According to the data limit, 54 HDB flats changed hands for S$1 million or more this month, up from 32 in July 2023.

September 2022 hit an all-time high of 45 such transactions following the implementation of property cooling measures.

The majority of these HDB One Million transactions came from Redhill, which recorded nine transactions, followed by eight transactions in the Central region, and six each in Ang Mo Kio and Kallang/Whampoa.

Compared to a few years ago, HDB million homes are now increasingly accepted by buyers as the new norm in the resale market.

Such homes often have unique attributes and attractive locations, offering a strong value proposition to buyers who can afford to purchase these flats.

Demand from senior citizens aged 55 and above may have fuelled the growth in the million HDB flat transactions, as about 30 per cent of these transactions were for four-room flats.

Elderly people who have sold their private residential properties can still buy four-room and smaller resale flats without having to comply with the 15-month waiting period rule to be implemented in September 2022.

The number of million HDB transactions accounted for 2.2 per cent of the total resale volume, which rose to 2,473 units in August, compared to 2,056 units in the previous month. Resales were up 6.4 per cent year-over-year.

Property analysts attributed the surge to buyers making early purchases before the Chinese New Year and buyers returning to the market after the June holidays.

The announcement of changes to the HDB housing programme at the recent National Day rally may have prompted more buyers to take action on their flats as they do not want to be affected by any policy changes.

As supply remains unchanged, buyers who intend to live in more central areas will urgently need to buy their own flats.

More than half of HDB resales (59.7 per cent) came from non-mature properties, while the remaining 40.3 per cent came from mature properties.

By room type, 44.6 per cent of the volume came from four-bedroom styles, followed by five-bedroom styles at 22.8 per cent, three-bedroom styles at 26.3 per cent and executive flats at 6.3 per cent.

Meanwhile, resale prices rose 0.6 per cent in August, double the 0.3 per cent increase in July. Resale prices rose 7.2 per cent year-over-year.

Property prices rose at a slower pace compared to the same period in 2022 and 2021.

Prices rose 4.8 per cent between January and August 2023, a lower increase than the 6.4 per cent in the first eight months of 2022 and the 9.2 per cent in the first eight months of 2021.

Prices for properties in mature locations rose by 1.3 per cent, while prices for properties in non-mature locations rose by 0.5 per cent. year-on-year increases of 7.2 per cent and 7.3 per cent, respectively.

Larger flats also saw the highest price increases. Prices for executive flats rose by 1.6 per cent, while five-bedroom prices rose by 1.5 per cent. Four-bedroom prices rose 0.9 per cent and three-bedroom prices fell 0.4 per cent.

Resale prices for all room types were up from a year ago. Four-bedrooms saw the biggest increase, up 8.2 per cent, followed by executive flats (8 per cent), five-bedrooms (7.2 per cent) and three-bedrooms (6.3 per cent).

The Pinnacle@Duxton had the highest resale of five-bedroom units at S$1.48 million. For properties in non-mature locations, an executive condominium in Woodlands had the highest resale price of S$1.08 million.