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Singapore Thursday 28 Sep 2023
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Insights into Million Dollar HDB Resale Flats Buyers in Singapore

By BNN Newsroom
Insights into Million Dollar HDB Resale Flats Buyers in Singapore
Insights into Million Dollar HDB Resale Flats Buyers in Singapore

Decoding the Million Dollar HDB Resale Flat Buyers

The Ministry of National Development (MND) in Singapore recently released some interesting statistics on the buyers of Housing and Development Board (HDB) flats that sold for S$1 million or more over the past eight years. According to the data, the median age of these buyers was 40 years old. Furthermore, the MND disclosed that less than 1% of HDB resale flat transactions were for S$1 million or more during this period. The majority of these buyers (94%) were Singaporeans, while the remaining 6% were permanent residents.

Million Dollar HDB Flats across 21 Towns and Estates

The MND’s data also indicated that resale transactions for HDB flats sold for S$1 million or more have occurred in 21 towns and estates. These flats are typically located in highly desirable areas or have larger floor areas. The 21 towns and estates include Ang Mo Kio, Bedok, Bishan, Bukit Batok, Bukit Merah, Bukit Timah, Central Area, Clementi, Geylang, Hougang, Jurong East, Kallang Whampoa, Marine Parade, Pasir Ris, Punggol, Queenstown, Serangoon, Tampines, Toa Payoh, Woodlands, and Yishun.

Recent BTO Projects in Million Dollar HDB Resale Flats Locations

Interestingly, from 2021 to the first half of 2023, the housing board offered 13 Build-To-Order (BTO) projects under the Prime Location Public Housing (PLH) model in four of these towns and estates – Bukit Merah, Central Area, Kallang Whampoa, and Queenstown. Alongside these, 36 non-PLH BTO projects were launched across several of the 21 towns and estates. This suggests that the government is actively working to provide more affordable housing options in these high-demand areas.

Crucial Observations and Implications

The median age of 40 for million-dollar flat buyers suggests that these individuals are likely to be in their peak earning years, giving them the financial capacity to afford such high-priced homes. The fact that 94% of these buyers are Singaporeans also indicates a strong local demand for premium HDB flats.

The concentration of million-dollar resale transactions in 21 towns and estates highlights the significant price disparities across different locations in Singapore. Flats in these areas are highly sought after due to their desirable locations or larger floor areas.

The launch of BTO projects in these areas is a positive move towards addressing the demand for affordable housing in these prime locations. However, it also underscores the need for potential buyers to be aware of the high prices that resale flats in these areas can fetch.


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