According to data released by the HDB on January 2nd, the resale prices of HDB flats in Singapore increased by 4.8% last year, showing a significant decrease compared to the 10.4% in 2022. To meet market demand, the HDB launched more than 24,000 units in 2023 and plans to release an additional 4,100 Build-To-Order (BTO) units in February, located in areas such as Woodlands, Queenstown, Hougang, Punggol, Choa Chu Kang, and Yishun.

In recent years, the government has introduced over 63,000 BTO units to alleviate some of the demand in the HDB resale market. Despite an overall decrease in transaction volume, resale prices for HDB flats remain robust. Last year, 468 government housing units were sold for over a million Singapore dollars, an increase of 99 units from 2022.

The first million-dollar HDB flat appeared in 2012, with relatively stable growth in the following years. However, by 2021, the number of million-dollar flats sharply increased, with a threefold growth compared to the previous year. Currently, there are a total of 1,399 million-dollar HDB flats nationwide.

Redhill emerged as the town with the highest number of million-dollar HDB flats sold, totaling 61 units last year. Toa Payoh closely followed, also being the most expensive area. Notably, in November 2023, a top-floor unit at The Peak @ Toa Payoh was transacted for SGD 15,688,888, setting a record as the most expensive HDB flat in Singapore.

In addition to location, larger units are also highly sought after by buyers. Last year, 14 million-dollar flats were transacted in the town of Woodlands, with sizes ranging from 177 to 192 square meters, nearly twice the size of regular HDB flats.

Currently, areas such as Choa Chu Kang, Jurong West, Sengkang, and Sembawang have not seen million-dollar HDB flats. According to Singapore policy, new HDB flats can only be resold after residing in them for five years. This year, 13,000 HDB units will meet this requirement, qualifying them to enter the resale market.

Analysts point out that Singapore's HDB resale market is expected to maintain steady growth this year, with an estimated increase between 3% and 5%. These data highlight the complexity and diversity of the Singapore real estate market, reflecting the government's continuous adjustments and responses to market changes.