According to estimates released on Thursday (May 4) by property website 99.co and SRX, Singapore's joint property trading network, overall HDB resale prices rose 1.1 per cent in April while the number of transactions fell by 4.3 per cent from the previous month to 2,188, a 3.7 per cent decline year-on-year.

Analysts believe that some HDB flat owners may sell their homes before buying private ones to avoid paying the higher Additional Buyer's Stamp Duty (ABSD), and that the increased supply of HDB flats for resale may help to stabilise prices.

As for the million dollar HDB flats, 37 flats changed hands for at least a million dollars last month, accounting for 1.7 per cent of the total number of transactions, down from 39 in March.

According to Mak Chun-wing, chief research officer of property search website MOGUL.sg, million-dollar HDB flats are more affordable for some buyers than three-bedroom flats in more remote areas with relatively newer homes reselling for between $1.8 million and $2.5 million.

"In the next few months, there are likely to be between 30 and 42 million-dollar HDB transactions per month, and these types of HDB flats will become more common."

HDB resale prices up 1.1% in April, up for two months in a row