-dollar flats transacted during the start of the Covid pandemic last year in 2020, eclipsing 2018’s record of 71 such deals. Kiwi Lim believe this year could see another record number of million dollar flats transacted in the market.